At this moment, all businesses are transitioning with the new demands of customers. The insurance industry, in particular, is changing significantly to deliver the need of the hour. From product digitization to faster outreach, technology is playing a key role. Southtech and iNube are working together to advance the technology as strategic partners to help thrive the insurance industry in Bangladesh. So, let’s learn how does this partnership is elevating the insurance industry.
Southtech-Inube Partnership for the Insurance Industry of Bangladesh
Southtech and iNube, two leading software solution providers, signed an agreement at the beginning of this year. The agreement entitles the two technology giants as strategic partners. According to the partnership, iNube and Southtech will provide innovative software solutions. And it will help increase the market outreach for the insurance industry in Bangladesh.
Moreover, the shared industry experience helps to design and develop successful digital products. Furthermore, the partnership transforms the entire value chain for the insurance industry in Bangladesh. And the process also helps in sales and distribution, underwriting and policy administration, policy servicing, claims management and reinsurance.
To mark of the partnership, Mr. Ramprasad Sanjeevi, Executive Director, Sales & Marketing, iNube Software Solutions Pvt. Ltd., said,
“We believe our partnership is a unique proposition for Insurance companies in Bangladesh.”
Similarly, MD & CEO of Southtech Group, Mr. Syed Mamnun Quader, said,
“Bangladesh’s insurance sector is lagging behind other regional countries by big margins. With iNube, we are putting technology, expertise and leadership on the table to modernize, innovate, and build the future of the insurance sector in the country.”
Southtech At a Glance
Southtech is the first CMMI Level 5 – V2.0 appraised IT service provider in Bangladesh based in Dhaka. It has more than 25 years of industry experience. And currently, it is serving various domains of the financial service industry with cutting-edge technology. Started back in 1996 with just 4 employees, Southtech is now one of the largest software companies in Bangladesh. With its custom-built software solutions, it has contributed to the growth of IT sectors in Bangladesh and beyond. Besides Southtech is also contributing to developing the insurance industry in Bangladesh.
iNube At a Glance
iNube Software Solutions Pvt. Ltd. is a leading software solution provider from Bangalore, India. For more than a decade, the company has been working on insurance tech for the global insurance industry. It provides future-ready technology, especially for the insurance sector. Currently, they are providing software solutions for general, life, and health insurance companies. Besides, they are also providing solutions for insurance brokers, TPAs and reinsurers. Now iNube has extended its hands to provide solutions to the insurance industry in Bangladesh.
How The Partnership Is Elevating Insurance Industry in Bangladesh
There are various ways how Southtech-iNube partnership is elevating the insurance industry in Bangladesh.
Sharing Industry Experiences
Gaining knowledge based on industry experience is the most effective of all. And when two industry leaders share experience to create products, it excels in every way. This is how the Southtech-iNube partnership is helping build sustainable digital products to boost the insurance industry in Bangladesh.
It is almost impossible to develop an effective digital product without prior knowledge of the market. Even it would have been tough for iNube to design a product for Bangladesh. So, the partnership is a viable option for both companies. And it will help to design and develop successful and innovative products for the Bangladeshi market.
Research & Development
India and Bangladesh are two neighbouring nations with similar cultures and economies. And, both the insurance markets face similar challenges. Thus, the solutions require similar features. Despite similarities, there are many challenges for product designs. And policy administration is one of them we should be concerned about. So, it requires extensive research to design a successful insurance product.
Southtech-iNube partnership is all about research and development. In the long run, it will reduce the gap between the product and the regulatory body of Bangladesh. In particular, as a strategic partner, Southtech helps policy administration to develop a better product for the insurance industry in Bangladesh. With this cross-nation R&D, the joint force can work seamlessly to create out of the box products.
Sharing technology and Talents
We know that one person cannot be an expert on everything. Similarly, a company cannot have expertise in every technology. But two similar market leaders can cover a large area of technological expertise. Moreover, they have the tools, data, and talents to conquer something big.
Southtech-iNube partnership is a partnership of technologies and talents. Both the companies are full of talented people and cutting-edge technology and they came together to build something big. Therefore, the transition of the insurance industry in Bangladesh is always one step ahead and advanced.
Southtech-iNube, a strategic partnership, is capable of building amazing things for the insurance industry in Bangladesh. So, together they have the potentials to transform the industry with digital products and futureproof the industry. Therefore, the strategic partnership elevates the insurance industry by sharing knowledge and experience, research and development, and talent and technology.