RM Insurance targets online growth with SSP
SSP, a leading global provider of insurance technology, today announced that RM Insurance, a member of the Old Mutual Group, has gone live with its personal lines web portal. The new portal, developed by SSP, has allowed RM Insurance to extend its distribution while retaining its existing Insure/90 back office system and processes.
RM Insurance is one of Zimbabwe's leading short-term insurance providers, offering products such as private car, household contents and house owners. With the short-term insurance market remaining highly competitive and consumers increasingly demanding, RM Insurance recognised the need to allow its customers to manage all of their insurance needs online – from quote to claim.
The challenge for RM Insurance was to do this quickly and cost effectively while utilising its existing Insure/90 back office system and processes. Using SSP's Create+EE RM Insurance is now live and ready to achieve its online growth ambitions.
The SSP solution has allowed RM Insurance to externalise existing products and business processes over the internet to deliver better customer service while reducing operational costs. RM Insurance customers can now quote and buy online and register and monitor the status of claims, enabling customer self-service from end to end.
"As well as enabling us to enter a new channel, we’re already seeing business benefits as administration costs have been reduced," said Donald Muthe, managing director of RM Insurance. "Plus, as customers are able to get instant quotes and buy online, staff have been freed up to focus on higher value activities."
"We already had a very reliable and robust SSP policy administration system in place. What we needed was a tried and tested solution that could enhance the existing system to create a user-friendly web interface. SSP's Create+EE provided that fast-track layer, allowing us to externalise the full policy lifecycle over the internet. With the internet channel growing in importance we now have a strong platform for future growth."
Rhys Collins, head of operations at SSP said: "With the insurance market continuing to change, delivering excellent customer service and driving down costs are both key priorities for insurers. The continued growth of the internet provides a perfect opportunity for insurance organisations to do this. By adopting the principles of self-service and straight-through processing throughout the policy lifecycle, companies can reduce business costs and get an edge over the competition by satisfying the needs of a new breed of insurance consumer."
Collins added: "In today's economic climate costly, complex and risky transformation projects are not popular in boardrooms. By implementing Create+EE in line with SSP's Enhance and Evolve approach to legacy system modernisation, insurers can address their most urgent business priorities and be proactive rather than reactive. It also allows them to extend the life of the existing systems and then replace them when the time is right, in line with their long-term strategic priorities."
SSP Create+EE has been developed to enable Insure/90 systems to deliver on-demand customer self-service via the internet and provide a seamless upgrade path to SSP Select Insurance.
SSP Select Insurance is the next generation in component based policy administration solutions for personal and commercial lines, enabling insurers to drive profitable growth by increasing their speed to market, streamlining current processes and improving customer service. With its service-oriented architecture (SOA) it provides insurers with unprecedented freedom to integrate with other systems and can either be deployed as a complete standalone system or as individual components to accelerate the transformation of business processes, from point of sale and policy servicing through to finance and accounting.