Finsure Assurance to develop products
MBABANE – Finsure Assurance Limited is taking steps into developing some of its products and systems.
Finsure Assurance Limited is a subsidiary wholly owned by Eswatini Development Finance Corporation (FINCORP) set up as part of a strategy to diversify the company’s service offering.
Finsure Assurance Limited is currently predominantly a credit life insurance business with complementary funeral cover. However, the strategic growth objective is to develop a full bouquet of life insurance products. Finsure Assurance Limited currently holds a book of around 12 000 individual customers, which is growing from month to month and is projected to exceed 16 000 in the next three years.
The company has, therefore, engaged a company from Kenya to provide the services for the development and implementation of a life insurance administration system for Finsure Assurance Limited.
Service
The company called Softclans Technologies Limited, is expected to provide the above service a proposed contract price of E 3 100 000 (VAT inclusive). The company scored 91 per cent during the competitive bidding process conducted in terms of Section 45 of the Public procurement Act No. 7 of 2011.
The company was competing with two other companies from South Africa and Eswatini respectively. JMR Software (PTY) LTD from South Africa scored 89 per cent while Computronics Systems (PTY) LTD from Eswatini had a score less than the required technical score.
The consultant is expected to develop and implement a life insurance administration system for the end-to-end transactional management of company’s clientele records, with the potential for integration into complementary business systems.
The consultant will work with Finsure Assurance Limited to understand their specific business and requirements for the new administration system. This may involve conducting interviews, workshops and surveys, as well as reviewing existing documentation.
The consultant will design and develop a new administration system that meets Finsure Assurance Limited’s requirements. This may involve developing new software modules, integrating with existing systems, and configuring the system to meet the company’s business processes.
According to the 2022/23 Annual Report for FINCORP, the transition of Finsure Assurance from a brokerage company to a fully-fledged insurance company in October 2021 has proven to have been a positive and beneficial strategic move. The company’s performance for the 2022/23 financial year showcases outstanding performance, with an impressive growth of topline business results compared to the previous year.
Performance
Finsure Assurance Limited’s underwritten insurance portfolio reached an impressive E1.3 billion in the company’s first full year of operation.
During this period, Finsure Assurance paid out E3 million in claims, further highlighting the company’s commitment to fulfiling its obligations to policyholders. Looking ahead, the company is confident in its future outlook and anticipates even better performance going into the future.
Finsure Assurance Limited’s abovebudget plan growth is a testament to the company’s dedication to excellence and its commitment to delivering value to its stakeholders.
The strategic plan that will be rolled out in the coming years shows promising prospects for future growth and increased profitability.