Q&A With Ronnen Fischer, Insurtix CEO
What is Insurtix?
Fischer: Insurtix is a modular breakthrough digital core layer for insurance.
Who is it built for? Insurers or MGA’s?
Fischer: Insurtix is targeted to any insurance activity such as Insurers and MGA’s.
It was built as a suite of modules creating up to a full core platform – from policy administration system with underwriting capabilities up to a full core system handling claims, collection and more. It was planned to cooperate and easily integrate with third party systems such as CRM , Accounting systems and even existing legacy core platforms.
What insurance companies are currently using Insurtix?
Fischer: LIBRA – Israel’s first real digital insurance company , established 2.5 years ago is running Insurtix as its sole core system.
Also, in this days, one of Israel’s largest brokers is finishing the first step of implementing Insurtix as a core platform integrated to it’s existing accounting system, CRM and underwing system.
Bonko – a US based start-up, dealing with workers disability insurance is using Insurtix , integrated to several IOT components.
What insurance product can be used in the system?
Fischer: Insurtix is a very flexible platform that can easily be configured, using low code, to support almost any line of business. Currently , the Line Of Businesses implemented in Insurtix are PMC : Vehicle insurance, apartment, travel,liability, SMB/E and worker’s disability.
Can a running company use it? Or it is only for new activities?
Fischer: Insurtix can be , of course, a perfect solution to any green field insurance activity but also can be used by exciting companies as a side by side platform or as it’s digital layer and even as its future core platform.
How can Insurtix replace the core legacy systems?
Fischer: Insurtix was planned by CodeOasis following its 15 years of experience accompanying 80% of Israel’s insurance companies as a core system. We planned Insurtix to provide a unique smart digital core layer, handling all what is almost impossible to be handled in old legacy systems and providing a full set a modules creating a potentially core suite. We understood that changing a core platform is a long journey, but an inevitable one. Insurtix was planned to replace legacy systems in a step by step safe and low risk journey.
Insurtix can easily integrate to any system. saying that it can stand aside of a legacy system or act as a layer above it.
What investments were made in the company so far?
Fischer: Insurtix is a proven platform running for more than 2 years but it is still evolving, and investments are made to keep it developed. Up until now there were invested about 5 years of development in the system with more than 5 M$ in developing Insurtix.
Tell me about your professional background and about other key figures in the company?
Fischer: Insurtix was created by CodeOasis’s insurance experts.
CodeOasis is a leading software development company in Israel with over 16 years of experience in developing cutting edge platforms for tier 1 companies and with vast experience in developing InsurTech products to more than 80% of Israel’s insurance companies. Insurtix is based on our deep understanding of the pains, needs and challenges in the insurance world.