Owusu-Boateng: Insurance Firms Need Technology Upgrades to Grow 

The Chief Executive Officer of Kaizen Business Solutions, a business technology solutions distribution company, Mr. Isaac Owusu-Boateng, spoke to Chinazor Megbolu on a software that can assist in deepening the insurance industry.  Excerpts:

What exactly is Insurance Systems Incorporated (ISI) into?

Insurance Systems Inc is dedicated to providing technology solutions to the insurance industry. We take an integrated approach to policy administration. This means that we don’t believe it ends once the policy is out of  the door. Billing, claims, reinsurance, loss control and financials are key components of the business, which is why we developed a suite of solutions that bring these pieces together on one modern platform. We also give insurers a few things they wouldn’t normally expect in a policy administration software including CRM, a robust rules engine, a flexible document engine, document management functionality and business intelligence tools – all in one configurable, modern, scalable platform.

Is there a particular reason why you chose insurance software ?

To create a web based insurance software that will bring ease of use and control, providing accuracy and efficiency. And ISI enterprise and other modules have been the toast of users.

Can all Insurance firms benefit from this service or is it for just some particular firms?

Yes is for all insurance companies into commercial property, residential property, marine cargo/vessels, factories & equipment, automobiles,  commercial fleets, workers’ compensation and many more… ISI Inspection is used by insurers for all lines of business.

Can you explain how the software benefits the direct users?

ISI Enterprise software is a dependable one-stop-shop for all your Insurance system needs, using an integrated approach to policy administration. We create client successes; an intuitive, configurable and integrated product, efficient implementation processes and high quality support from our well-trained insurance professionals. This means that we don’t believe it ends once the policy is out the door. Billing, claims, reinsurance, loss control and financials are key components of the business, which is why we developed a suite of solutions that bring these pieces together on one modern platform.

Is the main enterprise software 100 per cent secure and what was the challenge of developing such a software?

ISI Inspection App is a web based App and very secured against all threats.  On the challenge, we did not encounter any challenge.  Everything was right from the word go.

What can you say are the main functions of the risk control app?

ISI Inspection App is used by insurers for all lines of business, qn offline version of the system can be utilised by loss control field reps, even when working in zones without internet access. ISI   Inspection App includes a flexible configuration component which allows non-technical administrators to create and modify their own survey forms without requiring programmers. It is a risk control software application that automates the loss control process. The system is a web-based application combined with an off-line tablet version to streamline the inspection process from generating a request on an account right through to completion of the field work, report creation and ongoing service. The system also provides a suite of tools for underwriters and managers to analyse risk and support decision-making.

Has the software achieved the objectives of its development?

 Yes. About 75 per cent  of insurers in North America, Europe uses ISI RC Inspection Tool and that’s the fact.

This software have been made to protect the industry players, are there also any consideration for the customers in the market, can they be protected too?

 Good, Insureds can view, complete feedback reports within the system based on their experience with the loss control field rep during the field survey and many more

The number of Nigerians who are insured is still low, with technology like this is it possible that you are trying to deepen insurance penetration and how does that happen?

 Insurance companies must embrace good software and technology. The reason is a good technology with seamless software like ISI Enterprise software suits insurers can reach and serve many customers.

How can the ordinary users make use of this software?

 Our Inspection App has a` consolidated view of each account provides consultants and other stakeholders a single view of the insured including a complete loss control history and future service plan. No more hunting for data in multiple systems and filing cabinets. Manage inspection and loss control work assignments and service requests to optimise productivity and pin-point issues before they arise.  Our loss control software offers automated assignment to field staff based on configurable rules.

Can this software be used by all insurance companies or are they industry specific to just members?

 I mean for example, insurance B has its branches across the country. With this software, one central database in its head office, insurers, brokers, agents and customers can all assess and work in the application, weather selling a policy, claims, billing, financials, human resource management  and Payroll. All the products the company has can be assessed in any of the branches.

Can you explain to us some of the objectives of the risk control application?

 The risk control application is from ISI and it is used mainly to control loss and prevent risk. Insurance companies sell policies and someone tells you they have property, now you begin to insure the property without seeing it which is a risk. To have accurate information about what you are insuring, you have to go to the site, see the property itself and do your assessment and feed the underwriters with what you have seen on site. This is a tool that every insurance company need. Before now most of the insurance companies go manually; write on papers and carry the information back to the office to fill it into their system. What this inspection software does is that whether it is your laptop or iPad, you take it to the site while inspecting a property; you can log into the company software or database, then fill the forms and every requirement and also take pictures still within the software.

Can this software be used on any phone or are they phone specific?

 Already the App is on Google play store, once you download it on your iPad or Smartphone and you are a user, the underwriters, claims inspector and surveyors now have a tool to work and be effective with their jobs. Manage Inspection and loss control work assignments and service requests to optimise productivity and pin-point issues before they arise.  Our loss control software offers automated assignment to field staff based on configurable rules. Online/Offline tablet support allows for the capture of form data, recommendations, photos, diagrams and attachments in the field.  Minimise desk time and enable consultants to spend more time in the field with our risk control software. Automatically produce professional and timely reports and letters based on configurable document templates. Improve consistency and reduce errors in communications to insureds and other stakeholders. Business users can create custom management reports, dashboards and data extracts to make the most out of their loss control data. Leverage the power of business intelligence to target loss control efforts based on identified issues.

With the introduction of this software will it increase the cost burden to the customers?

 No, it is a tool that the insurance company has acquired so it does not have any impact on the cost; it does not reduce or increase the cost. It is a normal tool the company uses to enhance their job in their survey, inspection and claims reporting.

 The number of Nigerians who are insured is still low, with technology like this is it possible that you are trying to deepen insurance penetration and how does that happen?

Yes, technology helps and when you go to the Nigerian Insurance Commission (NAICOM) and the Nigerian Insurance Association website, they all want to have more companies and individuals to be insured and looking at that it means you need to employ technology to be accurate and enhance your work. If you are bringing in more people and you are using the old tools, it would not help you and at the end of the day it would make you slow and inaccurate. You may not be able to disburse your claims on time or dealing with policies might not be on time. Because there are scenarios where someone wants to insure his property and it would take a long time because the broker would do his or her part but for the insurance companies to close the deal, it would take a long time. Some clients would prefer to go to insurance companies who have the tools and are smarter because they want to get their properties insured quickly and go on. With this tool what we seek to do is enhance or give the insurance company a tool to expedite their work and I would encourage all of them to get them. We have demo size to play with and we can give them in-house training to use it and see what I can do for them.

What more are we expecting from ISI in the coming years in terms of technology?

We seek to improve even this inspection tool and our cargo. The age where insurance companies use typewriters to print insurance certificate for marine and cargo is over, we have that system now and we are improving it more. With it, in less than five minutes you have your certificate, you have the true copy, the certified copy, the receipt and that is one way the client or one who has a consignment can login at any time to see his or her certificate. The insurance company can also login. Also, we are working on agents and brokers portal free of charge for the insurance company where the insurance companies would subscribe free of charge and their brokers can login and work online wherever they are and push it to the various underwriters. It makes insurance delivery faster, simple and efficient.

How do you see the insurance landscape going in 2017?

 I see the net widening but still I would say, if they don’t embrace some of these technologies, the widening would slow down. Where we are now all companies including insurance companies must embrace modern technology now. It might be expensive initially but it pays especially if you want to open a need company, you do not need to keep dragging to expand. The market is open for expansion only when they embrace technology and a good technology at that. This inspection tools we are talking about we are ready to do a lot with it and it is not meant for only insurance companies, any industry that are into inspection; manufacturing, transport, logistics they need that tool so we want to do more with it and create awareness.