Cim Finance enhances insurance system using Root platform

Source: Supplied. Vincent Valéran, the head of insurance at Cim Finance.

Classified as a Small Island Developing State by the United Nations, Mauritius has an online community in excess of 800,000 users, who are connected through a fibre optic network, widespread availability of 5G connectivity, and mobile penetration of 160%.

Mauritius is currently ranked first in Africa and 17th in the world on the International Telecommunication Union (ITU) 2020 Global Cybersecurity Index.

Cim Finance offers financial solutions to consumers, SMEs and large corporates. For over a decade, it has also offered credit-protection insurance for credit facilities and loan repayments.

Its Be Protected+ product, underwritten by Mauritius Union Assurance Co Ltd, covers customers' income. This coverage also safeguards credit finance repayments against financial risks such as fire, burglary, floods, permanent disability, and up to four months of income-loss due to hospitalisation.

In the unfortunate event of a death, it covers the remaining monthly repayments of the facility. In the case of involuntary job loss, the credit-protection plan covers monthly repayments until the customer secures a new position, in accordance with the policy's conditions.

Says Charlotte Koep, chief executive officer of Root: “Cim Finance has strategically partnered with Root to streamline its operations by integrating a comprehensive digital policy lifecycle management system into its existing loan-origination infrastructure.”

The implementation was driven by a desire to simplify and facilitate claims processes and has yielded an improved customer journey, Koep says.

Insurance innovation

From seamless onboarding to navigating the entire policy lifecycle and enhancing the claims experience, the integration has not only simplified applications but also optimised documentation delivery for customers and staff.

Vincent Valéran, the head of insurance at Cim Finance who spearheaded this project, says, "In our commitment to security and reliability, we wanted to ensure that our customer portfolio experiences seamless transactions with the utmost convenience and promptness. The Root platform has enabled us to increase in efficiency through a robust and secure system."

We were impressed by the flexibility of Root's workbench and appreciated its software-as-a-service nature, which made deployment seamless without the need for physical server installations on our end,” Valéran says.

The Root team demonstrated a deep understanding of the insurance domain, effectively guiding us — a non-insurer — through the intricacies of insurance products. Its assistance in automating our insurance processes allowed us to stay focused on our core lending activities.

“Notably, the entire implementation was accomplished within a remarkable four-month timeframe, a record achievement based on my 15 years' experience in the insurance industry," says Valéran.

After completing the implementation, the company has issued a substantial number of new policies daily which the previous, less efficient system would not have been able to effectively handle, Valéran adds.

He concludes, "Given the increasing significance of digital transformation in financial services, partnerships like this one pave the way for innovations that not only ensure a high-quality customer experience but also safeguard customer data.

"We are actively exploring diverse avenues to leverage the data gleaned from Root's platform, aiming to develop new products that address market gaps, enhance the national insurance-product portfolio, and streamline insurance consumption patterns, among other initiatives."