Graham Harvey, CEO, Cardinal
Over the past 25 years, I’ve witnessed and been a part of the incredible evolution in insurance technology. As we navigate through this journey, it’s essential to reflect on how far we’ve come and what the future holds for our industry.
Building the foundation with Cardinal C360
When we first started building our back-end insurance policy administration system, Cardinal C360, about 25-26 years ago, the insurance industry was a different landscape. Since then, we’ve rewritten our software four times, each iteration shaped by our learnings and the evolving needs of our clients. Today, our platform processes approximately R22 billion in gross written premiums, serving a diverse client base that continually challenges us to enhance our software’s functionality and scalability.
One of the key differentiators of Cardinal C360 in a highly competitive market is our commitment to adaptability and innovation. We’ve expanded our capabilities from handling standalone brokerage solutions to managing large administrators, underwriting managers, insurers, and corporate brokers. This growth has been fueled by the deep domain knowledge we’ve built over the years and our close collaboration with clients, which has been crucial in developing challenging functionalities.
At Cardinal, we pride ourselves on the intellectual property we’ve amassed. Our core team of three founding members has grown to 180 people, all dedicated to continuously improving our software. This IP is the backbone of our platform, allowing us to innovate and stay ahead of market demands. We’ve developed our platform with a client-centric approach, ensuring that every enhancement is in line with their needs and the industry’s best practices.
Strategic Investments and Ecosystem Expansion
Recognising the importance of a connected ecosystem around the insurance organisation, we’ve made strategic investments in complementary businesses. About 8-10 years ago, we identified the need for tightly integrated solutions beyond our core policy administration. This led to the acquisition of companies like Codeplex, a service provider management and spend direction solution, and a digital business specializing in self-service and digital portals. These investments allow us to offer a comprehensive, future-proof solution to our clients.
The future of insurance technology lies in the plug-in insurance model and seamless ecosystem integration. No single system can excel in all areas, which is why we focus on integrating best-of-breed solutions through robust API layers. This approach enables us to partner with specialists in CRM, collections, and other areas, ensuring that our clients benefit from the best technology available.
TAKE THE ‘ADMIN’ OUT OF ADMINISTRATION.
Whatever your present challenges and future goals, C360 provides the best possible platform for building powerful, business-enabling solutions that future-proof your business while providing operational efficiency and regulatory peace of mind.
While our core operations remain in South Africa, we’ve expanded our presence to Mauritius, the UK, and Australia. Each region presents unique challenges and opportunities, requiring us to adapt our solutions to local market conditions and regulations. For instance, Australia’s regulatory environment is still catching up to where we were ten years ago, but we see significant potential in this market.
Navigating Uncertainty and Embracing Flexibility
The insurance industry constantly evolves, with new functionalities and market demands emerging rapidly. Our strategy involves maintaining flexibility and being able to pivot quickly, based on our clients’ needs. This agility is crucial in an environment where committing to long-term decisions can be challenging due to volatility and uncertainty.
Amidst all these changes, the core insurance administration system must remain rock solid. It needs to be highly configurable, allowing clients to make changes and build new products easily. Moreover, it should have a clear upgrade path and be capable of exposing its functionality through API layers. This ensures that clients can build out their ecosystem and integrate various partners seamlessly.
Looking Ahead
As we look to the future, our focus will remain on innovation and client collaboration. We’ll continue to invest in our platform, ensuring it meets the evolving needs of the insurance industry. By maintaining a strong core system and expanding our ecosystem through strategic partnerships and acquisitions, we aim to provide our clients with the best possible tools to succeed in a rapidly changing market.
The journey of building and evolving Cardinal C360 has been challenging yet rewarding. The insurance industry is at a pivotal point, and we are committed to leading the way with technology that empowers our clients to thrive.