Absa Bancassurance System and App Qorus Innovation in Insurance Awards 2020 - Winner

Insurance penetration in sub-Saharan Africa (excluding SA) averages about 3% with most countries being under 1%. Since Insurance in this part of the world is sold and not bought, research has shown that customers have been hesitant to buy insurance for various reasons key among them being the unfriendly buying experience. Our intention was therefore to leverage on the system to among others: • Improve customer service delivery – straight through on boarding and post sales service • Reduction in overall business operational costs • Reduced possibility of revenue leakage - premium and commission management • Effectiveness in sales management • Improve underwriting decisions and responsiveness of the partnering underwriters • Effective business renewals • CRM tool to enable lead generation and improved sales effectiveness Though Bancassurance is still in its nascent stages in the Africa region, we have seen more and more banks in various countries scrambling to set up Bancassurance activities. Insurance solutions are generally homogeneous with most underwriters “cutting and pasting” what their counterparts have developed. Insurance distributors have sold insurance the same way for decades now. This lack of creativity hasn’t endeared potential customers to the industry. We have therefore been inspired to do things differently with the main focus being on CUSTOMER EXPERIENCE. The system continues to impact various organization areas such as IT, Compliance, Asset Based Financing, Finance, Bancassurance as well as Sales teams. Within the first few months of roll out, we have seen significant growth in our business with insurance sales up 50% year on year compared to the 2018.