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Customer Success Story: How AFIA uses Insly to calculate motor insurance premiums faster

“Using Insly and the automated motor quoting we aim to significantly decrease the time we spend today on quote calculation and composing.” – Fayaz Kariyambath, General Manager of AFIA Insurance Brokerage Services L.L.C.

Who is AFIA as a company?

AFIA is one of the oldest, most well respected insurance advisors and consultants in the Middle East. Operations were started in 1995, when the founders noticed that there was a niche in the market for effective, well targeted insurance based on appropriate risk assessment.
Today AFIA mediates a range of insurance products primarily in the B2C market. The dominant insurance lines being motor related. Annually more then 25 000 customers are serviced and renewed.
As the volumes continue to grow and recognizing the constant change on the insurance market AFIA is always looking for opportunities to be ahead of the game and bring something new to the table.

Insly project

AFIA and Insly undertook to do something that had never been done before in the Middle East insurance market - to automate the motor insurance quoting for a selected panel of insurers. The task proved to be trickier than initially planned which also caused some delays in handing over the solution. Today, with stage 1 of the project completed and launched, AFIA brokers are able to compare and quote motor prices to their clients with much more efficiency than before. Instead of acquiring and negotiating a price one by one for each insurance company, the system now automatically calculates a range of insurance company prices. The list of insurers available is not yet very long, but many more insurers are sure to follow, as our cooperation with AFIA continues.

Situation before

Before starting the Insly project, AFIA used their own internal system, which was extremely good, but with limited possibilities to connect to other systems. Policy quoting and policy generation were done using each insurer calculation engine separately. In order to distribute products with smaller premiums (and larger volumes) a more efficient solution was needed.

Next steps?

So what’s next for AFIA and Insly? Similar to BDB then rather than adopting completely new systems and processes all at once AFIA is also taking a step-by-step approach. Currently a Stage 2 of the development project has been launched to automate further insurance companies with the expected duration of 1 to 2 months. Following that, other insurance lines can be considered in respect of moving into Insly.
AFIA insurance broker UAE using Insly insurance broker software

Find out more about AFIA and UAE insurance: afia.aeinsurancemarket.ae.
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