Acadian Companies Partner To Develop Better Online Insurance Services
MONCTON – With the financial backing of a fellow Acadian insurance industry player, a Moncton insurance technology firm is setting its sights on building a more sophisticated online presence.
Tech Knowledge Solutions (TKS) – the software arm of Assumption Mutual Life Insurance Company– and UNI Coopération financière announced in an October 4 release that UNI has become a shareholder of TKS.
TKS, which employs 30 people, specializes in developing software and online spaces for insurance companies. One of the primary goals of UNI and TKS joining forces is to develop an automated online distribution insurance sales platform.
Since the partnership is in its early stages, representatives for TKS, Assumption and UNI are keeping a tight lid on details about the new platform in the works.
However, TKS Marketing Head Vanessa Matthews disclosed to Huddle that an updated platform will be running by the second quarter of 2022, offering greater support for insurance carriers.
Matthews said TKS and Assumption are already running an online platform limited to smaller markets with certain customers, adding the integration of UNI onto the platform is still in planning stages.
“Once our planning is complete, we should have a better understanding of when UNI will use this platform,” Matthews said.
Assumption Marketing and Communications Director Thomas Raffy said insurance industry sales have been shifting online for a while – far longer than the financial impacts of the pandemic – and that the pandemic simply sped up the process.
“Because the population, more than ever, is relying on their phones, tablets and computers, there’s a need to be more agile and ready to rely on innovation when it comes to providing these solutions for our clients,” Raffy said.
“Now, all three companies are able to develop tools and initiatives to better connect with their clients. Nothing has officially been launched yet, but we’re declaring we’ll collaborate.”
Matthews noted the ongoing process of bolstering UNIs and Assumption’s online presence is a move to meet anticipated future needs of clients.
Matthews said the new platform will augment UNI’s distribution strategy, opening new distribution channels and markets for Uni.
“In return, TKS will benefit from the support required to accelerate their product roadmap,” Matthews added, referring to UNI’s financial backing.
TKS, which was acquired by Assumption in 2017, has previously worked in a client-vendor relationship with UNI, supporting the francophone credit union’s technology initiatives.
“With this investment, we will be able to deliver the technology that will position our partners and clients as market leaders while bringing them closer to the lives they protect,” said TKS CEO Roddy Awad in the release.
UNI Project Lead Ginette Hebert said the partnership embraces the future needs of clients and members in a constantly changing world, adding, “It was only natural that we are all collaborating and innovating together.
Sam Macdonald is a Huddle reporter in Moncton. Send him your feedback and story ideas: [email protected].
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