Back in August, Mohandeep Singh, Founder of Agiliux Cloud Insurance and Tay Shan Li, Managing Partner at Scaleup Malaysia joined Leaderonomics’ “TechTalk Friday” to discuss the ‘techno spark’ in the world of insurance and if Scaleup Malaysia is indeed the best Accelerator in the country.
Hosted by Nigesh Armon, Head of Solutions and Services at Leaderonomics Digital and Karamjit Singh, Founder of Digital News Asia.
In this excerpt, Agiliux CEO discusses the need of Cloud to succeed in this industry.
Question – These are all well-funded. Many of them are companies. They’ve got their own inhouse engineering teams. So, for the ones who work with you, what value they saw you, despite them having the internal resources to do this themselves.
“Sure. If you go into a little bit deeper into this one, right? There is a software, which is called the core insurance system. Every insurance company will have one that software. And on an average, the life of that software is around 20 to 25 years, which is like ages kind of a thing. And it sounds kind of a thing. Now, what happens in last 20 years?
The people who have bought, maybe say ten years back or 15 years back, they are actually already behind the hype cycle out behind the technology growth thing, right? They are not yet ready to replace that system, probably another ten years ago.
What will they do? Right. So that’s where we come in. So, what Agiliux does is a Agiliux sits in front of that core backend system and allows you to do all the digital stuff without really replacing your system. So that’s where it actually becomes a very good value for these guys that I don’t have to invest. Another 50 million, 100 million for the core. I can spend probably a few much lesser. And I still can do the whole digitalization stuff.”
Agiliux offers software-as-a-service or SAAS solutions to digitize Insurance Companies, Brokers & Agencies in the South East Asia region. We have customers in 6 countries.
To learn more about Agiliux and the best insurance software management solution visit: www.agiliux.com