Insurance Brokerage – A Progressive Digital Journey

By: Riyad Khan M.B.A., Director  |   December 2nd, 2020    |   Related To: Genesis Insurance Brokers & Benefits Consultants Ltd.

Successful organizations are often seen as those that can dynamically adapt to change; whether it is for the needs of the client, competitive landscape, political, environmental, or technological. Zeroing in on technological change, Digital Transformation is a terminology that has now been recycled and thrown around repeatedly by those who know, and those who think they know what  it involves. A common challenge for many organizations has been the integration of digital platforms and fusing people with new technologies in their daily tasks.

To remedy this fallout and to achieve true digital transformation and integration, focus needs to be placed on Technology Adoption. This is the process of strategically moving from legacy or manual systems to a digitized business; resulting in capabilities that significantly increase value chain efficiency. This transformational process is no longer a futuristic consideration, but rather an overdue necessity, and is critical to organizations across all industries.

Genesis Insurance

Photo: (L-R) GENESIS – Shawn Mitchel, Sonja Ragoonath, Tonya Ramcharan, Yogi Ramsingh. Agility ICT – Riyad Khan, Danelle Modeste

Locally and internationally, insurance and insurance brokerage companies have been slower than some to adapt to technological change, as understandably many within the industry are heavily invested in legacy systems and change is complex and costly. For those that have successfully transitioned, they have seen the value gained from using advanced reporting and analytics, chat-bots, customer relationship management systems (CRM), web and mobile applications, cloud migration, and so on. One such company, GENESIS Insurance Brokers & Benefits Consultants Ltd (GENESIS) has adopted this digital methodology from the get-go and has been able to drive change in the evolving climate.

Genesis Insurance

L-R: Genesis, Yogi Ramsingh and Agility ICT – Riyad Khan

Incorporated in February of 2018, GENESIS’ motto of ”Human Services on a Digital Platform” showcases that the company’s strategy is heavily focused on technology integration, and they have been doing just that. CEO, Yogendranath Ramsingh “Yogi” partnered with technology solutions provider Agility ICT Solutions Limited to plan and implement a strategic suite of digital initiatives to close an existing gap in the market and lay a solid technological foundation in anticipation of future digital trends.

Agility ICT’s portfolio of services include custom software & app development, reporting & analytics, cloud migration, enterprise resource planning (ERP), and digital transformation consulting – an all-encompassing mix of digital services, aiding in bringing GENESIS’ vision of offering ”Human Services on a Digital Platform” to reality.

Working closely with Agility ICT, GENESIS deployed a custom-built cloud-enabled employee benefits management system, designed to fit its unique processes and operational work-flows. Peripheral web access portals allow its various clients and stakeholders to access pertinent insurance claim related data, with a mobile app currently on its way to further enhance the member experience. Apart from the increased in-house efficiency and raising the bar in client service delivery, a robust business intelligence (BI) tool sits atop the entire platform. By tracking and monitoring daily activities, the BI tool provides the GENESIS team with key insights for justified decision making. Client trends, demographic data, and medical claim statistics are only the start.

Looking toward the future, GENESIS will continue to innovate digitally within its space. As one of the few insurance brokerage companies within Trinidad & Tobago to offer a medical provider network of 200+ health-care providers servicing their Group Health plans, the goal is to extend the technology to these nationwide providers to achieve Real-Time Eligibility Verification. Their network of healthcare providers would soon be able to instantly verify patient coverage, access co-insurance, co-pay, deductible, and other plan details.

GENESIS is on a fast-track to making significant inroads in a crowded mature industry. Wise financial investments made in building the right team and deploying the right technology ensured that they entered the market two steps ahead. During a meeting, GENESIS’ CEO was quoted to have said: ”We’re building this plane while we’re flying it!” This statement epitomizes the leadership mindset that is required to operate a successful business.

There is always uncertainty in business and all of the answers may not be immediately available. The key is to stay focused on the long-term goal, remain flexible, make the right decisions and build component by component until they coalesce to a powerful integrated system.

Written by:
Riyad Khan M.B.A., Director

Agility ICT Solutions Limited | [email protected] | 868-383-8084

Genesis - AON