FintechOS reports a 300% YoY increase in insurance revenue
FintechOS has revealed a 300% rise in its YoY insurance revenue in its latest fiscal reports. The leading fintech enablement company said its insurance revenue had skyrocketed YoY, and that the revenue growth has been driven by winning major new clients, such as Admiral Insurance Group, and expanding partnerships with existing customers, like Howden Group.
Additionally, FintechOS has been active in new market rollouts over the past year. This has included entering new markets and working with insurers like Vienna Insurance Group to enable health insurance products.
Speaking about the 300% rise, Teo Blidarus, CEO and Co-Founder at FintechOS, said: “The insurance industry is undergoing a rapid transformation. Timelines are compressing, customer expectations are rising, and competition – especially from digital-first upstarts – is fierce.”
Insurance growth has been sluggish in 2022
The news comes following reports of slowdowns in the insurance industry - a direct result of the global economic crisis and a drop-off in investment. Customers are also looking at ways to cut financial corners, often seeking lower premiums or less comprehensive cover as a means to lower outgoings as costs have risen.
Change has also been slower to come to the insurance sector than banking, but consumers are now demanding personalised digital products, services, and experiences from their existing providers and this has resulted in some companies losing business.
To retain customers, established insurers need to add digital products that are personalised and meet their customers’ unique needs for cover. Yet, inflexible siloed systems, scattered data, and a lack of technology expertise can make this impossible.
According to FintechOS, instead of a complex and costly rip-and-replace of their core systems, which often takes years before producing ROI, FintechOS’s fintech enablement platform enables insurers to liberate their siloed data and add digital products to their existing offering without disrupting their operations and infrastructure.
Driving personalisation in the insurance market
Speaking about the 300% rise in insurance revenue, Teo Blidarus, CEO and Co-Founder at FintechOS, said: “The insurance industry is undergoing a rapid transformation. Timelines are compressing, customer expectations are rising, and competition – especially from digital-first upstarts – is fierce.
He continued: “With 82% of insurance executives considering product development a core competency, the ability to launch new and differentiated products and services quickly and efficiently – in harmony with core systems – is paramount. We have enabled this for our customers and will continue to invest in the FintechOS platform to drive the long term and sustainable innovation the market is demanding.”
FintechOS personalised insurance platform integration offers:
- No-code/low-code product creation for business users
- Accelerated speed-to-market
- Anytime updates to ratings and coverages
- Data-driven personalization
- Ecosystem integrations with popular tools
- Fully automated servicing capabilities for policy management
In a statement issued by the provider, FintechOS said: “This revolutionary approach has seen FintechOS attract a variety of innovative insurers looking for the tools they need to grow share of wallet and decrease cost ratios. Earlier this year, FintechOS announced its fintech enablement platform is now powering Admiral’s new digital pet insurance, allowing the UK insurer to launch its new product in less than six months.”
Blidarus added: “FintechOS continues to expand its relationship with Howden Group after supporting its 120% increase in profitability and 60% growth in customer base to date. For Howden Group, FintechOS is supporting business diversification, specifically within the personal, SME, and property insurance segments.”
