Convergencium, a Rwanda-based systems integrator and consulting organization, announced on Monday it has formed a strategic partnership with insurtech and investment technology company Agile Financial Technologies in order to sell, implement and support Agile Financial’s products and services in Rwanda and other countries in Sub-Saharan Africa.
According to the duo, Agile Financial’s software suite, 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 nearly 28 countries and expanding, Agile Financial’s strategy is notably to ensure that its customers derive the benefit of regional and local support. While sharing details about the partnership, Kalpesh Desai, President and CEO of Agile Financial Technologies, stated:
“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.”
Desai then noted:
“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.”
Janvier Régis Habimana, Chairman & CEO of Convergencium, added:
“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.”