Global insurtech provider, Agile Financial Technologies, expands to Rwanda in partnership with Convergencium
Convergencium, a systems integrator and consulting organization based in Kigali, Rwanda has entered into a strategic partnership with global insurance and investment technology company, Agile Financial Technologies (Agile FT), to sell, implement and support Agile FT's products and services in Rwanda and then subsequently in other countries in Sub-Saharan Africa.
Agile FT software suite, known as Agilis, 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.
Agile FT drives its penetration strategy by investing in building a strong partner ecosystem that is capable of providing local implementation and support services for Agile FT's products to the customers in the regions their partners are domiciled in.
Kalpesh Desai, President & CEO, Agile Financial Technologies, said, "We are pleased to announce our partnership with Convergencium who have committed to build a delivery and support team to support our award-winning Agilis product suite in Rwanda and extend this support to other countries in their region. Leveraging local resources helps us eliminate two of the biggest risk factors in software implementations – the ability to relate to the work culture of the region and the language. We are very optimistic about our prospects in Rwanda where we see significant uptake on insurance penetration coming from the Central Bank's target to increase the same to 10 percent by 2020. Rwanda currently has a low penetration rate of 2 percent as opposed to the region's 3.5 percent. Solvency rations are maintained at 100 percent and no new licenses are being issued at present. However, with low premiums and claim ratios being as high as 67 percent, insurers are under stress. From our perspective, it is an ideal time to enter the Rwandan market since insurers who desire to be relevant in the marketplace, have realized that they will have to strengthen or replace their existing software systems to enable them to launch innovative products rapidly, leverage new delivery channels and embrace digital technology. This is where our core insurance platform, Agilis, can step in to facilitate operational efficiency, eliminate risk and possibilities of fraud across the value chain of distribution, underwriting, reinsurance, claims and accounting. We believe we are entering the market at the right time with the right partners."
Janvier Régis Habimana, Chairman & CEO of Convergencium, said, "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 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.
"Their figures exemplify the relevance of their solutions and the dedication of their teams to doing more than addressing the client's needs. Together we aim at helping our clients in leapfrogging the hours of specific developments by implementing for them a very advanced and cost-effective insurance solution that will help them win a remarkable competitive advantage while proposing an innovative and clearer set of services to the end-customers. We are sure that we've made the best choice for our customers."