Tritech Media creates global-first in insurance replacement 

Opengate’s Business Portal and ClaimsCard merges with ValueCardTritech Media, the media technology innovator controlled by the Kirsh family, today announced the acquisition of a 35% holding in ValueCard, the leading personal-lines-claim-settlement service provider to the insurance industry, and the formation of global-first Thesl through the combination of ValueCard with Opengate’s Business Portal and ClaimsCard. 

 

Tritech Media has the option to increase its holding in Thesl to 50.1%. The balance of the holding is held mainly by Thesl management.The name Thesl is derived from “The silver lining” and refers to how the group’s diversified and expanded product offerings will improve the claims experience for both insurers and claimants through insurance replacement.Insurance replacement provides insurers with an alternative platform to using cash to replace lost or stolen goods. Due to the often misuse of cash Thesl’s insurance replacement platforms ensure that such items are actually replaced on the policy and reinsured.

 

Thesl offers a ground-breaking all-encompassing solution to insurers from panel management, sourcing and direct replacements, via tender or catalogue, to cash settlement solutions through ClaimsCard or mobile vouchers. ClaimsCard was developed by combining Opengate’s diversified retail relationships and logistics experience with ValueCard’s reputation in the industry and their robust platform.William Kirsh CEO and founder of Tritech Media and Chairman of Thesl commented: “As a global-first Thesl is well placed to secure the growing demand for insurance replacement spend from insurers. 

 

The business has such a unique positioning in the multi-billion Rand industry as there will always be lost or stolen goods. Introducing loyalty solutions for insurers is an expanding feature. Thesl’s platforms will provide a unique and dedicated avenue to enable this with Tritech Media’s leading turnkey loyalty capabilities. By grouping the insurance related businesses together in Thesl, Opengate will now be solely focussed on its very exciting build-out of the first-of-its-kind prepaid distribution business in South Africa for the world’s leading digital content brands through retail and e-commerce channels.”Thesl has developed pioneering proprietary software called TenderSystem, which has been refined over the last 14 years, to streamline the procurement and claim settlement process through automation and best-of-breed processes. 

 

This ensures that insurers settle claims as efficiently and cost-effectively as possible while enhancing customer service and lowering premiums, due to an improved loss ratio.Thesl currently manages personal line and content claims on behalf of 15 leading insurers and hundreds of their brokers and underwriting managers in South Africa, in a market worth around R10 billion per annum. The business is diversifying into other sectors, such as automotive, which is substantially larger with a focus on mobile enablement and payment technologies such as NFC. 

 

Thesl’s network expands to over 200 merchants and service providers, including some of South Africa’s largest retailers, representing over 8 000 branches.Through the innovative Business Portal in development exclusively by Opengate for one insurer, which at a later date will be made available to other insurers, claimants will soon be able to select their preferred claim settlement method and earn loyalty benefits by leveraging off the purchasing power of the insurer.Christiaan Erasmus CEO of Thesl concluded “Being part of the Tritech Media group enables us to further develop and expand our proprietary technology and grow the value-add for our clients as we leverage the wealth of technologies available in Tritech Media and its loyalty capabilities. We look forward to the continuing evolution of Thesl and the positive impact it will have on the insurance industry”.

 

06 October 2016

Visit www.tritechmedia.co.za and www.thesl.co.za for more information. 

 

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