No foreign software can address challenges in Nigeria insurance sector – Atobatele
Mr. Abiodun Atobatele is the Chief Executive Officer of ATB TechSoft Solutions. In this interview, he reveals that his company has developed Ultisure to address all the peculiar challenges of the Nigerian insurance market which no foreign software can solve.
By Roseamry Onuoha
What is Ultisure? We took the brave decision about seven years ago to start gathering a team of very smart Nigerians to start developing applications. After seven years of development and research, we have a lot of products that are ready for the market. One of them is the Ultisure. Ultisure bridges a lot of gap in the insurance industry. Our intention is to make our customers happy and for them to leverage on our solutions to automate their businesses to make more money, better decisions and more profit at the end of the day.
How can Ultisure address some of the challenges in the insurance industry?
One major challenge with the Nigeria insurance sector is that it is typical, different from any other insurance sector all over the world. There is no company anywhere in the world that can boast of building insurance software that will fit into the Nigerian system. You will find most insurance companies trying to change their software every time.
They buy from India today, they abandon it in two years time, they go to South Africa, buy and abandon, they keep abandoning, and some just manage what they have. That is really affecting the business of insurance and it is making it very difficult for a lot of people to understand and benefit from the business of insurance.
Because of our deep understanding of insurance business in Nigeria, we have subject matter experts in insurance in our organisation that has spent more than two decades working in insurance. So we have come together with them to develop Ultisure which addresses all the gaps that any foreign software cannot or is unable to address. Ultisure is an insurance underwriting management system.
Since one of the problems of the insurance industry is that they jettison insurance software a lot because they are built specific to products and when those products change due to regulatory situations or new products are introduced, it is impossible to have them into new software. But our system is scalable across any kind of products. You can add new products unto the system and make it support the line of business as quickly as possible.
How can Ultisure benefit the grassroots?
With our solution, as long as you have computer or internet, it works anywhere. An insurance company can simply open a branch that is virtual and have an agent wherever they have to sell. But for retail insurance, our solution is product agnostics in the sence that you can develop a solution right now that is retail for the users directly.
Take motor insurance for example, we can expose an e-commerce site or connect using SMS technology where any individual can purchase insurance right away from anywhere they are, leveraging on our solution. We also have a particular solution that we plan to launch soon that we believe will revolutionise automobile insurance in Nigeria. The reason why most people buy third party policy is because they want to avoid police arresting them.
They feel that comprehensive insurance is too expensive. So they don’t see insurance as a product or a service that they are purchasing. So we have a solution that we are launching soon that is going to bring the price of comprehensive insurance as low as the cost you will pay for a third party insurance by what we call usage based insurance.
By this, we will have devices installed in your vehicle that will track your location, so when you car is parked you don’t have to pay for insurance. Right now, insurance companies use the cost of the vehicle to calculate the cost of premium for comprehensive policy. However, our solution is going to introduce usage based insurance which means that it is what you used that you will pay for. So these are the type of things that technology can do, using internet of things.
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