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Launch of new bancassurance company signals growth of insurance market in Angola
Sol Seguros will be established across all 18 provinces, bringing insurance to people in rural areas. TIA Technology was chosen as its core platform and technology partner.
Sol Seguros is a new bancassurance company launching in January, 2018 in Angola. With the goal of serving customers in 200 Banco Sol locations across the country, the company chose TIA Technology as its core technology platform. Proven as a solid bancassurance solution, the TIA platform will let Sol Seguros serve personalized life and non-life insurance products to Banco Sol customers.
Director of Sol Seguros Antonio Teixeira said, “Proximity and convenience are important for consumers here in Angola. They want to be able to walk into their banks and get all their financial services covered, including insurance. The TIA solution lets us connect to the bank’s customer data to create products that match the customers’ needs at a price they can afford.”
An emerging insurance market
The insurance market in Angola is far from saturated and companies who are nimble enough to capitalize on future opportunities will reap the benefits. Bancassurance as a model of distribution is an excellent way in which companies can leverage existing relationships between potential policyholders and the bank to sell insurance products.
“Bancassurance business models are easier to get off the ground, especially in emerging insurance markets,” said Tian Horn, TIA’s managing director in Africa. “But you’ve got to be able to move fast. We’ve proven the TIA system can be deployed quickly and reliably, and that insurers get more than a generic technology platform. The ability to tailor products to a wide variety of customer needs is another key benefit that the TIA solution offers. That’s key to organically growing emerging markets, not only in Angola but globally.”
Fast implementation process
With its January 2018 launch quickly approaching, Sol Seguros had to select an implementation approach that would expedite delivery without sacrificing quality. An expert team from Deloitte’s EMEA TIA Center of Excellence (CoE), a TIA partner, will implement the solution. “We surveyed the local market and found other providers came with implementation risks,” said Teixeira. “TIA and Deloitte’s proven experience and time-to-market give us confidence that we will meet our deadline and launch with a robust, intelligent solution in January.”