Fadata and InsFocus Launch Insurance Analytics Partnership
Insurance software provider Fadata has entered into a partnership with InsFocus, a business intelligence (BI) specialist, to integrate data analytics capabilities into Fadata's INSIS core insurance platform. The integration, announced in Munich yesterday, marks a significant development in insurance technology infrastructure.
The collaboration centres on a new data extraction tool developed by InsFocus, designed specifically for Fadata's INSIS platform. Business intelligence, a technology-driven process for analysing data, will be delivered through a pre-configured system that operates alongside existing infrastructure.
Technical Capabilities
At the core of the integration is an Operational Data Store (ODS), a database designed to integrate data from multiple sources. The ODS transforms insurance data from billing and collections into formats suited for business analysis, whilst providing a data warehouse solution for long-term storage and trend analysis.
"We are committed to empowering insurers with the tools they need to thrive in an increasingly data-driven industry," says Jaime Molina, Head of Product Management at Fadata, a Munich-headquartered firm that provides software to insurers in 30 countries.
The system offers two distinct levels of business intelligence. The operational level monitors key performance indicators, whilst the analytical layer processes complex insurance metrics including earned premiums and loss ratios - measurements used to assess insurance product profitability. The system translates technical database fields into business terminology, enabling non-technical users to interact with insurance data through InsFocus's visualisation tools or export it to third-party applications.
Corporate Background
Fadata, headquartered in Munich with offices across Europe, Asia and South America, operates as a software-as-a-service (SaaS) provider to the insurance sector. The company, backed by private equity firms Riverside and Lowell Minnick, has developed its technology over three decades, serving clients across more than 30 countries.
"The harmonious combination of our technologies will make operational and analytical insights accessible and actionable"
InsFocus Systems, established by former insurance CEO Uri Taiber, specialises in business intelligence solutions for insurers. The company has developed a Structured Insurance BI Methodology to standardise business intelligence deployment in insurance environments. Their analytics tools serve multiple insurance domains, including marketing, underwriting, reinsurance, actuarial calculations and accounting.
The partnership operates within the Fadata Ecosystem, providing pre-agreed commercial terms for insurers. The analytical business intelligence layer includes functionalities such as renewal premium difference analysis, with no setup fees required for implementation.
Implementation Strategy
The operational business intelligence solution comes with out-of-the-box deployment capabilities, requiring no initial configuration from users. This includes pre-built reports and dashboards designed to enhance visibility into core operations for insurance companies. The system allows for dynamic configurability, enabling customisation to meet specific requirements of individual insurance providers.
For insurers seeking advanced analytics capabilities, the partnership delivers a pre-built ETL (Extract, Transform, Load) process that enhances the structure, calculations, and definitions from the operational business intelligence layer. This provides insurance companies with immediate access to complex metrics without the need for extensive setup procedures.
"The harmonious combination of our technologies will make operational and analytical insights accessible and actionable," says Daniel Taiber, VP R&D at InsFocus. "This will help insurers stay competitive and agile in the rapidly evolving insurance landscape."
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