Finsure Assurance Partners with Softclans Technologies for Product Development

MBABANE – Finsure Assurance Limited, a subsidiary wholly owned by Eswatini Development Finance Corporation (FINCORP), is venturing into product development and system enhancement to broaden its service offerings. The move is part of a strategic initiative to diversify its portfolio and cater to evolving customer needs.

Currently focused on credit life insurance with complementary funeral cover, Finsure Assurance Limited aims to expand its offerings to include a comprehensive range of life insurance products. With a growing customer base of approximately 12,000 individuals, projected to exceed 16,000 in the next three years, the company seeks to enhance its capabilities and service delivery.

To achieve this goal, Finsure Assurance Limited has engaged Softclans Technologies Limited, a company based in Kenya, to develop and implement a life insurance administration system. The proposed contract price for this service is E 3,100,000 (VAT inclusive). During the competitive bidding process, Softclans Technologies Limited emerged as the preferred choice with a remarkable score of 91%.

Competing against companies from South Africa and Eswatini, Softclans Technologies Limited demonstrated its technical prowess and capability to meet Finsure Assurance Limited’s requirements. JMR Software (PTY) LTD from South Africa scored 89%, while Computronics Systems (PTY) LTD from Eswatini fell short of the required technical score.The consultant, Softclans Technologies Limited, will collaborate closely with Finsure Assurance Limited to develop and implement a comprehensive life insurance administration system. This system will facilitate end-to-end transactional management of client records and potentially integrate with complementary business systems.

The engagement with Softclans Technologies Limited aligns with Finsure Assurance Limited’s strategic growth objectives outlined in the 2022/23 Annual Report for FINCORP. The transition from a brokerage company to a fully-fledged insurance company in October 2021 has yielded positive results, with significant growth in the company’s underwritten insurance portfolio, reaching E1.3 billion in its first full year of operation.

Finsure Assurance Limited’s commitment to fulfilling its obligations to policyholders is underscored by the E3 million paid out in claims during the reporting period. With a strong performance exceeding budgeted expectations, Finsure Assurance Limited looks forward to continued growth and profitability in the future, driven by its strategic expansion initiatives and dedication to delivering value to stakeholders.