Janvier Régis Habimana, Chairman & CEO of Convergencium, expressed his delight upon the partnership.
“We are delighted to have inked this partnership with Agile FT as they will help us in addressing timely to a growing need within our domestic market but also in other countries we operate in within the Sub-Saharan Africa. When we first heard of the new regulator’s policy, we started searching for a Partner that would fit our own ways of working and deliver the best product and services to our existing and future customers within the Insurance industry. We’re happy that we’re partnering with Agile FT. ”
Speaking, Kalpesh Desai, President & CEO, Agile Financial Technologies expressed his confidence upon the move.
“Leveraging local resources help us eliminate two of the big risk factors in software implementations – the ability to relate to the work culture of the region and the language. We have a lot of confidence on the Rwandan market. Though insurance penetration stands at around 2% today, well below the regional penetration rates of 3.5%, the Central Bank has set a target for 10% penetration by 2020.”
“With no new licenses being issued, and solvency ratios being maintained at 100%, the sector is under a lot of stress today on account of low premiums and claim ratios as high as 67%. Insurers who desire to be relevant in the marketplace, will be under a lot of pressure to strengthen or replace their existing software systems to strengthen their ability to launch innovative products rapidly, leverage new delivery channels and embrace digital technology, and benefit from systems like Agilis that facilitate operational efficiency, eliminate risk and possibilities of fraud across the value chain – distribution, underwriting, reinsurance, claims and accounting. We believe we are entering the market at the right time with the right partners.”
Agile FT software suite consists of core platforms for digital insurance (General Insurance, Life & Annuities and Health) and investment technology (wealth and fund management). With a customer footprint currently in around 28 countries and expanding, Agile FT’s strategy is to ensure that its customers derive the benefit of regional and local support.