Case Study - InsurTech Innovation: Collaboration Takes Centre-Stage

The future is now.

Insurers with more sophisticated IT skills enjoy a clear competitive advantage in terms of agility, growth, and cost ratios, and are better positioned and equipped to meet the growing demand for digital solutions.

Technological breakthroughs are transforming insurers from the inside out - a change that is noticeable mostly in operations. While it is unclear how the insurance industry's technology and operations will evolve over the next few years, organisations will need to reshape themselves now to take advantage of the technology tools that will enable them to operate more efficiently, and with a greater emphasis on customer experience in the future.

Cardinal Insurance Management Systems

Cardinal is uniquely positioned in an ever-changing, highly competitive space, to offer its clients InsurTech solutions that deliver on both the big picture and the details. With more than two decades of experience in insurance systems, and the ability to leverage its reputation for innovation, Cardinal has grown to be one of the leading insurance management providers by offering cutting-edge solutions built on the latest technology.

With three founding directors and over 40 talented specialists, including Microsoft developers, business analysts, and consultants, Cardinal is well-equipped to develop, improve, and enhance systems to suit client needs.

STP Insurance Brokers (PTY) Ltd

STP Insurance Brokers is a progressive, independent insurance brokerage, situated in the Western Cape, offering a comprehensive range of insurance options for businesses and households. STP is a proud FIA member (Financial Intermediaries Association of Southern Africa).

STP's origins date back to 1987 when the firm began a gradual path of successful and fruitful mergers with major brokerages, including Market Financial Services, TIV Insurance Brokers, Promark and Riverstone Insurance Brokers.

In 2021, STP concluded the acquisition of a stake in a leading Johannesburg-based brokerage, Kapara Insurance Brokers, which increased STP’s national footprint. A year later, STP acquired 100% of TI Brokers in Cape Town.

Today, STP is a leading, independent brokerage firm in South Africa, with a workforce of close to 100 people across all its departments. They are also a broker partner of the Jacana Group - a network of independent brokers working together to positively impact the lives of their clients.

STP is committed to giving back and works diligently to establish long-term relationships with community organisations such as schools, clubs, and sports teams, contributing to social upliftment in the communities they serve through these partnerships and the referred business they generate. To decrease their carbon footprint, the firm has evolved to be completely paperless and utilises energy-efficient computing.

Why Cardinal C360?

Cardinal's C360 system differentiates itself by providing clients with a unique solution that matches demands and evolving with them as they adapt to a more digitally oriented environment.

By providing effective, paperless information management, centrally capturing, and storing all data on a single system, and reaping the benefits of continuous updates and implementation, C360 enables better decision-making by making data extraction and analysis easier than before.

Cardinal and STP partner to deliver

Cardinal and STP have collaborated since 2002. At the time, STP was looking for a user-friendly, robust solution, that could manage the whole broker administration chain for the firm.

"Cardinal's forward-thinking, tech-upgrade path, was more progressive than other systems on the market at the time. In addition, we felt the Cardinal team had the correct management style, with all the characteristics and traits we were looking for in a partner, with Cardinal being in sync with STP’s vision and aspirations right from the start, " says Hanssen.

"We have interwoven ourselves into everything Cardinal does over the course of our long-standing relationship. STP was one of the first insurance firms in the country to implement Cardinal's Insurance Management System (CIMS 3), and one of the first to use Cardinal’s flagship offering, C360. We're constantly volunteering to test new operating systems and applications that Cardinal brings to market, and we are always excited and willing to try them out ahead of the competition, as we recognise that development is important for progress."

Looking to the future

A software development partnership is frequently viewed as nothing more than a cost-cutting measure that enables insurers to focus on key projects, resolve challenges, and improve quality. Cardinal, on the other hand, is acutely aware that a software development partnership is so much more than that.

To build successful software, both the outsourcing provider and the partner's team need to enter a software development partnership where both parties are involved in inducing innovation and enabling transformation.

Cardinal and STP have formed a solid alliance over the years. If Cardinal wishes to develop or modify a component of its solutions, Cardinal is quick to consult with STP thought leaders for feedback and suggestions. Creativity is a result of teamwork, and in return, STP consults with Cardinal to help the firm create additional pathways to innovation and business growth through emerging technologies.

Looking to the future, Cardinal and STP are both changing to meet their clients' demands and, in the process, consistently growing, transforming, and scaling. STP is currently embarking on Cardinal's digital transformation program, while Cardinal continues to build new systems and adapt existing systems to meet STP's requirements.

“To survive in the current and expanding digital environment, insurers need a solid InsurTech partner to rely on and lean on. Aligning your goals with Cardinal will help strengthen your business along with providing you with a lot more opportunities. Collaboration in the rapidly changing insurance ecosystem is the way forward and is something that both client and supplier benefit from greatly!” concludes Cardinal Chief Commercial Officer, Craig Grasko.

Contact Us For a Solution That's Right For You

Contact Us
Component not available