The InsurTech revolution is in full swing with millions of pounds being invested trying to re-think inefficient and outdated operating models.
With the demand for low cost insurance growing at a phenomenal rate and a large increase in the number of member and community based organisations (cooperatives and mutual) especially in the developing world, the demand for innovative, cost effective technology has never been higher. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe but to date, traditional technology solutions have been ill equipped to support this market.
New platform to give African insurance providers a low cost distribution channel.
Tech Equity Ltd and OpenUnderwriter have today announced a partnership to provide an innovative set of cloud insurance services to the African market.
The partnership offers a robust, cloud hosted platform that will give African insurance providers a low cost distribution channel for their products. It will allow these products to be provisioned and purchased using SMS (as well as traditional methods), which will potentially open up a whole new market for low cost insurance.
OpenUnderwriter 3.0EA3 is ready for download
I'm always very pleased to announce the availability of a new release, but this time it's one that has a couple of features that the team are very proud of. One is large the other is comparatively small, but both make a big difference to OpenUnderwriter's capabilities.
SMS payment integration and more...
The latest 3.0 Early Access release is ready for download.
Small enhancements and bug fixes to 2.2
The OpenUnderwriter team are pleased to announce that 2.2SP1 is ready for download.
3.0's first Early Access release is ready for download.
The OpenUnderwriter team are excited to announce the availability of OpenUnderwriter 3.0EA1.
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To coincide with the release of OpenUnderwriter 2.2, we want to tell you a little bit about what you can find in the release, along with some other exciting developments that have been happening behind the scenes here.
Over the last few months the team has been working really hard to implement some major milestones in OpenUnderwriter's roadmap.
Specialist Southend based broker, FML Insurance Services Ltd have become OpenUnderwriter's latest insurance client.
FML specialise in schemes including leisure and entertainment and have initially gone live with OpenUnderwriter's quote and buy software for it's equipment hirer product.
UK on-line retail sales are set to hit £52.5bn in 2015 and for the first time ever the IMRG Capgemini Quarterly Benchmarking Report has revealed that visits to on-line shopping sites on mobiles has overtaken desktop.
This means it is now more important than ever for brokers to have a clear digital strategy if they want to remain relevant in today's increasingly competitive marketplace.
25-34 year olds are leading the way in this mobile usage and although the majority may not yet own homes or businesses and may be driving their parent's car, they have a completely different approach to purchasing that needs to be catered for effectively. If you can’t service this demographic through a mobile device then you are going to be invisible to a growing and lucrative sector of the market.
Technology has played a large part in addressing the challenges faced by mutual and co-operative insurers in the developing world, but it is time for new and more innovative approaches to be considered.
Enabling huge areas of the globe develop insurance solutions depends very heavily on cheap and reliable technology. The demand for low cost insurance is growing at a phenomenal rate and as a result we’ve seen a large increase in the number of member and community based organisations (cooperatives and mutual) especially in the developing world. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe.
We have spent a long time demonstrating OpenUnderwriter to many different organisations over the past 6 months.
One of the common pieces of feedback that we have received is that while we give a comprehensive overview of the technical and administration aspects of the system, we haven’t focussed too much on the customer experience. In order to address this, we have now developed a new public website for our very own demo broker - Star Insurance.
The OpenUnderwriter team is really proud to announce the release of OpenUnderwriter 2.1.
Following on from the success of version 2.0 earlier this year, this latest release further refines and expands the software's feature set. The focus, as always, is delivering innovative software that allows Insurance organisations to deliver results and quickly and efficiently.
Hello everyone, I'm David and I joined the OpenUnderwriter team in March this year as Strategy Director.
I was previously CEO of Insurecom who were an Insurance Technology company in Brighton before they were acquired by Applied Systems in Aug 2013. I'm passionate about the innovative use of technology to make business more efficient and I really think that the Insurance Industry can be better served.
Among the other new features and enhancements included in OpenUnderwriter 2.1 is support for an extended set of document types.
As well as quotation documents, which have been supported for some time, the system now generates certificates, wordings, and invoices. Like all product features, document definitions benefit from product inheritance - meaning that each product need only define the ways in which if differs and need not define common elements.