Is Your Insurance Business Getting the Most from Your Core Platform?

  • By Gloria Lagat
  • April 5, 2024

The insurance sector in Africa is experiencing rapid changes and having the right core technology at your disposal is paramount to staying ahead of the curve. With the increasing demands of customers, shifting regulatory requirements, and emerging technological advancements, insurers face a myriad of challenges in effectively managing their operations. Central to these challenges and changes lies the core platform- the solution that drives efficiency, innovation, and growth among insurance businesses. But the question remains: Is your insurance business truly getting the most from your core platform?

The Challenges of Traditional Core Platforms

Insurers contend with various challenges when it comes to their core platforms. Traditional systems often lack seamless integration, leading to fragmented customer service experiences and dissatisfaction. Additionally, inefficiencies hinder the identification and utilization of cross-selling opportunities across different business lines, limiting revenue potential. Compliance with evolving regulations poses a significant hurdle, particularly for legacy platforms unable to adapt swiftly. Furthermore, the absence of robust data analytics and reporting capabilities impedes informed decision-making and business growth. Legacy systems also demand extensive customization, incurring high costs and implementation delays, while lacking agility to meet market demands promptly.

The Need for a Robust Core Platform.

To address these challenges and unlock the full potential of their operations, insurers across Africa require a robust core platform that  allows seamless integration while providing the flexibility, scalability, and advanced capabilities needed to thrive in today’s competitive landscape. TurnQuest Insurance Platform offers just that by enabling the fastest growing insurers in Africa through a strong core that is designed to drive operational efficiency, speed-to-market, and digital customer engagement across all lines of insurance business. With its comprehensive suite of features and robust capabilities, TurnQuest offers a tailored solution to the unique needs of Africa’s insurance industry. 

What a Robust Core should consist of. 

Key Features of TurnQuest Core include enabling end-to-end customer servicing and leveraging advanced data analytics for cross-selling opportunities. Its robust reporting and analytics empower insurers with actionable insights. Built on mature processes and featuring an API layer for integration, TurnQuest minimizes customization, implementation time, and ensures regulatory compliance. Additionally, TurnQuest drives regulatory adherence and offers unparalleled flexibility for insurers to configure the platform to meet their unique business needs. Its security measures provide granular access rights, enabling insurers to set up their products in the market and undergo digital transformation efficiently.

The TurnQuest Core Platform Effect

TurnQuest insurance platform stands out as the platform of choice for African insurers seeking to streamline their operations, enhance customer experiences, and achieve GTM partnership. With its robust capabilities, proven track record, and commitment to innovation, TurnQuest enables insurers to stay ahead of the curve in an increasingly competitive market landscape.

Conclusion 

In a rapidly evolving insurance industry, having the right core platform is essential for insurers to stay competitive and deliver exceptional value to their customers. TurnQuest Insurance Platform offers a comprehensive solution that addresses the challenges faced by insurers while unlocking new opportunities for growth and innovation. It’s time to ask yourself: Is your insurance business getting the most from your core platform? If not, it may be time to consider TurnQuest.