INSIS - Insurance Information System
Our core insurance systems were once the innovative solution for some time back. However, under today’s conditions and competitive landscape those innovative solutions of yesterday act as the biggest barrier against digitalization?today.
You might have heard the story of “Winchester Mystery House”. The inventor of Winchestor?rifles?passes away and his wife decides to build a mansion?for his memory. She does not hire an architect and picks random construction workers?to build up a piece of it every day. Eventually it takes 38 years to complete the construction?only to end up with weird details such as?doors and stairs that go nowhere, windows overlooking other rooms and stairs with odd-sized risers.
I guess you have already made the analogy between the construction and maintenance of a house and our core insurance / policy administration platforms. Within years we are making ourselves lost in software codes by not giving enough attention and care to analysis, design and the “big picture”. Everyone is talking about the software development lifecycle and?no one?seems to follow it. We apply some make-up on here and there of our systems which we call “following the technological trends”.?
So, we should not avoid or postpone the “inevitable”?once more?and start removing barriers standing in front of us if we?are to become a competitive player.
How and where should we start?
I met with INSIS first when we made the decision for technology transformation in my capacity as the Chief Technology & Information Officer in one of the largest insurers in Europe. When the kick-off for core insurance transformation was made by the top management and the board of Anadolu Hayat?Emeklilik?we prepared our list of candidate vendors after consulting with Gartner?analysts.?The single most important criteria?was?the ability to configure system in a parametric way with a decreased, if not eliminated, dependence on coding. In the tender the vendor?Fadata?with its product INSIS performed by far the best.?
The project was started in the beginning of 2015 and the implementation concluded within less than 2 years with a “big-bang” approach. Our legacy infrastructure running on the AS/400 platform was left behind and all products as well as more than 5?millions?of active and inactive policies were migrated on a day close and the new day started with INSIS.?
One statistic I’d like to share which I believe to be very valuable is?that,?due to the specific and highly-regulated nature of our country’s?products we came up with more than 6.000 requirements and almost 5.000 of them were implemented or customized with?configuration involving?no?software development.?
About?Fadata?and INSIS
Fadata?was founded in 1990 in Sofia, Bulgaria by a?very bright team of former academics. Throughout their journey they completed projects in more than 30 countries spanning all?over the world and INSIS is now being used by more than 60 companies globally.?Thanks to that success, investors’?attention focused on the company and British Insurer Charles Taylor together with a leading private equity fund Riverside?bought the majority stake of?Fadata?in 2016.?The company’s headquarters?is in?Munich, Germany and they continue their operations from 5 offices in various countries and?they have a wide partner network?around the world.?
The list above shows some references of the company.?Fadata?gained very large insurers from the United Kingdom and Europe recently?whose names are not allowed to be made public until the projects are completed.
Beakwise Inc. is the partner of?Fadata?in the Africa?and the Middle East?region with their planned office openings in?Dubai,?Kenya,?Senegal?and?Ethiopia for 2021.?
Fadata’s?INSIS is now considered to be a leader by both Gartner and?Celent, the leading global technology consultancies.
Let’s?take a look?at the overview of the architecture of the product.?
INSIS General Architecture
INSIS comes?with full support of?all?kind?of products?in life, non-life or property & casualty, health and Takaful insurance domains?in a single platform?with a very competitive and advantageous total cost of ownership?structure over years?compared to other vendors.?If your company operates in multiple countries you can serve all in a single?implementation with a full support of multi-country, multi-currency operations.??
The platform’s most powerful side is the components listed under the “Configuration Tools” in the picture above.?Utilizing pre-built items in a vast array of repositories, product configurations can be made without any coding in a fully parametric way by business units, such as product managers or actuaries. Once a product is configured, it is very easy to clone it and modify only the necessary parts and build a new product?in a few minutes. INSIS?provides a?“time to market” in the range of days, not weeks or months like in the situation of many insurers which grapple with their legacy systems.??
Just to give you some idea, here is a list of categories of repositories available in the product configurator:?
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If you need a rule or definition specific to your company, your system analysts with minimal technical background could add them very easily.??
For company operations and client service INSIS offers to work on a pre-defined “business process” setting and?in order to?allow that it comes pre-built with an integral business process management (BPM) engine. By configuring business processes in that?way?you save your operations and customer service staff from?dealing with a steep learning-curve to figure out how to conduct an operation?and prevent them from navigating between screens, buttons tabs etc. On the contrary, INSIS BPM processes guide your staff?in an already engineered way and let business units automatize activities. Your staff need only to start a process,?fill in what’s required in the?auto-displayed?screen and press next, and nothing else?and repeat that for the following step. This is also a very powerful method to employ?authorization schemes in that for example one group of?people could be allowed to enter claim?data?,?but after pressing next, INSIS brings?the claim approval decision to the manager roles automatically.?
One major advantage of INSIS is that once the implementation is completed the dependency on?external support?by?Fadata?is fading away very quickly.?By utilizing configuration tools?you can changes in all part of the system?and thanks to its real service-oriented architecture (SOA) you can train your software team and build new services without any risk of breaking the system.?
INSIS Service Architecture
INSIS lets you?use all its services also as a web service. There are more than 4.200 services that are opened outside. This rich pool of?out-of-the-box?REST or SOAP services expedite the integration of your?policy administration system?to 3rd?party systems or external platforms?tremendously.
INSIS classifies its services in 3 categories:?
This 3 layered structure of the service?provides?the easy extension of current features?and addition of new features as well as a flexible and modular?infrastructure for customizations without affecting others parts of the system. The architectural governance is very strict in INSIS.?
INSIS comes with a powerful tool to configure batch processes and monitoring thereof. You can quickly configure certain batch operations on day, month and?year closes as well as apply any scheduling you deem appropriate to your batches.?
The product is fully compliant with GDPR requirements and comes integrated with a GDPR tool. Additionally, the?security and authorization tools are top-notch, you can configure read or write permissions to the finest detail of an item in screen of INSIS.?
INSIS runs on Oracle technology and the latest version requires Oracle 19c database or above.?Fadata?has allocated a budget?of 10 million?Euro?for R&D and one major goal is to make INSIS?database agnostic in a few years.?
INSIS can very easily be deployed on?your private?cloud.?Recent greatest improvement of INSIS has been the AI module. The platforms now also?comes?with a pre-built?and integrated?AI?module with pre-built ML models. You can automate many insurance operations and reduce your labor cost with that.?The AI module of INSIS is already on production with some insurers and we recommend you examine the case studies.?
To summarize?INSIS:?
You can?take a look?at Beakwise team’s reference?INSIS implementation that was awarded the prestigious “Model Insurer” by?Celent?in 2018.
Please get in touch with us for your insurance company’s digital?and core insurance transformation journey at?[email protected]