Old Mutual iWYZE - Brochure 2018

Old Mutual iWYZE – promoting agility through technology

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Tapping into an emerging millennial insurance market WRIT TEN BY

CATHERINE S TURM AN PRODUCED BY

JUS TIN BR AND

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Old Mutual iWYZE has developed online sales architecture to cater to its digital savvy customer base 04

T

he African insurance market in is turning into a hotbed of innovation. Life insurance, as a key example, grew by 13.7% from $39.465mn in

2016 to $44.899mn in 2017, with South Africa leading the way, with a market share of $71.7%.

Making up about 33% of the South African population, the country’s growing millennial market has led to rising demands for convenient and accessible products and services, which deliver real-time information. Mobile wallet solution M-Pesa has gained significant momentum, with further digital tools enabling companies to more effectively engage with customers, as well as give them the capability to target rural areas and cater towards a diverse demographic.

Part of the Old Mutual Group, Old Mutual iWYZE is a direct insurance provider, offering car, home and life insurance. Whilst the larger group works with brokers and partners, iWYZE listens to its customers and their needs to deliver an interactive customer

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E X E C U T I V E P R OF IL E

Jan Marais Experienced Head Of Information Technology and Strategic Projects with 18 years in the IT sector across 3 countries.

Focused mainly on the insurance industry over a period of 15 year. He has a strong information technology background with a focus on digital enablement, web enabled platforms and hosted environments.

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HALLMARK

S A LVAG E S P E C I A L I S T S

The Smart Salvage Solution

Hallmark is well established in the salvage arena, having been in the business for more than 16 years.

With a sound capital infrastructure of Bluespec Holdings, a leading CRM system (Salesforce), centralised storage, long standing Blue-chip clients and an active customer database of well over 13 000 customers, Hallmark is best positioned to cater for niche Insurer salvage needs.

KEY BENEFITS

1. Fixed Percentage Returns 2. National Upliftment 3. Proven Track Record 4. Online Functionality (tender and timed auction) 5. Full Cloud based admin and tracking functionality 6. Pre-owned Dealership Model 7. Large Active Client Base

FOR MORE INFORMATION CONTACT Managing Director: Gavin Passos: 073 676 0005 Email: gavin@hallmarkauto.co.za Landline: 011 440 0601 Website: www.hallmarkauto.co.za

07 experience, effectively driving growth

lining the development of new

across its products.

self-service technologies, moving the

“We work closely with Old Mutual

business forward in digital innovation.

Insure, another member of the Old Mutual Group and they are our

GENERATIONAL SHIFT

largest partner. We make use of their

When exploring the advantages of

IT infrastructure and services

customer-self-service technology, tools

to ensure that we deliver the best

such as phone calls, standard text

customer experience for our cus-

messaging and even social and

tomers,” explains Head of IT Opera-

mobile based applications have

tions, Jan Marais.

revolutionised the way in which people

Obtaining over 18 years’ experience across multiple countries, Marais’s

communicate and interact.

However, whilst over 60% of the

goal is to make the business in-

Sub-Saharan Africa population

creasingly adaptable and robust,

remains unbanked, iWYZE, as well as

and has been a key figure in stream-

many other insurance companies, have w w w.i w y z e. co. z a

“ The journey of how people would like to interact is what excites us and that’s part and parcel of the foundation that we are building to enable that” — Jan Marais, Head of IT and Strategic Projects

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turned to technology to address this untapped market. With a highly knowledgeable, skilled team, the company’s workforce has gained a solid understanding of the short-term insurance industry and what its customers want.

“The journey of how people would like to interact is what excites us and that’s part and parcel of the foundation that we are building to enable that,” says Marais.

“When it comes to making sure that customers can interact with us through our digital channels, we need to understand their real risks at any time and should be able to get that information without any effort from the customer.

“We don’t want an overbearing forms process, where individuals have to answer a plethora of questions for us to be able to identify and assess their risk. We want to be able to achieve that with as few questions as possible and for us to tap into existing databases to be able to pre-populate information, so that we can get a person’s risk assessed without overbearing question sets.”

INCREASED AGILITY Ramping up its efforts to become a key player within the South African market, iWYZE underwent a market competitor analysis to look at how to bring new w w w.i w y z e. co. z a

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products to market, as well as embed the right policy administration systems to gain the trust of its customers.

“From a technology perspective, we had to put a lot of foundations in place to be able to give the business the opportunity to run at pace, to service our customers how they would like to be serviced. A big part of this is using technology and social media. Furthermore we’ve had a massive internal focus on the customer-centric service model to give our customers a world-class customer experience – this is cemented in how we engage our customers at each touchpoint through10

out the customer journey,” says Marais.

Although cloud has become an increasingly versatile tool within the insurance industry to drive down costs, promote scalability and improve business processes, iWYZE’s main focus is to be cloud-ready.

“We have a cloud-based footprint, so for us to be able to be a cost-effective IT organisation, it’s important to have a fine balance between re-using existing infrastructure of the larger business versus what we put in the cloud to be responsive to customers.

It is a very fine balance because that is what dictates cost-effective IT and to make sure that we’ve got the security around that,” he adds.

“To be successful and agile in such a fast-paced and competitive industry, it’s

60%

The population of Sub-Saharan Africa that remains unbanked

iWYZE’s main focus is to be cloud ready

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iWYZE works closely with customers, listening to their needs to deliver an interactive experience

iWYZE underwent a market competitor analysis to look at how to bring new products to market

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important for an organisation’s IT department to be close to and understand the business, the people, the processes and the products.

“Trust in the delivery of IT is something which takes a while to mature. One of the ways which has made us successful is running with a small business mentality

“From a technology perspective,we had to put a lot of foundations in place to be able to give the business the opportunity to run at pace, to service the client how they would like to be serviced” — Jan Marais, Head of IT and Strategic Projects

within a large business.

“This has given us that agility, sharing services with the larger business, trying to streamline and bypass overbearing governance and also supporting the bigger business by running proof of concepts (POCs) for them to be able to make decisions quicker.”

HIGH PERFORMANCE CULTURE Harnessing a strong policy administration system and partnering with TIA in Denmark, the business has sought to implement a service-oriented architecture, without compromising on the customer experience. As a result, its front-end system has remained agnostic from any of its systems in the background.

Additionally, Hallmark Salvage Specialists has been essential to its claims division, bringing on board a transparent and sophisticated operation to recoup costs incurred where required.

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“ It’s important to have a fine balance between re-using existing infrastructure of the larger business versus what we put in the cloud to be responsive to clients” — Jan Marais, Head of IT and Strategic Projects

the business’ new inhouse IT department remains committed to visualising data to guarantee better, data-driven decision making.

Bringing its outsourcing activities inhouse, iWYZE has developed an exceptional, bespoke IT infrastructure whilst taking advantage of the larger business’ existing infrastructure, delivering world-class results.

“I think we’ve got a very strong brand, Old Mutual is one of the oldest brands in South Africa, and the brand is synonymous with trust,” concludes Marais.

“Technology is always something that can be replicated and duplicated. Building a brand that is so strong and then bringing it into modern times using technology is what will give us an edge over the competitors, for sure.”

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