The Genasys UK team have been working closely with Hitachi Consulting on its InsurTech As A Service over the past year. LMR Communications’ Lesley Bennett caught up with Hitachi Consulting Senior Sales Executive Financial Services, Stewart Reeder, to ask him about his experience of working with us.
LMR: How did you get to know about us?
SR: I got to know about Genasys Technologies during an assessment phase we were performing at Hitachi Consulting. Periodically we review core platforms that underpin specific verticals to understand strengths and weaknesses and where we may be able to augment these platforms with people, processes and/or additional systems and services.
Insurance customers had expressed frustration at a lack of perceived value from existing investments into policy administration platforms. Although sold as modern systems that are service oriented, easy to integrate with and highly configurable in relation to creating new financial products, our customers have informed us that in reality these benefits were rarely realised.
Additionally, we work extensively with innovative start-ups globally and in insurance, this includes InsurTech companies. Many are focused on a small part of the value chain, very few actual “new” insurance providers have been created. The few that have been created, and that we have spoken with have, also expressed a frustration in relation to core policy administration capabilities and flexibility, using large parts of their start-up capital on building this functionality. We set-out to see if we might be able to assist in solving this problem
After a lengthy due diligence, technical review and product comparison we selected Genasys Technologies, and have been working with them ever since.
LMR: What was it that attracted you most about working with us?
SR: I’ll be honest, I am incredibly sceptical when it comes to technology and policy administration technology in particular. However, we have a very talented team here at Hitachi Consulting and it appeared to our entire team that Genasys Technologies was different to other companies in this space but our cross functional Solution Review Board (SRB) performed a comprehensive assessment and they were shortlisted. People and culture are as important as technology and the Genasys team are fantastic. Partnerships are built on trust, transparency and commitment and this is an ethos our two companies share and again this was evident early on.
LMR: How has the partnership developed over the past year?
SR: We were not looking to just become another systems integrator of a policy administration system. We outlined our vision for “InsurTech As A Service”, an ecosystem of best of breed ‘Enterprise’ and ‘New Generation’ applications and services, pre-integrated and hosted in the cloud that would transform the insurance industry by removing technical debt, complexity, inefficiency, regulatory headaches and cost. Our ambition is to finally free insurance companies to focus on their customers and financial product innovation. Genasys Technologies have shared and enthusiastically embraced this vision and engaged exhaustively with us and our consortium of partners to turn the vision into reality.
LMR: Has anything surprised you?
SR: I’m surprised at how much we have achieved in such a short period of time. Technically, the feedback from our delivery teams is surprise at how easy it has been to create new products, and integrate. From a business and ‘getting things done’ perspective, we couldn’t have asked for a better partner and I am constantly surprised by their boundless energy, enthusiasm and consistently great attitude evident across management and delivery which make them a pleasure to work with!
LMR: What has been the most positive aspect of your working relationship with the UK team?
SR: Ultimately the most positive aspect of a working relationship always comes down to people. Andre and Craig are a genuine pleasure to work with and we have a shared understanding of the importance of insurance and a shared vision of what the insurance companies of tomorrow should look like.
LMR: So what does the future hold?
SR: Barrack Obama once said “the future rewards those that press on”, and I believe the future holds rewards for Genasys and Hitachi Consulting as we press on with demonstrating the transformative nature of our eco system to insurers. For insurers, the future holds improved efficiency, cost reduction and an ability to truly understand their customers’ needs and provide the appropriate products all whilst improving the customer experience.