South Africa-based GENRIC Insurance Company has introduced a new insurance product called ‘Pandemic Shield’ to protect customers against the financial ramifications of a COVID-19 hospitalisation.
The insurance policy is underwritten by GENRIC Insurance and administered by Sirago Underwriting Managers. It pays out a lump sum stated benefit if the policy holder is hospitalised for over 48 hours as a result of a COVID-19 diagnosis or any other WHO-declared pandemic illness in the future.
According to GENRIC Insurance COO Cornel Schoeman, the insurer worked with InsurTech partner Genasys Technologies and the process from initial product concept to launch was completed in 50 days.
“Typically, insurance product developments can take months to bring to market, but by working with Genasys and deploying its BUILD toolkit, we could construct our product ourselves, write up the product rules, complete the quality assurance, test and roll it out in a matter of days and avoid the delays that typically come with complex configurations and coding,” he said.
Middle East Insurance Review