Tech Equity Ltd and OpenUnderwriter Partnership
London 2nd December 2015
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’s open source insurance solution, integrated with Tech Equity’s innovative payment hub, will enable insurance products to be far more accessible to people without a bank account, access to the Internet nor the ability to travel to urban centres.
OpenUnderwriter have been working in Africa since 2013 when they implemented an actuarial platform for the Ghanaian Insurance Industry Association. Strategy Director David Daiches comments, “We are very aware that administration costs need to be minimised if there is going to be a market for low cost insurance products in emerging markets. We believe OpenUnderwriter is the only software that is viable in these situations”.
Financial Inclusion is a key focus and priority for Tech Equity. Founder and Director Dr Shiyghan Navti comments, “Through our partnership with OpenUnderwriter, we enable greater access to insurance products and services, not only via our network but also through third-party services that leverage our secure payment services that support multi-currency transactions to gain access to new markets and clients”.
OpenUnderwriter is an open source software house specialising in the development of IT solutions for the insurance market.
Formed in 2002 by an established team under the company name of Applied Industrial Logic (AIL), we began trading as OpenUnderwriter in 2013. Specialists in the areas of eBusiness and component based development, the team has developed technology for a number of major insurance companies.
The OpenUnderwriter platform has been collaboratively developed by some of the best technical brains in the Insurance Industry over the last 12 years and offers a viable alternative to traditional solutions. To date, OpenUnderwriter has been downloaded over 20,000 times in at least 30 countries.
Our goal is simple, we are focused on enabling insurers and brokers to perform more effectively by providing a powerful, adaptable and robust open source insurance software toolset, which removes the traditional barriers associated with insurance software adoption, such as high cost of ownership, slow time to market and restrictive long term contracts.
For more information on OpenUnderwriter, you are welcome to visit www.openunderwriter.com.
About Tech Equity
Tech Equity designs, implements and manages the delivery of services to clients within the financial services, education and retail sectors.
We enable our technology service-provider partners to unlock new revenue opportunities by delivering cloud based applications and services cost effectively, by using a scalable, resilient and secure infrastructure.
Our highly scalable multi-currency payment platform enables our financial services partners to offer their financial services products to a wider network of clients through multiple channels, including smart payment cards, SMS, mobile apps and the Web.
For more information on Tech Equity, visit http://techequity.company.