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Wednesday, 19 May 2021 12:03

‘Agents for Change’ in Digitisation Revolution

By Gefen International

Company News: The digitisation of delivery channels started in earnest many years ago. Everyone knows how it has reshaped the way consumers purchase from retailers, with online shopping now au rigueur. More recently, companies in other industrial sectors have started to experience their own digitisation revolution. Included in this bunch of ‘newbies’ are agent-based organisations that are now rushing to digitally distribute marketing and communication content through agents to end customers.

The Financials/Insurance sectors are a prime case in point. A select group of technology companies are now providing the IT platforms capable of digitising the interactions between providers of financial services, their agents and their end clients. While only partway complete, this process is now irreversible in a global addressable market currently valued at US$358bn – and this is expected to grow to US$462bn by 2023.

And do not think the growth potential for technology companies facilitating the digitisation of agency arrangements ends there. Agent-based business in other industrial sectors could also utilise the platforms created by these technology companies to better execute the interfaces between their agency sales staff and end customers.

In another twist to this evolving story, the COVID-19 crisis has not dented companies’ desire to digitise their agency processes. The ongoing pandemic has accelerated the digital transformation of the company-agent-client relationship.

The ‘agents of change’ in this transformation process are a very select group. This is because very few IT companies across the globe are currently able to provide businesses operating agency networks with ways to interact with their large and often disparate client bases more efficiently.

But those IT service providers in this rarefied air are now experiencing impressive revenue growth as the recurring subscription license fees and/or transactional agent solutions fees they are receiving continue to climb. Some of these companies are also intent on further bolstering revenues by entry into adjacent segments like the provision of advertising solutions or processing-related services.

One of this select group of IT companies is Israel-headquartered platform provider Gefen Technologies AI Limited (Gefen). This ‘best of breed’ IT service provider already has a blue-chip client list, including Tier 1 insurers like Generali, TAL and Manulife.

Gefen is winning contracts thanks to its disruptive and in-house-developed platform, enabling agent-based organisations to digitally distribute marketing and communication content through agents to end customers. Importantly, this technology does much more than give their clients a cost advantage. It also provides agents and their customers with an enriched sales experience, which increases the chance of return business.

Gefen has now decided to list on the ASX, seeing this move as the best way to fund its future organic growth and continued R&D initiatives. In a big step towards this goal, the Company recently lodged its IPO Prospectus with ASIC.

The accompanying Initial Public Offering intends to raise up to A$25m (before costs) at an issue price of A$1/share in an. The Offer is scheduled to open on 18 May 2021 and close on 31 May 2021. It follows two recent oversubscribed pre-IPO raisings. These raised A$4.5m and involved a number of high-profile sophisticated and institutional investors.

The digitisation of various sales channels, agency networks included, has started in earnest. The growth upside is enormous across multiple industrial sectors. There is ample evidence this phenomenon is building momentum in the Financial sector where agency networks are commonplace. Companies in this market segment eye three key deliverables (1) a lower cost base, (2) increased customer satisfaction and (3) a more efficient agency sales force. This process is being closely monitored by board and management teams from the non-financial segment companies with agency networks. The only uncertainty is which industrial sector will be the next cab off the rank.

About Gefen International AI Limited (ASX (proposed): GFN)

Gefen International AI created, owns and operates a digital platform for companies and their associated agent networks. This technology allows carrier clients to deliver consistent and compliant messaging and sales tools to agents and ultimately, end customers. For agents, the Gefen platform benefits their business by delivering them individualised branding and digital distribution capabilities. Importantly, the Gefen platform also gives end-consumers a better experience, with the average satisfaction rate for insurance product-related transactions through the Gefen platform well above the industry average.

Gefen International AI Limited website https://gefentechnologies.com/

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