Specialist software engineering company MIP Holdings, which focuses on creating and delivering bespoke solutions for financial services organisations, has been featured in Gartner’s latest Market Guide for Life Policy Admin Systems, EMEA. The company’s locally built Life Insurance Platform is the only African solution in this prestigious analyst report.
Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using these systems, organisations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. These systems can improve policy flexibility and administration, enabling insurance businesses to better service member needs.
MIP’s Life Insurance Platform has been developed as an end-to-end solution that manages all aspects of the complete administration life cycle, adapting to market and regulatory changes and providing streamlined policy processing. Built on the company’s digital stack, the Life Insurance Platform ensures reduced paper usage, improved workflow management, and shorter processing times. There is no need for CRM (Customer Relationship Management) to access multiple systems to find the required information. Instead, all related information is logically grouped for quick review so that the business can move easily from one area to another, simply by clicking a button or selecting a link. As a result, the management of an insurer’s business is made more efficient and cost-effective.
“My team and I at MIP Holdings are filled with pride. We know it is not easy to be referenced in Gartner’s globally respected work, and we are super excited to make the EMEA analysis and not only be relegated to Africa,” says Richard Firth, CEO of MIP Holdings.
“This proves that South African solutions are at least as good as those developed in Europe or even the US, and we are extremely gratified that Gartner has recognised that. South Africa’s CEOs, COOs, CFOs and CTOs can find the solutions they need locally, and the first step is changing the current mindset that local means lower quality.”
He adds that in today’s complex, uncertain and volatile business environment, the pace of digital change is faster than ever, so looking ahead is critical to success. Gartner’s reports provide insights into major business and technology trends that help organisations stay ahead and make smarter decisions.
“Gartner was created to provide high-quality and unbiased analyses of the fast-paced IT industry, and it offers vital information to the entire IT community. Gartner’s reports are important for a variety of reasons, not least of which is the fact that they influence the buying decisions of organisations of all sizes and verticals. Companies often turn to Gartner reports to support their strategies and choose which IT vendors they use. We are thrilled to be able to help shine a spotlight on the excellence local solutions can offer, and are looking forward to seeing more South African solutions included in Gartner reports in the future,” Firth concludes.
MIP is one of the world’s only software companies delivering solutions across multiple financial service verticals. Our technology solutions and services are diversified to accommodate the specialised administration needs of policy holders under our Individual Life & Risk Insurance; Group life & Risk Insurance; Lending; Funds, Benefits and Annuities Administration and Healthcare, Risk & Funding Insurance portfolios. Also, MIP provides outsourced software engineering and consulting development services to help any business overcome the key challenges of modernisation and digital transformation in an ever-changing world!