Transforming & Innovating the insurance industry
Fadata’s Robust Strategy in the age of digital transformation in the insurance industry by Liselotte Munk, CEO at Fadata
Approximately 5M people experience every day that their vehicles are damaged to a degree where repair is required. This creates de-traction from their daily life, a time-consuming process to not only get the vehicle repaired but also to handle the Insurance to secure minimum economic impact. And this is only the Vehicle. Personal incidents and incidents to people’s belongings are unexpected and create sadness and frustration.
Fadata’s mission is to take out the complexity of the insurance process. We support Insurance companies’ dialog with their clients, to have short and transparent interactions. Insurance is after all not something most people wants to spend a lot of time with.
Fadata provides the Insurance platform where all Insurance processes are standardised and digitalised. Furthermore, the platform is delivered so it can easily be integrated with Insurance companies’ other vital solutions, and scale capacity when business is growing by utilising cloud technology.
For 30 years Fadata has been working to build deep Insurance knowledge and convert this to a software solution where newest but proven technology has been utilised. This also means that more complex processes like re-insurance are converted to INSIS software solution.
Data to calculate risk and handle risk is a part of the Insurance companies' DNA. Fadata has therefore invested to find solutions where more and more processes are digitalised, and data-driven. That will cater to clients' direct engagement with Insurance companies to do most transactions without the involvement of people like we know from Banks where more and more daily bank business is sourced to the clients and the digital bank. That will leave the insurance companies to have focus on more complex customer cases and the strategic development of the company like new products and services.
The Insurance market is still not fully developed. In many parts of the world, people are un- or underinsured and don’t save enough on their pension schemes to keep up the lifestyle before retirement. Nearly two-thirds of all global losses in the property and casualty market are uninsured. So, there are tremendous opportunities for insurers to boost their penetration rates and increase profits everywhere in the world.
Fadata has also invested significantly in building insurance products and processes out of the box, for Insurance companies to go to market with high speed leveraging proved and matured core insurance capabilities.
To deliver with proven business transformation methodologies Fadata works with the most experienced Service Providers within insurance. Fadata’s partners make sure that local requirements and the company’s strategic differentiation are configured in INSIS as part of the business transformation, so the final solution fits the strategic agenda of our clients.
Our business model is centered around clients. To understand market trends and key drivers for insurers’ profitability and growth ambitions requires top-class employees. Our focus is to combine deep technical knowledge with detailed insurance business understanding. But also, attract people from other industries to join Fadata and contribute to see things from a different angle with their experience and opinion.
We value diversity in all meanings — gender, age, nationality, etc — to reflect the global market we operate in.
And we highly value a good and safe work environment, where individuals can develop and live out their professional dreams.
