Since its acquisition by Diamond Bank, ADIC Insurance has become a more complex business & also needed to increase its focus on customer service. To meet these challenges, the insurer required a modern, flexible solution to replace its existing legacy system, which had been identified as a major constraint on the future development of the business. With on-going product development key to this growth, an easy to use solution that would allow it to build & amend products in-house & then get them to market quickly via multiple channels was essential.
The solution will allow ADIC Insurance to automate its policy administration processes across its eight branches enabling it to significantly improve operational efficiency without increasing its backoffice costs. At the same time, the solution will allow greater focus on underwriting performance as the insurer moves to underwriting for profit, based on previous risk experience & away from tariff driven underwriting.
Chioma Sideso, Chief Enabling Officer at ADIC Insurance, commented, “Our investment in SSP’s S4i solution reflects our commitment to innovate & improve our customer service & underwriting performance. We recognised that the age & inflexibility of our existing system was a major limiting factor on our future growth potential & that a modern solution would enable us to enter new distribution channels, rapidly build new products & automate processes. We have worked closely with SSP to configure & deploy the solution quickly & are already seeing productivity gains due to the integrated nature of the solution, the sound quality controls & impressive management reporting.”
Commenting on the implementation, Rhys Collins, Head of Operations at SSP said, “Like many insurance companies with legacy systems, ADIC Insurance has struggled to keep pace with the drive towards electronic trading & multi-channel distribution. They were spending a significant amount of their IT budget just keeping their legacy system running. However, they recognised that in order to improve business performance & meet their growth targets they would need to invest in a modern, flexible solution. It’s great that they are already seeing results. We look forward to continuing to work with them to further develop their business.”