Fadata, a leading provider of core insurance software solutions, has partnered with InsFocus, an expert in business intelligence (BI), to deliver innovative Operational and Analytical BI solutions to insurers globally. This collaboration aims to enhance the way insurers manage and analyse their data by integrating advanced BI capabilities with Fadata’s core platform, INSIS.
Seamless Integration for Enhanced Data Management
Through this partnership, InsFocus will develop a specialised extract-and-transform tool designed to integrate seamlessly with INSIS. This tool will allow insurers to access a ready-to-use Operational BI solution, which is enhanced with the added capability of advanced analytics. By enabling insurers to extract, manage, and analyse their data more efficiently, the partnership promises to help insurers unlock deeper insights, leading to more informed decision-making.
The integration with INSIS offers insurers immediate access to advanced data management tools, eliminating the need for time-consuming and complex set-ups. Additionally, InsFocus will provide a comprehensive Data Warehouse solution, offering a solid foundation for long-term data management and analysis.
Empowering Insurers with Actionable Insights
The collaboration between Fadata and InsFocus is designed to provide insurers with the tools they need to optimise their operations, improve customer experience, and maintain a competitive edge. With this solution, insurers can access real-time insights and make data-driven decisions without the hassle of complicated implementation processes, thanks to the pre-agreed terms available via the Fadata Ecosystem.
Jaime Molina, Head of Product Management at Fadata, expressed excitement about the partnership, stating, “We are committed to empowering insurers with the tools they need to thrive in an increasingly data-driven industry. By teaming up with InsFocus, we’re offering INSIS users the ability to unlock the full potential of their data through unparalleled analytics capabilities.”
Daniel Taiber, VP of R&D at InsFocus, shared his enthusiasm about the collaboration, saying, “We are delighted to partner with Fadata and bring our expertise in insurance BI to their clients. By combining our technologies, we will make operational and analytical insights more accessible and actionable, helping insurers stay competitive and agile in the rapidly evolving insurance landscape.”
Key Features and Highlights of the Partnership
Operational Data Store (ODS):
• Extracts data from INSIS into a dedicated publication area.
• Transforms and restructures data into business-oriented formats, consolidating information from billing, collections, and other key domains.
• Translates cryptic fields into clear, meaningful nomenclature for enhanced usability.
• Offers dynamic configurability, allowing customers to tailor the system to their specific needs.
Operational BI:
• Out-of-the-box deployment, requiring no initial configuration.
• Provides key performance indicators (KPIs) for measuring critical operations such as sales, renewals, claims, and more.
• Includes pre-built reports and dashboards, improving visibility and transparency across core business functions.
• Allows data extraction for use in third-party applications or visualisation directly via InsFocus BI.
Analytical BI:
• Features a pre-built ETL (Extract, Transform, Load) process that enhances the structure, calculations, and definitions from the Operational BI layer.
• Provides advanced metrics, such as earned and unearned premiums, loss ratios, and renewal premium differences.
• Out-of-the-box functionality ensures ease of use and eliminates setup fees, making the adoption process straightforward for insurers.
Conclusion
This strategic partnership between Fadata and InsFocus marks a significant step forward in the insurance industry’s adoption of advanced business intelligence solutions. By leveraging the power of BI and seamless integration with the INSIS platform, insurers can now access cutting-edge data management and analytics tools to drive better business decisions and optimise operations. The future of insurance technology looks brighter, with this collaboration paving the way for enhanced performance, profitability, and customer satisfaction.
