Case Study - Adopting More Efficient Processes

Cardinal has established a new standard for high-performance insurance administration software. However, could the company meet the core, data, and digital requirements of Efficient Insure (previously known as Galileo Risk Insurance Solutions), one of South Africa's leading independent insurance brokers?

Efficient Insure (previously known as Galileo Risk)

Efficient Insure was one of the first full adopters of Cardinal’s C360 and has been utilising the system for the last four years. By investing in specialised software solutions that automate routine business operations, Efficient Insure is now able to provide a more productive and efficient work environment. Efficient Insure remains one of South Africa’s largest independent insurance brokers, controlling in excess of R350 million in premiums each year. Efficient Insure arrange insurance for sole traders, SMEs and multi-national organisations through to cover for private individuals.

Introducing C360BI

For many insurance organisations, extracting data and reporting through operational systems has proven challenging for a variety of reasons. Insurance firms simply cannot afford to waste time in an industry on the verge of fundamental transformation, particularly when it comes to adjusting to changing customer demands as a result of the rise of digital technology. Additionally, "outdated" processes lack the level of information required to get new insights into the operations of insurance firms. Historically, insurers had to identify the data they required and then prepare reports on their own. This shows to be a significant impediment to growth advancement. This is no longer the case with C360BI – a proud addition to Cardinal’s C360 portfolio. C360BI enables insurance firms to leverage a centralised digital platform and algorithms to streamline the process - for both the customer and the insurer.

Why Cardinal C360BI Is The Way Of The Future

The old insurance management software method is woefully inadequate for the insurer of the future. New service-based business models, creative products, and emerging technologies such as analytics, blockchain, and cloud, are needed to fuel growth.

C360BI is a strong bespoke solution that interfaces smoothly with Cardinal's flagship PAS solution, C360, and allows you to interact with Cardinal database information. C360BI enables brokers to analyse portfolio performance by dynamically reflecting premium trends and loss ratios amongst other metrics. It can also help identify negative claims trends or pricing issues before they become a problem. C360BI's use of QlikView technology enables quick access to these insights and significantly accelerates the execution of actions based on the information gathered during the process. C360 Business Intelligence is a 'plug and play' tool that requires no additional development for off-the-shelf solutions.

The Cardinal/Efficient Insure Collaboration

Efficient Insure has been a part of the development process of C360BI since the beginning.

"We were searching for a solution that could provide us with insight, not simply standard reporting capabilities. C360BI enables us to log in and examine a dashboard that compares year-to-date premium collections, claims, and loss ratio to the prior periods," explains Paul Rushforth, Chief Operating Officer of Efficient Insure.

After assessing the situation at Efficient Insure and the requirements, Cardinal and Rushforth began developing C360 BI, which was built on the back of a much larger business and solution - Cardinal's core PAS, C360. C360BI sits on top of the C360 system as a layer. With all their data already stored in their system, they decided against adopting the C360BI tool's ability to retrieve data directly.

C360BI has enabled Efficient Insure to create a dynamic, informative, and easy dashboard for gaining granular insight into the health of the business, resulting in significant value for the firm and its clients.

"Prior to C360BI, Efficient Insure battled to assess the business as a whole and couldn't evaluate how we were doing with claims without creating a report for each insurer or type of business," Rushforth explains. "Having a top-down view was challenging, but Cardinal made it possible by providing us with a wealth of reports. We no longer need to go through the laborious process of producing new reports and tools; instead, we can simply examine any part of the business and make real-time adjustments. We can collect, dissect and distribute dependable and accurate data for an insurer, a client, or internally."

How Cardinal C360BI Can Help Your Business

The insurance sector is entering a new era of innovation and tremendous technological advances. We are living in interesting times. While most of the C360 Business Intelligence tool was designed with Efficient Insure in mind, Cardinal realises that not every insurer views their business the same way and faces unique challenges. Cardinal understands the critical nature of customised insurance software and as such, has the ability to address extremely particular insurance software tastes, expectations, and requirements.


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