Fintech OS, a leading, global technology startup based in London, has announced the launch of its latest product which will help insurtechs boost their productivity and to-market delivery.
The platform update, called FintechOS 22, combines composable digital and core business blocks with a no-code/low-code approach, underpinned by cloud-native, data-at-the-core architecture, that allows institutions to modernize legacy systems and launch new, differentiated digital products faster, more effectively, and more efficiently.
The news has been announced as part of the lineup at FintechOS Leap, running from November 2nd to 4th. The conference is the company’s annual three-day virtual event showcasing successes, challenges, and best practices for financial innovation.
According to data by FintechOS, which was launched Romanian entrepreneurs Teo Blidarus and Sergiu Negut in 2017, many financial service providers have embarked on digital transformation projects. However, 70% of these projects fail to meet their digital transformation aim and providers received almost no return on their investments (BCG, 2021).
It is this finding that has driven FintechOS towards finding a solution to these obstacles so that insurtechs can build, test, and scale new digital products and services in weeks rather than months.
The new FintechOS 22 platform update also delivers the first ‘high productivity financial infrastructure platform’, making it easier for internal teams to launch digital projects without needing significant resources or specialised knowledge.
Updates to the platform for insurers include:
- Pre-built UX journeys for personal health insurance self-service quote and buy, property and casualty first notification of loss, transparent policy version history tracking, multi-policy contracts.
- Enhanced Proposal Configurator allows firms to create automated rules to offer more personalized cover to applicants, presented as offer cards, and aids compliance with IDD (Insurance Distribution Directive) and FNA requirements where DNT (Demands and Needs Test) and consultancy are mandatory.
FintechOS launches its new Academy
The technology company has also taken the initiative considering market demands for greater knowledge and has launched the FintechOS Academy, a body that enables its customers and implementation consultants to learn how to create and edit financial products independently of IT teams. This self-service model alleviates the reliance on overburdened internal software development and IT teams for change requests.
The FintechOS 22 is underpinned by four main pillars. These are,
- Composable digital CX – Ready made customer journeys across onboarding, banking, lending, insurance, and claims that can be easily personalised to boost UX and engagement.
- Core business capabilities – Pre-built vertical-specific components from loans to insurance with faster integration into third-party ecosystems allow institutions to tailor existing, best-in-class innovations and speed time to market.
- Enabling a makers’ community – FintechOS platform is built for builders: the ‘digital makers’ within institutions and their integration partners. The Innovation Studio combined with the Academy and the newly launched Marketplace allows non-technical teams to create and launch truly personalized products and customer journeys.
- Cloud-native, data at the core infrastructure – This brings major improvements in the Software Development Lifecycle management and guarantees operational efficiency, regulatory compliance, and ensures data-driven personalisation is built into all the products, services, and experiences being offered.
Speaking about the new platform update and what it will mean for insurtechs, Teo Blidarus, CEO and Co-founder at FintechOS, explained, “Too often, financial institutions embarking on a digitalisation strategy find themselves tasked with replicating competitors’ technological capabilities just to catch up.
“This burden is made worse by the heavy technical knowledge and financial commitment that organisations have needed to make only to then have to reinvent the wheel each time a new product is created. With FintechOS 22, institutions can finally overcome these inefficiencies and develop products that are truly personalised to the needs of their customers.”
Blidarus said there would be more announcements in the coming months as the company expands upon its platform and continues its growth strategy. “This is just the start. As Embedded Finance begins to reshape our markets and blur the lines between providers, industries, and technologies, financial service providers must change. They need to be able to rapidly build new and differentiated products that can be easily integrated into third-party offerings. And this can only be achieved through high productivity financial infrastructure and a low-code innovation approach.”
He added, “The era of IT-centric monolithic technology architectures must end.”
Main image credit: FintechOS founders, Teo Blidarus and Sergiu Negut