All Posts in "Day: January 22, 2024"

REGIC runs 75% company’s operation on Kissflow Low-Code Platform

By Favour Nnabugwu

 

 

Royal Exchange General Insurance Company Limited (REGIC) now run 75 percent of the company’s operation on Kissflow Low-Code Platform, an extensive digitalisation of its internal business operations using the Kissflow Low-Code Platform

As a result, 75 percent of the company’s enterprise operations now run on Kissflow’s Platform, yielding a significant degree of automation and substantial enhancement to the efficiency of operations.

Chief Digital & Information Officer at REGIC, Mr John Again stated, “Customer experience is paramount to success in the insurance industry and any delays in processing claims can result in attrition and tarnishing of the brand image.

“To elevate our level of service, we recently undertook an enterprise-wide digitalisation journey by leveraging Kissflow. To date, we have successfully digitalized eight core operations including policy booking and claims which translates to more rapid and responsive customer service, and enhanced productivity for our employees.”

Using the Analytics module of the Kissflow platform, REGIC has also implemented real-time dashboards to track the progress of claims processing. This flag claims that are approaching deadlines and creates accountability, encouraging strict adherence to SLAs.

Moreover, the automation ensures that customers are kept up-to-date via email or SMS at every stage in the claims process. As a result, the insurance provider was able to bring down claims processing time from three days down to two hours and reduce customer churn by 80 percent.

Because of the ongoing digitalisation made possible by Kissflow, REGIC has also been able to embrace hybrid work, thereby ensuring its operations continue smoothly no matter where the employees are based. The benefits of this were evident during the Nigerian elections when employees worked from home and could still ensure customers’ requirements were served.

Another key area enhanced by Kissflow has been budgeting, which thanks to digitisation and automation is now both highly transparent and streamlined. This visibility and control has helped reduce instances of budget overruns at the company by 85%.

Royal Exchange General Insurance is now looking to build on its successes with Kissflow and is currently looking to leverage the platform’s low-code capabilities further for building custom application development. Kissflow low code  largely aims to eliminate the technical skills barriers by enabling both IT & non-IT staff such as line-of-business managers and department heads to collaborate and rapidly develop customised applications that automate and streamline business processes.

“We are looking to build an investment app & HR app, and Kissflow’s Low-Code platform will enable us to engage all relevant stakeholders in the development process which will no doubt yield impactful outcomes,” said Agbai.

“Kissflow’s no-nonsense user interface and powerful functionality have helped us in showing value to our end-users and get management buy-in thus increasing user adoption and change management. We have gone from IT-driven transformation initiatives to the end-user-driven ones. More and more, employees and management are coming up with problems to solve using Kissflow,” Agbai added.

Commenting on the significance of Kissflow’s solutions to his organisation’s long-term IT objectives, Agbai concluded, “Kissflow has put our company on a new digital transformation journey. Their solutions have dissolved traditional barriers to innovation and redefined roles in our organisation by empowering individuals beyond the IT team alone. We now consider Kissflow, a strategic partner in

Patoma Admin by — January 22, 2024 in Insurance 0
EAISA to unify legal, regulatory frameworks by 2025

CAPTION
Alhaji Kaddunabi Ibrahim Lubega
By Favour Nnabugwu 
Member countries of the East Africa Insurance Supervisor Association (EAISA) are to harmonise their legal and regulatory frameworks to provide a unified foundation by September 2025
They are to develop and adopt risk management and solvency standards by June 2025 to ensure insurers across the region maintain adequate financial reserves.
EAISA members agreed to collaborate on promoting cross-border insurance products and services, to tackle low insurance uptake and penetration in the region.
EAISA members also agreed to employ a joint approach to supervise systemically important insurance groups, monitor cross-border industry stability and coordinate the establishment of insurance supervisory colleges.
Speaking on behalf of all EAISA members, the Exco chairman Alhaj Kaddunabi Ibrahim Lubega, who is also CEO of Uganda’s Insurance Regulatory Authority, pointed out the importance of coordinated regional initiatives, relating to research and development for effective policy development and implementation.
“EAISA is committed to building capacity across the member countries, as we seek to implement industry integration initiatives,” he stated.
It also aims to develop and adopt regional frameworks for financial literacy, risk-based supervision, certifying insurance professionals and actuaries, and market conduct and insurance claims guidelines.
Patoma Admin by — January 22, 2024 in Insurance 0
Nigeria, three other countries rake $2.621bn investment inflow in 2023

By Favour Nnabugwu 
Nigeria and three other countries raked in  $2.621 billion investment inflow in 2023, as the four countries shared 68 percent of Africa total investment influx last year, according Africa Investment Report 2023
The three other countries are Kenya, Egypt, and South Africa.
Nigeria was third on the list with $575 million and South Africa closely behind at $565 million while Kenya received the highest funding in 2023 with $806 million, followed by Egypt with $675 million, all together totalling $2.621billion.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in Africa
The Africa Investment Report 2023” revealed that Kenya, Egypt, Nigeria, and South Africa collectively account for a dominant 68% share of the continent’s total investment influx in 2023.
This concentrated growth reflects these nations’ attractiveness for investors and their increasing role as regional epicentres for international companies looking to expand across the continent.
The report lays out a detailed geographical analysis of the investment influx, with Kenya leading at $806 million, followed by Egypt with $675 million, Nigeria at $575 million, and South Africa closely behind at $565 million.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in the African economic landscape
Further insights into the report showed that emerging markets are also displaying vigour, with countries like Tunisia, Rwanda, and Ghana quickly becoming hotspots for funding. Tunisia, for instance, garnered over $460 million in funding, while Rwanda has impressed with $350 million, reflecting a diversifying landscape that is attracting investors to new geographies and opportunities.
Another interesting insight from the report revealed that Fintech remains the biggest sector, reeling in substantial investments and accounting for 23% of total deals in 2023. The report also spotlighted other burgeoning sectors such as health, education, and agriculture, each with at least a 10% slice of the investment pie.
Patoma Admin by — January 22, 2024 in News 0