SBI General expands its digital footprint with InsureMO platform, enabling daily issuance of over half a million bite-sized Insurance policies in India
MUMBAI, India, June 2, 2022 /PRNewswire/ — In line with SBI General’s vision of digitisation across customer journeys and processes, the Company has adopted a dynamic digital platform offered by InsureMO®, thereby making the digital buying journeys seamless and enabling lesser dependencies on Core Policy Administration Systems.
With InsureMO, SBI General was able to onboard Digital channels for its existing retail products at a faster pace and lower costs.
InsureMO platform is inherently built to handle large variations, velocity and volumes needed to support an extensive product portfolio with its microservices based architecture. The wide variety of APIs and the configurability of the platform ensures faster time-to-market. Moderate CapEx and OpEx make such digital propositions more viable, sustainable and encourage incremental innovations across products.
Anand Pejawar, Dy. Managing Director, SBI General said, “We at SBI General, have always been at the forefront of digitisation. We are consistently strengthening our digital distribution networks / channels by working on systems and processes that support our extensive network of distributors, including Bank branches, coupled with an equally large product portfolio which makes it cost effective and sustainable. We meticulously choose and work with our tech partners to ensure that we provide our distributors and end use customers with the most effective, innovative latest state of art technology solutions through their preferred modes and platforms. Our partnership with InsureMO is one of such initiatives in this direction”.
“InsureMO is glad to be one of the pillars for SBI General in its growth trajectory focusing on digitalization. With our capabilities and efficiencies, we are also able to contribute with innovative approaches that further add up to SBI General’s digital proposition.” said Rajat Sharma, CRO of InsureMO.
InsureMO is the connectivity and enablement platform for insurers, traditional channels, affinity partners, and FinTech/InsurTech startups. InsureMO (for “Insurance Middle Office”) is designed to accelerate insurance innovation, improve connectivity among stakeholders, and handle the massive volume, variation, and velocity of data in the “Digital Age.” InsureMO is a platform-as-a-service (PaaS) that acts as middleware for the insurance industry, freeing insurers from legacy constraints, and unlocking their ability to innovate and connect to stakeholders. InsureMO has a full set of insurance APIs and microservices for general (P&C), life, and health insurance businesses covering the entire policy life cycle. InsureMO supports Open API collaboration, is managed via Cloud Container (based on Docker and Kubernetes), and enables third parties to develop applications. Explore more about the InsureMO Insurance PaaS platform at https://insuremo.com/.
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