Expanding its existing intellectual property portfolio in the financial services sector in SA, MIP Holdings has released a new, integrated suite of software applications targeted at insurance companies.
The suite was developed in SA specifically for the local market, as determined by the historical and current requirements of many of MIP`s clients.
"There is a trend to consolidation in the insurance industry around the world and we expect to see this continuing for the foreseeable future," says Richard Firth, CEO and chairman of MIP Holdings. "Apart from the usual economic drivers, the consolidation is being compelled by new regulations that have been created to ensure all operations in financial institutions are above board and transparent."
The sector`s technology needs have changed as a result and IT has been tasked with more carefully managing the host of applications that hold their businesses together as well as maintaining closer and more secure control of customer information.
"Unlike most of the international insurance software solutions in which the components of the suite are all sold separately, all the functionality insurance companies need to manage their businesses are included in the package," Firth adds. "Additionally, to ensure our customers are always using the latest version of the software and can have their systems updated and serviced in real-time, the system is offered via the application service provider (ASP) model, maintained by MIP."
The suite consists of various applications, from those usually found in business suites such as accounting systems, telly sales, fund administration to unique solutions developed for the software developer`s clients.
The integrated approach additionally means that as clients` needs change, new software can simply be slotted into the infrastructure without complex middleware or coding problems. The most recent components developed for the package are the accounting, workflow and call centre applications, all home-grown applications designed for the local market.
New regulations also require financial services companies to maintain control over their customers` data. Having this information stored in a proprietary database controlled by a third-party is not acceptable - this dismal state of affairs occurs regularly and causes grave problems when businesses want to change their software provider. MIP`s suite stores all the data in an open (yet completely secure) database that is easily accessible by the customer.
Costing significantly less than its international counterparts, the suite from MIP is focused on providing a holistic solution for the insurance industry, covering all the application and data needs of a company in one package. Moreover, providing the application via an ASP model ensures that clients pay a set fee, enabling them to budget accurately for IT expenses and avoid nasty surprises.
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MIP is a local systems house and software developer with a 14-year history, 170 primarily customer service and developer employees, and offices in Johannesburg and Cape Town supplying an international market. The business has three focal points, the first of which is the provision of effective financial services software solutions that currently have in excess of 700 000 principle members on various fund administration systems. Secondly, it has developed Dynamax, a suite of rapid development tools, part of which was adopted by Progress Software internationally and renamed Progress Dynamics. Lastly, MIP has a majority interest in Auto-Mate, which services 60% of the local and African motor dealer industry.
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