Fadata Releases Latest Version of INSIS

With the latest release of INSIS, Fadata is continuing to empower insurance companies to improve operational resilience and enhance security. Insurers in EU can now embrace DORA, while further INSIS updates will enable them to extend their product offerings, manage operations more efficiently and provide policy holders with a more personalised end-to-end experience.

Fadata, the global provider of core insurance software, has released the latest version of its leading solution, INSIS. Insurers are set to benefit from a wealth of new features and system enhancements that will support them in their day-to-day business as well as empower them to tackle the ever-shifting market and demands of policy holders.

Fadata’s latest release affords insurers even more capabilities which will support them to react to new market requirements, improve their business operations and level up their customer experiences. Thanks to the enhancements Fadata has introduced, system integrations and customisations have been made even more seamless. With this, insurers are delivered the unrivalled flexibility to leverage external tools and the effortless system management that will enable them to adopt new processes and technologies so that enhancing and expanding products becomes even more rapid. With the latest version of INSIS, insurers in EU can also consider emerging compliance regulations, such as the recently entered into force Digital Operational Resilience Act (DORA) and seamlessly navigate the evolving regulatory landscape with confidence.

Jaime Molina, Director of Product Management at Fadata, said, “We are committed to our open approach to insurance software and are proud to be enabling insurers to grow, adapt, and achieve their business goals with ease. The latest version of INSIS reaffirms our commitment to providing innovative, robust security, and adaptable solutions to help businesses thrive in an ever-changing marketplace. We have been quick to react to the introduction of DORA and we will continue to release frequent upgrades to ensure INSIS resilience. Our new system enhancements introduce new features for reinsurance, commissions, and policy administration and management, delivering insurers more control, flexibility, and the ability to make speedier customisations. Finally, we continue our path towards an API-first and headless approach.”

Business Benefits of the Latest INSIS updates:

• Streamlined Operations: simplified processes across commissions, claims, policy management, and reinsurance.
• Personalised Experiences: tailored customer journeys with flexible and customisable solutions.
• Stronger Security: enhanced resilience and compliance to protect data and maintain operational integrity.

New features added to the latest version of INSIS:

System Enhancements -

Commissions

· Smarter Commission Calculations: A new methodology ensures precision and fairness by calculating commissions based on cover periods and premium amounts.
· Adaptable Solution: A universal, parameterised design caters to diverse business needs without requiring internal development.
· Enhanced commission module: The due commission calculation now includes installment amounts in the payment plan instead of annual commission and payment plan dates.
· Unified algorithm for annex commissions: Standardized commission adjustments for annex changes, ensuring fair and consistent calculations.
· Payable commissions before policy start date: Enables commission payments before due dates for additional use case coverage.

Claims and Policy Management

• Waiver of Premium: Manage partial waivers with ease, allowing businesses to reevaluate, adjust, or suspend waivers as needed for improved customer satisfaction.
• Flexible Payment Plans: Enable transparent payment arrangements, splitting premium payments proportionally between insurers and customers.
Unit-Linked Policy Administration
• Simplified Fund Management: Standardised fund reports provide clear insights, making investment insurance products easier to manage.
• Enhanced Transactions: Improved traceability and streamlined buy-and-sell processes ensure smoother fund management.
• Risk Reduction: Automatic portfolio reallocation safeguards customer investments, enhancing trust and confidence.

Reinsurance

· Customisable Statements: Configurable reinsurer statements allow businesses to tailor reports to their needs, improving accuracy and communication.
· Flexible Contract Adjustments: Modifiable facultative annexes enable agile parameter refinement throughout the contract lifecycle.
· Statement of Account (SoA): Detailed financial tracking between insurers and reinsurers has been enabled, supporting proportional treaty agreements.


Configuration

· Stability and Reliability: In the production environment, the configurator operates in read-only mode, preventing unauthorised changes that could result in misconfigurations, product errors, or system instability. This ensures that only rigorously tested and validated configurations are deployed, enhancing overall system reliability.

API-First and Headless Approach -

Fadata’s commitment to an API-first architecture ensures seamless system integration, empowering businesses to craft personalised customer journeys efficiently, and leverage external tools for improved functionality and long-term adaptability, all while maintaining full operational control.

New Capabilities

• Policy Commission Account: Calculate commissions directly from external systems, reducing manual effort.
• Policy Enhancements: Manage long-term policies more effectively with renewal and indexation options.
• Advanced Application/Quotation Management: Incorporate deductibles, risks, and other critical attributes for accurate customer quotations.
• Comprehensive REST APIs:
o Manage specific attributes, limits, deductibles, and renewals.
o Introduce APIs for motor objects and premium calculations for streamlined operations.
• Extended Basic APIs: Add attribute fields to existing quotation and application APIs for greater flexibility.

Security -

Notably, with the latest version of INSIS we have considered the need to prepare for the Digital Operational Resilience Act (DORA). Fadata has reinforced operational resilience with robust data protection features for compliance with evolving standards and safeguarding critical information.

Key Enhancements

· Full Logout Implementation: When users log out, they are completely signed out of both the application and IDP, ensuring secure access management.
· Security Auditing for Payara: Custom auditing framework captures application events, supporting better log management and future scalability.
· Security Hardening: Overall, Fadata continuously strengthens the resilience of INSIS through regular upgrades and configuration improvements.

-ENDS-

About Fadata

Fadata boasts the super-power to build the future of insurance. With a heritage spanning over more than three decades, we are a leading provider of solutions for insurance companies globally and offer a highly flexible SaaS model. Together with our customers and our partners we have created an expert community that is driving customer engagement, innovation and business value, making change happen and impacting millions of people’s lives every day.  

Fadata has clients in over 30 countries across the globe. Headquartered in Munich, with international offices in Spain, Bulgaria, Denmark, Serbia, Peru and Malaysia, Fadata is backed by the private equity firms Riverside and Lowell Minnick.    

For more information, please visit www.fadata.eu, and join us on LinkedIn to stay in touch.

Media contact:

Kerri Chard
The PR Room
Email: kerri.chard@theprroom.co.uk
Tel: +44 (0) 333 9398 296