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Samuel Knott (1)

Fadata: Flexibility through configurability and partnerships

Fadata recently unveiled its strategy for expanding into the UK in 2023, detailing a new partner ecosystem and an emphasis on supporting life and health insurers. InsTech’s Tara Allsopp interviewed Samuel Knott, Sales Director for the UK and Ireland at Fadata to discuss the details of this strategy.

Member Spotlight: Fadata

Can you provide an overview of Fadata?

Fadata supports insurers and MGAs to execute core and non-core functions across our full end-to-end solution including underwriting, policy and claims management. To do this we offer INSIS, a modular policy administration system (PAS) software which includes components in product development, sales and distribution, policy and issuing, premium collection, agent remuneration and claims and reinsurance management.

Why did you join Fadata and what is your role?

I joined Fadata in November of 2022 as the Sales Director for the UK and Ireland. Fadata stood out to me as I found their client list to be extensive as it encompasses a number of large, multinational insurers, with global implementations of Fadata’s product. I think it’s a really exciting time to be involved with a company that truly recognises trends within the industry and is addressing them with innovation.

Fadata already has a strong presence in Europe, so part of my role is supporting the business, strengthening our position in the UK through client management and increasing our brand awareness. I also work with Fadata’s existing implementation and ecosystem partners, identifying areas of mutual opportunity.

What lines of business does Fadata operate in?

INSIS, Fadata’s Insurance software can support all lines of business across Life and Pensions (L&P), Health and Property Casualty (P&C). In regard to the UK, we have more of a strategic focus on Life and Pension. There are a number of reasons behind this but it is mainly due to it matching our expertise within the region and development roadmap in line with the UK market.

What insurance activities does Fadata provide services for?

INSIS provides a fully comprehensive end-to-end core administration system platform, enabling us to support insurers throughout the policy lifecycle. As the platform is modular, insurers can run entirely on INSIS or integrate certain parts into their existing PAS.

In addition to our core modules, Fadata also works with an ecosystem of technology partners, using APIs to link these to our INSIS modules. Partners in this ecosystem use technologies such as AI and machine learning (ML). We introduced our ecosystem to ensure we remain at the forefront of the industry from a technological standpoint, enabling our clients to increase their speed to market, whilst utilising a multitude of digital distribution strategies.

How have you seen insurers’ expectations of admin system providers change over time?

In the past, insurers’ expectations of administration system providers were focused on core functionalities such as policy administration, claims management, and underwriting. The primary objective was to automate and streamline these processes to improve efficiency, reduce costs, and enhance customer service. Whilst this is still extremely important, insurers now want to utilise modern functionalities such as ML and AI particularly when it comes to how to both manage and use customer data. Insurers have vast amounts of data but do not always make the best use of it to service their policyholders. As such, they are looking to their PAS provider to leverage and integrate data analytics and modelling services.

Insurers also need to differentiate themselves from their competitors. This requires PAS providers to offer product-building services that help insurers deliver relevant products quickly. This is particularly true of life insurers who want to use data analytics and technology to better serve their clients during the claims process as a way of differentiating from the competition. Health and annuity claims often occur at times when policyholders are at their most vulnerable. Therefore, insurers in this field want to make the claims process more efficient and seamless for the policyholder to avoid additional distress. I was recently talking to a large global life insurance company and whilst the utilisation of technology is vital it is how the customer experience, including the human touch, can be interwoven with tech to fully deliver on what is needed. The trick is to streamline and automate efforts whilst improving that customer touch point. A high-performing, fully integratable PAS offering will allow insurers to achieve this and at Fadata this is something that we really understand.

How is Fadata addressing these changing needs?

As insurers seek to differentiate themselves, it is important that INSIS is as efficient and configurable as possible but without the need for high levels of core customisation. The entire INSIS product is hosted on the cloud and is no/low-code, meaning it is quick and easy to personalise to suit insurers’ individual needs and strategies. The product configuration module within INSIS allows insurers to use a ‘drag and drop’ functionality to rapidly build and repurpose existing products, giving them extensive levels of efficiency and improving their speed to market.

Through INSIS and our wider ecosystem partners, Fadata enables clients to access a suite of analytics capabilities. For those seeking to optimise their claims process using data analytics, Fadata has released a new claims management module which is product agnostic. The module has full REST API functionality meaning insurers can integrate any additional services. These REST APIs can also integrate with other policy administration systems.

How is Fadata supporting life insurers?

Part of our core strategy in the UK is to enrich Fadata’s life insurance PAS offering. A study from Direct Line found that only 35% of individuals have life insurance, despite 6 out of 10 households admitting that it would be beneficial. This underserved market presents a huge opportunity for insurers to question why this protection gap exists and how they can improve their offering to increase product uptake.

Fadata works with insurers to build out their digital client acquisition channels making it easier to reach different age demographics that previously may not have considered purchasing a policy. We are also looking at enhancing the rules for L&H product configuration so that insurers can quickly reuse and repurpose existing products. Fadata is building out its ecosystem of partners that can provide value to this market segment so that insurers can analyse policyholder data and offer relevant products.

What is Fadata’s view on partnerships?

There are two types of partners that Fadata works with. The first is our implementation partners, working with these companies helps us deliver the INSIS solution efficiently. These partners improve our delivery efficiency and allow us to seamlessly integrate our solution into large multinational insurers. This embodies a large part of our internal ethos, we are not just a vendor, by working with Fadata you are partnering with a supplier.

The second type is those within our ecosystem, we are growing this as part of our core strategy. Fadata is working with third parties to build integrations to support Fadata’s core modules. These companies bring technology expertise and are more aware of insurers’ requirements from a specific technology; the ecosystem model helps us proactively meet insurers’ changing needs.

What ecosystem partners is Fadata looking to connect with?

We are currently selecting third-party software in AI and ML technology, analytics, payment gateways, archiving solutions and email add-ons, with a steady release of partners to be announced in 2023 and 2024. We also welcome any other technology partners that are providing services that can support insurers to improve the quality of life for their customers.

How should potential partners reach out to Fadata?

Potential partners can get in touch with Neyko Bratoev, Head of Fadata’s Ecosystem, at [email protected]. Our website also provides further information, www.fadata.eu