Qorus Innovation in Insurance Awards 2024

Walaa Modernize Core Insurance Platform

Submitted by

Walaa Cooperative Insurance Co.

Logo of Walaa Cooperative Insurance Co.
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18/04/2024 Insurance Innovation

About

Walaa innovative project aim to drive Walaa to new heights of excellence through leveraging the power of technology & digital innovation to manage all lines of businesses to greatly improve operational efficiency & obtain technology advancements.

Innovation presentation

Walaa is a top tier insurance company in Saudi Arabia, which provides +60 products and services offering, has been experiencing significant growth wherein massive amount of data for underwriting and claims were involved, all of which, were handled through an in-house built system which has its own limitation and restrictions. This has been impacting the overall productivity of the agents due to several reasons such as long time to extract information, manual entries/work, as well as repetitive tasks. This was our drive to better enhance our system capabilities and eventually improve our service quality and customer experience.

By implementing our modernize core insurance platform, we were able to enhance the productivity and improve our processes which ultimately gave us a competitive advantage over our competitors and helped in attracting new customers as well as retaining our customers.

Uniqueness of the project

The project is unique since we have modernized the core insurance platform and enabled the business with tools and capabilities that would allow them to be more digital, agile, and customer-centric in their operation and servicing. The project has a positive impact on the overall business operations, making interdepartmental communication more efficient and decision-making more effective and comprehensive. Businesses are more enabled to perform their duties and less reliant on IT services for managing their platform.

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