EastNets speeds up insurance with UniRisX
New service will create a single hub for insurers and brokers to trade policies, drastically reducing processing time
Payments provider EastNets is planning to launch an on-demand service for insurance providers and brokers in the Middle East in partnership with UniRisX.
EastNets CEO Hazem Mulhim claimed that the system - which launches in the first half of July - would redefine the insurance industry: "It is like moving from fax to e-mail. In the beginning people were happy with the fax vis-à-vis traditional post, telephony or telex. They resisted e-mail because it required certain skills and investments. Now, it's indispensable."
He explained how the system operates in relation to current insurance practices: "Until today, all of the applications with the insurance providers have been done either manually or use limited proprietary formats. What we are doing now is creating a hub connecting all the insurance providers where we will distribute the policies electronically, enhancing straight through processing, the speed of applying for certain insurance policies, and the ability to have results immediately.
"Historically, when you want to shop for insurance policies, it can take a month for you to decide which insurer to use and to activate the policy. Now we are doing it online and it will be almost immediate - within one to two days," he added.
Developed in conjunction with Sun Microsystems, EastNets will offer the system from its secure datacentres in Dubai Internet City and Istanbul, Turkey, with an additional centre due to come online in Jordan later this year.