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Aliança Seguros deploys TIA Solution for bancassurance in Angola
Insurance startup Aliança Seguros has choosen TIA to achieve faster time to market than the competition.
As competition grows in the financial industry across the globe, bancassurance is a growing trend. This is especially true in Africa where both banks and insurers recognize the need for partnerships to thrive long term. With new business models and technologies emerging, and customer behavior changing, bancassurance is seen as the key to generating growth while addressing the low insurance penetration in the market.
Aliança Seguros, based in Luanda, Angola, is an insurance startup by Banco de Negócios Internacional, a retail bank with operations in Angolan and Portuguese markets. The company recently became a TIA customer. Aliança plans to leverage the bank’s current resources, such as more than 90 branches, 720 employees and credit portfolio, to provide non-life products (auto, travel, property and worker’s compensation) to retail and corporate bank customers across Angola.
Time to market is key
Tian Horn is TIA’s managing director in Africa. “The main challenge for any new player in Africa is establishing a brand and penetrating a well-established market – in the Angolan insurance market, there are already more than 20 insurance companies. With the TIA solution, Aliança can develop a strong product portfolio and get their products to market fast.”
“For us time-to-market is key,” says Antonio Henriques da Silva, Aliança’s Board Director. “We expect that our ability to stay agile and answer market demands faster than our competitors will ultimately give us the advantage we need. We see TIA as a seamless, straightforward solution that will help us grow and enable us to keep up with changing digital trends.
As a startup, Aliança was keen to enter the market as quickly as they could. “Our goal was to reduce implementation risk as much as possible while getting up and running within 5 months,” says da Silva. “We compared a set of solutions and implementation partners prevalent in the local market and decided that TIA together with Deloitte’s EMEA TIA Center of Excellence (CoE) fitted perfectly with our roadmap and business plan, without the risk of local constraints we found in other solutions.”
Currently Aliança focuses on bank clients, but at a later stage they aim to serve the mass market as well. “As a new company, new challenges will always arise, such as managing a fixed budget or competing for skilled workers,” adds da Silva. “But we’re confident that the TIA solution will support our business and our teams as we grow, no matter what challenges the future might bring.”