As the pandemic has accelerated the rate of adoption of insurance, it is a pivotal time for insurance companies all over the world. These companies are rushing to streamline their processes and operations to stay relevant in the current world. The same applies to insurance technology providers as well and they need to be more agile and offer partners the tools to grow and streamline their processes.
One such insurance software solutions provider is GENASYS which provides a comprehensive and dynamic insurance management system, which can be applied to any insurance business.
Now, the company just announced that it has secured £12.25 million funding from Frog Capital, a leading software scaleup investor. With this investment, Frog will hold a significant stake in GENASYS while the existing management team will continue to operate the company.
This is the second investment made by Frog in a month with the first one being a SaaS investigation case management and intelligence platform, Clue. Other past SaaS investments of Frog include the likes of Modulr, Skimlinks and RatedPeople.
Cloud-based modular insurance solution
Headquartered in London, GENASYS operates from Johannesburg and Cape Town as well. The company services clients in 16 countries worldwide and manages a gross written premium of over £1 billion.
The idea behind GENASYS was formed when the founders were contracted to develop an insurance administration system by a European insurer. The platform underwent numerous improvements to become a leading software product right now. It offers an insurance management system that offers cloud-based, full-stack, modular insurance solutions.
The insurtech platform is unique and offers over 350 pre-configured products that range from P&C, life, medical and specialty and hundreds of API endpoints. It helps customers bring about innovation and deliver new products at a faster rate to their rapidly evolving consumer base.
Fully comprehensive insurance
The insurance solution offered by GENASYS uses the company’s zero code tools. Eventually, it can be used for product building, document design, workflow creation, rating and user setup. Its comprehensive insurance solution comprises both front-end and back-end aspects. Its insurance management system can be applied to businesses in any language, currency or destination.
Its platform is designed for insurers, UMAs, and brokers. Also, it is compatible with personal, life, commercial and corporate lines. The platform alongside the toolset offers a powerful enabler for insurance businesses that need the right software platform to support their strategic and growth initiatives. As different businesses have different requirements, the GENASYS platform comprises various modules for them to pick and choose and pay for only what they need.
Global expansion plans
In 2016, the company intended to go international and opened an office in London in 2018. Back then, its CEO Andre Symes relocated to the UK to oversee its operations. GENASYS operates with the vision to be the preferred software solutions partner to the insurance industry across Europe and the rest of the world. Last year, it underwent an external brand refresh as it focuses on global expansion. The rebrand gave it a new modern look, a redesigned logo and a revamped company website. Also, it merged its websites in South Africa and UK.
Jens Düing, Senior Partner at Frog Capital, said: The GENASYS platform reduces a key barrier insurance businesses face to tailoring products to the needs of the insured. As a consequence, individuals seeking to insure a particular risk are more and more likely to find a product that fits their respective needs, thus leading to better peace of mind and reduced hardship for the insured.”
GENASYS Joint CEO, André Symes, said: “The team at Frog have bought into our model of building sustainable growth and are genuine in their desire to add real value to our business. We love their ‘rolled-up sleeves’ approach with their operating partners and Scale-Up Methodology and believe that we have found exactly the right partner to help us as we scale-up our business.”
