Success Stories

Kuala Tech Empowers Zambian Insurance Startup with Cloud-Based Digital Insurance Platform

The Insurers Context

The insurance industry in Zambia is growing rapidly, with insurance penetration reaching 2.63% in 2019. However, the industry is still largely underserved, with many people lacking access to affordable and reliable insurance products.

In order to address this challenge, a Zambian insurance startup partnered with Kuala Tech, a software technology company, to develop a cloud-based digital insurance platform. The goal of the platform was to provide a modern and efficient way for people to purchase insurance products. A visionary insurance startup in Zambia aimed to revolutionize the insurance landscape by becoming a leading digital insurance provider. The company had developed a suite of unique products, focused on delivering the best value for its prospective clients. However, its existing legacy system lacked the capabilities to support its ambitions for growth and transformation. To achieve its goals and deliver exceptional customer experiences, the insurer sought the expertise of Kuala Tech, a cutting-edge software technology company. The objective was to securely move the insurer’s data from legacy systems to a cloud-based digital insurance platform, enhancing scalability, cost efficiency, and customer engagement.

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The Insurers Blueprint for Success

The insurer’s vision was to provide an automated, fast, and seamless insurance management experience to its internal and external partners while meeting its unique business needs. The key objectives included:

  1. Increased Profitability: By migrating to the cloud, the insurer aimed to reduce storage and maintenance costs, thereby increasing overall profitability.
  2. Enhanced Customer Experience: The insurer sought to introduce new digital services and improve the user experience, enabling better customer support and faster time-to-market for new products.
  3. Future-Ready Foundation: The company wanted to establish a strong foundation for future modernization, leveraging advanced technologies such as AI and analytics to stay ahead in the competitive insurance industry.

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Kualas’ Response

 

Utilizing the insurer’s unique business processes, Kuala Tech performed application transformation services on the legacy systems. This transformative process went beyond traditional modernization, introducing cutting-edge capabilities for streamlined underwriting procedures, improved customer engagement, self-service processing, advanced analytics, and a seamless integration of digital payments for business transactions. The integration of digital payments was a key milestone in the insurer’s digital transformation journey. Kuala Tech implemented secure and efficient digital payment methods, enabling the insurer to offer customers and partners a convenient and hassle-free payment experience. With this integration, the insurer could now facilitate quick and secure premium payments,  and other business transactions through various digital channels, enhancing operational efficiency and customer satisfaction. The comprehensive and integrated solution empowered the insurer to operate in a more agile and customer-centric manner, positioning them to become a leading player in the dynamic Zambian insurance market. The addition of digital payments not only improved the user experience but also boosted financial inclusivity, as customers could now access insurance services and make payments conveniently, regardless of their location or banking capabilities.

To enhance the overall user experience, Kuala Tech implemented modern application programming interfaces (RESTful APIs). These APIs facilitated seamless interactions between users and the platform, providing immediate access to new digital services and enabling a streamlined process for handling insurance transactions and claims, regardless of the insurance product involved. Kuala Tech also integrated the cloud-based digital insurance platform with critical external databases and systems, with a particular focus on motor insurance. This encompassed integration with Zambia’s Road Transport and Safety Agency (RTSA) to accurately identify motor vehicles. Additionally, the platform integrated with Kuala’s WhiteBook value system to provide reliable motor vehicle fair market value appraisal, ensuring transparency and accuracy in motor insurance pricing.

Kuala Tech orchestrated a smooth migration of the insurer’s legacy system data to the Azure cloud. The migration enabled enhanced scalability and cost efficiency, giving the insurer the flexibility to scale resources as needed.

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What We Achieved

The successful collaboration between the insurer and Kuala Tech yielded remarkable outcomes:

  1. Enhanced Scalability and Cost Efficiency: The migration to the Azure cloud allowed the insurer to scale resources as needed, resulting in reduced storage and maintenance costs, ultimately contributing to increased profitability for insurance contracts.
  2. Improved Customer Engagement: With the introduction of new digital services and an enhanced user experience, the insurer significantly improved customer engagement and satisfaction.
  3. Future-Ready Platform with Advanced Analytics: The cloud-based digital insurance platform empowered the insurer to leverage AI and advanced analytics, enabling them to stay competitive and adaptive in the rapidly evolving insurance industry.

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Foundation for Partnership

The successful collaboration between the insurance startup and Kuala Tech showcases the transformative power of technology in the insurance landscape. Kuala Tech’s expertise in cloud migration and application transformation enabled the insurer to modernize its insurance portfolio, deliver superior customer experiences, and prepare for future innovations. As the insurer continues to thrive on the Azure cloud platform, the partnership with Kuala Tech remains a testament to the profound impact of advanced tools, deep expertise, and meticulous planning in unlocking the full benefits of cloud technology for businesses in the insurance sector. Kuala Tech continues to serve as the insurer’s trusted digital transformation partner, empowering them to achieve their visionary goals in the dynamic insurance market of Zambia.

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Statistics On Insurance Penetration In The Zambian Market

  1. Insurance penetration in Zambia reached 2.63% in 2019.
  2. The life insurance market is the largest in Zambia, accounting for 60% of total insurance premiums.
  3. The non-life insurance market is the fastest growing segment, with premiums increasing by 15% in 2019.
  4. The main challenges facing the Zambian insurance industry include low insurance awareness, high costs, and a lack of trust in the industry.

 

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