Q&A with Ronnen Fischer, CO-CEO at Insurtix
In the previous interview we talked about problems insurers face when implementing new core systems. How can Insurtix fit in that evolutionary process you talked about?
Fischer: It took us a while to figure out what we managed to produce. It was clear to us, also based on our success (for example in the digital insurance company Libra), that we were able to develop a comprehensive core system for the insurance world. In the process, we performed with several other customers, we understood that from the ecosystem of our software company (CodeOasis) and from the flexible service consciousness that was ingrained in us, we managed to develop a super flexible integrative product that is basically built to support any step by step implementation process.
Insurtix modular capability, based on the open architecture in which it was designed in, enabling it to integrate easily to third-party systems including systems that play a major role in processes. This is a key that led us to success in implementing projects.
Describe Insurtix’s abilities.
Fischer: Insurtix is an exceptional system in the field of core platforms.
On the one hand, the system is a proven core system for all required modules: management of insurance products, product underwriting, CRM capabilities, ability to sell products – sales / changes during the life of a product. Policy / innovations and cancellations, collection system, agent management, reinsurers, document production and archiving. And of course, reporting capabilities to regulators and external vendors. The platform also includes advanced capabilities for building a unique digital layer for each customer.
What sets Insurtix platform apart is its flexibility and ability to adapt. The fact that the platform was built from an ecosystem of a service company that specializes in building a unique solution for its customers; created a system built in a way that can accompany a process of implementation to an innovative core system.
The system allows integration in virtually every module, such as integrating CRM / collection / claim’s systems and even parallel core systems.
The system allows partial / full use of each one of the existing modules in it.
How can Insurtix integrate with other systems?
Fischer: Insurtix was built in open architecture while implementing web services in internal dialogue.
Each one of the modules that exist in the system is independent and can be replaced by a different existing module. Moreover, even in the internal dialogue within the module itself the system was built in a way that would allow for easy integration of external interfaces using dynamic anchor points to allow interferences by outer integrated third parties. For example, you can see projects in which we have integrated external CRM systems, collection systems, but only elements of external underwriting to the point that we have integrated interfaces to IoT components in the underwriting process and / or in filing a claim.
What insurance products can be managed by it?
Fischer: Insurtix was built in such a way that the ability to support all products of different L.O.B’s in the insurance world is easy. Insurtix is flexible enough to enable integrated and combined product management. The system incorporates all the general insurance products (motor, apartment, SMB, travel insurance and more), and the system was also designed to incorporate savings products and even life products in the future.
What companies use Insurtix these days?
Fischer: Insurtix allows the use of a “clean table” configuration for new insurance companies looking for a solution this will allow them to
1. Operate at record speed and time to market
2. Flexibility in day-to-day maintenance
3. Huge savings in costs.
An example of this can be found in Israel’s first digital insurance company “Libra”.
Insurtix, being a flexible and high-quality solution, is more than capable for underwriting insurance agencies as well- MGA’s. The system is currently implemented by one of the leading insurance agents in Israel providing the MGA, a proven stable core platform.
Insurtix is in a key position in Israel to be the leading and most advanced system in the market. At the same time it is already in contact with a number of international insurance activities ( new InsurTech start-up’s and also running activities) seeking a proven and flexible solution to a unique business world.
An important part of the CodeOasis ecosystem is developing for companies that work in fields close to insurance, such as Motor, Finance, etc. How does this help Insurtix Itself?
Fischer: Globally, insurance is a unique business environment. It is a challenging world of complex concepts, processes, definitions and limitations, of information security and much more. The insurance world at the same time is also a conservative world, which is not necessarily an early adapter of innovative technologies and processes.
Even in a challenging and unique world, advanced technologies should provide the ground for innovative, sophisticated, and fast-paced activity.
On the flip side, CodeOasis Software House, works with quite a few organizations in a more simplified, business-like fashion. Advancing much faster than most both, technologically, methodologically, and even at the level of the user experience.