From the CodeOasis group, has been selected to serve as the core platform of a digital insurance company – KIZ – launched in Zambia. Market experts estimate the deal’s value at several million shekels.
KIZ (Klapton Insurance Zambia) is a subsidiary of the Klapton insurance and reinsurance company based in England with its main activity in Africa, the Middle East and Asia.
The Insurtix platform (PaaS) provides insurance companies and underwriting agencies (MGAs) with a flexible and modular end-to-end solution for managing and maintaining traditional business activity in the insurance domain. But way beyond that, the platform is adapted to address current and future challenges. It supports personalization of insurance down to the level of the individual or of a specific use, so, for example, you can pay insurance per car trip, drive slowly – pay less, or activate your home insurance only when out of the house. The platform also supports embedded insurance and thus could allow for automatic activation of insurance the moment you purchase a car, for example.
“The platform’s flexibility, together with our flexibility as a company and our out-of-the-box thinking, paved the way for us to adapt Insurtix to the local regulatory requirements in a very short time, adapting it to the needs and aspirations of KIZ as a supplier of trailblazing insurance services in Zambia, just as we did with Israel’s Libra Insurance and other companies,” says Ronnen Fisher, founder and CEO of Insurtix. “This is our first foothold in Africa; together with the parent company Klapton, we plan to reproduce this success on the entire continent.”
“After painstaking effort over a long period, we obtained the license to open KIZ from the authorities in Zambia in October,” says Shay Reches, co-owner of Klapton. “The time has Zambia’s insurance services by a decade. Simultaneously, we are beginning to operate in other African nations together with Insurtix to duplicate these achievements.”
“Africa is known for its widespread use of advanced payment methods such as the digital wallet,” adds Fisher. “With Insurtix, KIZ will be able to develop personal insurance products and integrate them with advanced payment methods like these. The platform will also support insurance agents and operational efficiency; all these will translate, at the end of the day, to a lean, efficient insurance company.”
Insurtix places emphasis on user experience and facilitates management and preservation of all business activities pertaining to insurance, such as product management, underwriting, collection, CRM, claims management, task management, desktops and much more. As a company based on the PaaS service model, usage requires an annual licensing fee, and can either be installed at the customer site or accessed via the cloud.