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Mauritius’ Top Credit Company Upgrades Insurance System

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Vusi Melane
Vusi Melane
Staff Writer

CIM Financial Services Ltd- Cim Finance, a leading Mauritian consumer and SME non-banking financial institution, has adopted Root Platform’s digital insurance policy management system.

Classified as a Small Island Developing State by the United Nations, Mauritius boasts an online community exceeding 800,000 users. They are linked via a fiber optic network, enjoy widespread 5G connectivity, and benefit from a mobile penetration rate of 160%. Mauritius holds the top spot in Africa and ranks 17th globally on the International Telecommunication Union (ITU) 2020 Global Cybersecurity Index.


Credit protection insurance

Cim Finance provides financial services to consumers, SMEs, and large corporations. For over a decade, it has also extended credit protection insurance covering credit facilities and loan repayments.

Cim Finance provides financial solutions for consumers, SMEs, and large corporations. Additionally, for over a decade, it has offered credit protection insurance for credit facilities and loan repayments.

Its Be Protected+ product, underwritten by Mauritius Union Assurance Co Ltd, safeguards customers’ income. This coverage extends to protecting Credit Finance repayments against financial risks such as fire, burglary, floods, permanent disability, and up to four months of income loss due to hospitalization. In the unfortunate event of death, it covers the remaining monthly repayments of the facility. In cases of involuntary job loss, the credit protection plan covers monthly repayments until the customer secures a new position, subject to the policy’s conditions.

Digital policy lifecycle management system

C Koep
CEO for Root, Charlotte Koep

CEO for Root, Charlotte Koep, says “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 Head for Insurance at Cim Finance, Vincent Valéran 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.” he says

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

“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.” he continues

Digital transformation in financial sector, significant

Valéran 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.”

 

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