Fadata's solution now offers seamless product replication for insurers, enabling rapid deployment and cost-efficiency

Monday, 23 October 2023

Fadata’s latest update of its low-code core solution, INSIS, will revolutionise insurance growth. Introducing new business features, upgrades in mere minutes and seamless product replication, enabling enormous potential for insurers to reduce costs and minimise risks.

Fadata continues to demonstrate its commitment to delivering the most up to date core solution for insurers with several key enhancements to INSIS. Following the announcement that Fadata is delivering a completely new low-code process platform for its comprehensive end-to-end insurance solution, Fadata is further building upon its ground-breaking modular architecture. Notably, Fadata's solution now offers seamless product replication for insurers, enabling rapid deployment and cost-efficiency for global expansion. In true Fadata fashion, the latest INSIS release is designed to deliver an enhanced, flexible solution that offers even more value for clients.

Fadata's New Multi-Tenancy Feature Reduces Upfront Infrastructure Costs and Boosts Growth

With the latest release of INSIS, Fadata capitalises on the full containerisation of its application to introduce support for multi-tenancy, providing clients the ability to achieve their growth goals with minimal effort, reduced deployment costs and less infrastructure resources. Insurance companies with growth plans can now enjoy the ability to scale across borders and roll out product for different lines of business in a single solution, within a single cloud environment. Not only does this allow for rapid deployment and the ability to scale up and down with demand, but also less reliance upon multiple platforms where insurers can streamline their internal operations in different regions.

Fadata is delivering insurers the ability to copy and adapt products to separate tenants, all of which can be accessed via a shared app, and notably, with separate databases. Multiple instances of business can now be rolled out at an impressive rate. In fact, at least 80% of a product can be replicated in other environments instantly, making deployment both rapid and more efficient. Product configuration is streamlined across all entities while insurers can also enjoy simplified maintenance and more efficient testing processes.

The support for multi-tenancy enables Fadata clients to capitalise on the ability to add new business lines, expand in new territories and simplify acquisitions, removing the heavy upfront investment in infrastructure, not to mention software licenses and maintenance. Insurers operating in multiple countries with distinct entities can offer products across borders with varying premiums and taxes.

Update and add business features with zero disruption

As Fadata continues to optimize operations and provide even greater value to INSIS clients, new features remain high on the agenda. New features, as well as regular updates, are to be introduced through individual module drop releases, ensuring seamless deployment to the running system without disrupting the entire INSIS application. Thanks to containerisation within the modular architecture any adjustments or upgrades can be performed without impacting ‘business as usual’ and can be done so in mere minutes rather than days, weeks, months or even years!

The latest release of INSIS includes:

Reinsurance Automation: Advanced features such as currency fluctuation management, improved index clauses, and efficient claim aggregation are all enabled.

Unit Linked Module Functionality: Fadata has bolstered the Unit Linked module by addressing two crucial aspects which include cost of insurance dynamic calculations and request execution order storage.

Rasmus Lynge, Chief Product & Technology Officer, Fadata, comments: “We continuously develop INSIS, providing our clients with an ever-current solution that enables them to focus on their business as well as plan for the future. We already offer the insurance industry’s most flexible SaaS solution and are consistently unleashing new features that are undeniably the future of digital insurance. Providing the ability to replicate product to support growth underlines our commitment to a highly flexible solution that delivers an abundance of benefits for insurers. Thanks to the decades of experience fuelling our understanding of the industry, we are also proud to be able to say that our clients feel truly confident that we will guide and support them through their digital endeavours.”

To discover more about Fadata and the industry’s most flexible and highly relevant core solution for insurers visit: https://fadata.eu/

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About Fadata

Fadata is a leading provider of software solutions for insurance companies globally. We are on a mission to empower the insurance industry to drive customer engagement, innovation and business value. Together with our customers we are on a journey to build the future of insurance and impact millions of people’s lives every day.

Fadata has clients in over 30 countries across the globe. Headquartered in Munich, with international offices in more than 5 European cities, Fadata is backed by Private Equity Riverside and Lowell Minnick.   
  
For more information, please visit www.fadata.eu   

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Kerri Chard
The PR Room
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