Overview
Fadata is a leading insurance software provider with over 30 years of deep industry and tech expertise and offers insurers the most extensive and comprehensive functionality on the market. We provide a robust SaaS infrastructure to empower insurers with real-time data management, facilitating personalized customer experiences and process optimization.
Our highly configurable INSIS platform ensures rapid time to value, allowing insurers to adapt and react to market needs and launch new products quickly. Fadata ensures fast implementations and seamless onboarding, providing a smooth transition and immediate business impact.
Unlock the full potential of your insurance operations with an ecosystem of specialized apps powered by our extensive API capabilities, providing seamless integration with innovative solutions. From AI and Machine Learning portals to email add-ons, payment hubs, and document management systems, our pre-integrated ecosystem partners enable you to create tailored, end-to-end solutions that drive competitive advantage and future-proof your insurance business.
Key Features
Product and Service Development
- Sophisticated, no-code configurator
- Reusable repositories to speed up product design
- Business Rule engine, Flexible rule-based pricing engine
- Product versioning and product lifecycle management
- Support for multiple product lines, bundled and umbrella products
Marketing, Distribution, and Sales
- Multi-channel distribution
- Agents and Brokers’ contracts and accounts management
- Support of sales campaigns
- Quickly deploy new product offerings
- Segmentation and personalization of the products
Underwriting
- Automated, rule-based risk assessment and underwriting decisions
- Risk profiling and risk scoring models
- Configurable workflows and workflow automation (STP)
- Streamlining the process from quote through policy issuance
- Ability to perform manual adjustment of premiums, discounts, loadings, limits, and other underwriting parameters
Policy Administration
- Automate and enable self-service
- End-to-end policy administration – policy issuance, mid-term adjustments, cancellations, reinstatements, renewals
- Complete set of APIs for integration with self-service portals and omnichannel communication
- Payment plan flexibility, premium holidays and partial payments, Automated billing management
- Tasks management and reporting
Claims Management
- End-to-end claims lifecycle management – FNOL, claim registration and assignment, claim adjustment, approval, settlement, recovery, and closure
- APIs for self-service portal integration and omnichannel communication
- Claims processing automation – rulebased straightthrough processing
- Claim aggregation per major event or catastrophic event
- Tasks management and reporting
Billing and Collection
- Pre-integrated with Policy, Claim, and Reinsurance modules
- Automatic generation of due payment documents
- Support of dunning processes
- Automatic application of received payments
- Support of Bank transfers (outgoing and incoming bank
payments)
Reinsurance
- Support of “per risk” arrangements – Coinsurance, Facultative, Fronting
- Support all types of automatic treaties and reinsurance programs
- No-code Treaty registration with a list of reinsurers and brokers
- Automatic cession and reinsurance share calculation for both policies, claims, and recoveries
- Automatic reporting and treaty adjustments
Key Benefits
- Seamless upgrades and security in the cloud infrastructure ensure data integrity, operational continuity, and minimal disruption during updates.
- Flexibility to seamlessly support unique and automated processes across diverse product lines, enabling you to tailor solutions to meet the specific needs of various insurance offerings.
- Rapid product development and deployment using a sophisticated product designer with reusable product repositories and Versioning and change control, allowing insurers to quickly design and launch customized insurance products tailored to individual customer needs, improving customer retention and satisfaction.
- Automate underwriting and claims with an intelligent rules engine integrated into a BPM tool, reducing manual effort and enabling transactions to proceed without human intervention.
- Eliminate data duplication with unique identification for all parties and insured objects, ensuring data accuracy, consistency, and streamlined processes.
- Integrate real-time data from/to third-party sources to ensure compliance with evolving regulatory demands and enable more informed decision-making.