GENRIC Insurance Company, the South African insurer, has launched a new pandemic health product using the Genasys Technologies no-code BUILD toolkit.
GENRIC’s new pandemic health product, Pandemic Shield, pays a lump sum stated benefit if the policyholder is hospitalised due to COVID-19 or any pandemic declared by the World Health Organisation (WHO). A hospital admission longer than 48 hours triggers the benefit.
Commenting on the new product, GENRIC chief operating officer Cornel Schoeman said: “When we decided to bring Pandemic Shield to market to protect consumers against the financial ramifications of a COVID-19 hospitalisation, we knew time was of the absolute essence. We needed an insurtech partner that understood the absolute need for speed, simplicity and regulatory compliance.”
Insurance product developments usually take a long time to launch. However, GENRIC was able to quickly develop Pandemic Shield for only 50 days, thanks to support from Genasys.
“We engaged with Genasys Technologies and deployed its no-code ‘Build’ toolkit, providing an underwriting platform and online portals that were fully compatible with our existing systems and processes using an open API,” Schoeman said.
“The entire process from the initial product concept to launching live in the market was completed in 50 days, of which the technology rollout and development based on the Genasys platform took just 10 days. This kind of speed and cost efficiency is unheard of in the financial services sector and in fact sets a new record for GENRIC when it comes to launching a new product.”
