What once appeared to be an enormous leap from an outdated insurance software system to software designed specifically for the broker industry is proving itself to be a game-changing transformation for Phoenix Risk Solutions: and an investment in future agility.
The insurance industry is transforming at an exponential rate, and it’s no surprise that what may have worked before simply isn’t working today. One insurance broker stepping up to meet the mounting changes (and challenges) of the insurance industry, is Phoenix Risk Solutions.
A growing giant in South Africa’s short-term insurance broker industry, Phoenix Risk Solutions had been using an insurance software system that was developed with a focus on the needs of the insurer rather than on the unique needs of the insurance broker.
In a move from the limited functionality of an increasingly cumbersome model to a cutting-edge system developed specifically for the insurance broker industry, Operations Manager Tracy Leppan turned to insurance technology solutions development leaders Cardinal Insurance Management Systems.
Still, in the early stages of its digital transformation journey with Cardinal, Phoenix has already eliminated unnecessary complexities, developed better management of data, and is well-placed on its new roadmap to capitalise on emerging opportunities within the insurance broker landscape.
While the process has been extensive for the Phoenix team, it has also been thoroughly supported by the Cardinal team.
Leppan is impressed by the level of detail in each phase, from the early investigations into product development to the business discovery phase, right down to the structure of the ongoing implementation and continued support.
The entire process is driven by a fully managed team of Cardinal project planners, business analysts, solution architects, and technical experts who guide Leppan and her top-level team through every step.
“There is a lot of focus on communication from Cardinal,” says Leppan.
“We started with discussions and presentations, alignment and configuration sessions, and now we’re engaged in extensive ongoing training, weekly migration meetings with different departments, as well as monthly meetings with our Cardinal developer. It has been an incredibly positive journey, and our roadmap has never been clearer.”
One of the many clear benefits of Cardinal’s feature-rich insurance technology system is the increase in productivity levels.
Leppan explains. “Whenever a client changed insurers, it was quite a laborious process to make the change on our old insurance software system. The software we were using at the time didn’t allow us to transfer the policy, so our financial advisors had to reload every detail of the policy manually. With Cardinal’s system, we now essentially have an integrated insurance ecosystem with the functionality to transfer the policyholder’s data to their new insurer.”
When asked about the future of digital transformation for Phoenix Risk Solutions, Leppan says that the further functionality of Cardinal’s digital transformation offering was what drove the final decision to engage with the company.
“They also have a very ‘can-do’ attitude. They’ve never once come back with a ‘that’s never going to happen.’ They always find a way to develop the solution to any gap or challenge we may come across.”
National Sales Manager of Cardinal Insurance Management Systems, Lauren Wheeler says, “We believe that if an individual policyholder can get tailor-made insurance solutions today, insurance companies and insurance brokers should receive their tailor-made insurance technology solutions from their providers and partners too.”
For over 2 decades, Cardinal provided short-term (P&C) insurance systems expertise that leverages technology to overcome industry inefficiencies, whilst seamlessly connecting all players in the short-term insurance value chain. Today, Cardinal is no longer a standalone policy administration system provider; Cardinal has become so much more!
Through strategic investments in like-minded companies, Cardinal is one of the most comprehensive short-term insurance technology providers in South Africa - proudly administering more premiums and claims on its various platforms than any single independent provider.
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