Insurance technology provider eyes the Ethiopian market

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The Dallas, Texas based insurance technology provider, Beyontec with its Ethiopian partner, Moti Engineering discussed with potential customers to supply its services.
The company that has been in service for over 12 years is one of the leading global technology solutions providers for the insurance industry.
Vivek Sethia, CEO and Co-Founder of Beyontec told Capital that the company will provide modern technology for the insurance industry in the world because the founders and staff of the company are engaged in the insurance industry and they understand the gaps and solutions for the sector.
He said that the insurance industry in Ethiopia is one of the growing sectors that should be equipped with modern technologies to keep its growth and follow other countries standard.
“For the past five months the company staff was undertaken several meetings with Ethiopian insurers about the technology and discussed with regulatory body, National Bank of Ethiopia and other relevant government offices about the technology and its solution,” Vivek said adding, “we have got good feedback.”
During a conference held at Intercontinental Addis Hotel on March 11 the company with its Ethiopian partner gave demonstration about its service and experience of other countries that they uses Beyontec’s service.
Abdulhamid Mohammed, Managing Director of Moti Engineering, told Capital that the insurance sector is lagging using technologies than the banking industry.
According to Abdulhamid, his company has been at the back of most of the banks with their automation, while the insurance industry is far from that.
“They have to use a technology that is what we are now working with the well known US Company to improve the insurance companies IT system,” he said.
“Even though they are lagging behind, they have the late comer advantage since they will be equipped with the latest technology,” the Ethiopian partner added.
Hadush Hintsay, Secretary General of Ethiopian Insurance Association, said that such kind of technology is crucial for the sector development. He told Capital that the insurance business is growing by 15 percent every year and such kind of modern service will facilitate the service and also contribute to improve more.
Though the insurance sector is showing growth its contribution for the economy is very small compared with other countries that have similar economic status with Ethiopia.
Beyontec provide services in the US, Middle East and Africa.
Beyontec has been providing the technology edge needed to make insurance business more competitive. Beyontec Suite the core solution, accelerators, automation solutions, the platform solutions, and the Enterprise Cloud ecosystem model are helping global insurance companies bridge technology gaps, shift the value pools, and reinvent risk management in the digital economy.