Turnkey Africa successfully deploys its TurnQuest Integration Adapter for insurers and banks
Turnkey Africa Ltd, a leading Pan-African insurance and bancassurance technology and services provider today announced the successful deployment of its TurnQuest Integration Adapter that enables end-to-end real-time payment processing between insurance carriers and banks.
The billing and claims payments function of an insurer’s business is a high frequency touch point with customers and agents. It presents a great opportunity for the insurers to achieve market differentiation and a competitive advantage. The landscape is changing however, with new payment and distribution channels and changing customer behaviors and expectations. It has become costly and time consuming to process payments, with across the board inefficiencies, delays in collections and revenue leakage. To mitigate against this, forward-thinking insurers have already gone ahead and migrated to core platforms providing greater flexibility and automation and capable of supporting electronic and mobile payments.
To enable insurers to take full advantage of this new capabilities and further enhance their billing and claims payments function, Turnkey Africa created The TurnQuest Integration Adapter. The adapter links the insurer’s enterprise system seamlessly and securely with the bank’s system enabling generation of banking instructions from the enterprise and two-way communication and transmission.
The TurnQuest Integration Adapter is the first of its kind in Sub Sahara Africa to bring host-to-host integration to insurance and banking. The adapter utilizes advanced Internet-based connectivity enabling the secure and automated exchange of files between the bank and the insurer optimizing premium revenue collection and enabling banks and insurers to quickly and seamlessly process bulk payments directly to insurance stakeholders without having to login to the bank website. Using the TurnQuest adapter insurers are also able to make electronic payments into a claimant’s bank account over network giving the claimant instant access to spend the money.
TurnQuest Adapter’s supports ISO20022 protocols which enables end-to-end processing capability across domains and geographies with vastly different standards and information formats. The Adapter is not just limited to insurers but can also be utilized by corporates who deal with multiple banking institutions and who strive to transform their billing and payment processes for improved customer experience and retention.
Some advantages our clients will derive from using our adapter include straight through processing, ability to confidently process multiple payments and collections, automated error trapping, timely reception of statements and reports through the channel.
Speaking at the launch, Turnkey CTO Shikoli Makatiani said “Customer and agent touch points have become the main focus of innovation as insurers concentrate their efforts on improving customer and partner experience in a highly volatile market environment. With the TurnQuest Integration Adapter, we have sort to streamline the insurance payment processes in order to allow them to concentrate on more pertinent issues.”
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About Turnkey Africa Ltd
Turnkey Africa Limited is a leading Pan-African insurance technology and services provider. It develops, supply’s and manages end-to-end insurance business software solutions and services for the insurance industry.
Turnkey has a reputation of the highest standards in engineering excellence and invests heavily in R & D to ensure a future-proof product in an industry that is constantly evolving and changing. Its uncompromising attention to detail has enabled it to achieve a distinctive 100% success rate in its implementation of insurance and bancassurance solutions across Africa.
Turnkey’s flagship product TurnQuest Insurance Suite, is one of the most dynamic products in the market providing a comprehensive and integrated set of applications built on a common platform that covers the entire insurance lifecycle and augmented by data and analytics capability that gives the insurer a 360-degree view of the business.
As a Pan African organization, delivering real value to our clients is core to our DNA. This culture is manifested in the makeup of our company through a combination of experience and energy that ensures our team is in the unique position of being able to provide both thought leadership and innovative advice to our clients. With a dedicated team of over 100 professionals with extensive industry knowledge and expertise, we care about getting it done!
For further information, please visit www.turnkeyafricacom
Media contacts:
Brian Abajah | Business Development Manager | Turnkey Africa ltd
T. 0721 607 574
