Charles Taylor InsureTech has extended its insurance systems capability following a major software licencing and implementation agreement with Fadata.
Charles Taylor has licenced Fadata’s INSIS insurance platform for its clients and will offer implementation services to insurers globally. It has also become a worldwide sales partner for Fadata.
Charles Taylor InsureTech is now the preferred global implementation partner for the INSIS platform. INSIS is a flexible state-of-the-art modular software solution that provides full coverage of all aspects of insurance business, including underwriting, premium collection, commission calculation, policy administration, claims processing and reinsurance. It has the flexibility to support insurers’ current and future business requirements.
INSIS is top-rated for its quality. It has been ranked Leader in the Gartner's Magic Quadrant for the fourth successive year. It has also won the XCelent in Technology award for its Life system from Celent for the second year. The platform has had more than 60 successful implementations across Europe, the Middle East, Africa, Asia, and the Americas.
Charles Taylor will market INSIS to its existing and new clients to accelerate the penetration of the platform among global insurers. It is already implementing the platform as part of its outsourced services for one of its new European life insurance clients.
Jason Sahota, Chief Executive, Charles Taylor InsureTech said: “Insurers across the life, general and health insurance markets are crying out for systems which offer them new and more flexible ways of developing and delivering services to their clients in an accelerated way. INSIS allows them to improve their operational efficiency and decision making. It provides rich data, fast, efficient policy processing and gives insurers the flexibility to develop and launch innovative new products quickly and cost-effectively.
“We are very excited about our partnership with Fadata. Combining the INSIS platform with our global reach and deep insurance knowledge gives us a powerful proposition. It will enable us to support insurers to be more efficient and agile, make better decisions and deliver better services.”
John Macdonald, Chief Executive, Fadata said: “Our agreement with Charles Taylor marks an important milestone for Fadata. It enables us to expand into new markets, drives new revenues and supports our market development plans. Charles Taylor’s global reach and deep insurance knowledge will help us to expand our capabilities in local markets worldwide, as well as giving a new global sales platform for INSIS.”
Charles Taylor and The Riverside Company (“Riverside”) acquired a majority interest in the owner of Fadata in December 2015.
David Marock, Group Chief Executive Officer, Charles Taylor said: “The global insurance technology market is growing rapidly with increasing demand from insurers to replace legacy systems, bring new products to market quickly and capitalise on the potential of big data. The agreement with Fadata builds on Charles Taylor’s well established track record of developing innovative technological solutions for insurance markets and positions both organisations well for substantial growth.”