Faktor Zehn: innovative agile insurance solutions

Faktor Zehn: innovative agile insurance solutions

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 5 Apr, 2017

Munich based Faktor Zehn, part of the ConVista Consulting Group, is known as the product house for agile insurance solutions. The international IT consulting and software company, provides innovative consulting services in combination with concrete solutions based on the platform-independent programming language Java. Faktor Zehn focuses on product management, policy management and sales and service systems to help insurance companies to innovate and develop competitive advantages.

All products are developed to support insurance companies to generate speed of innovation as well as competitive advantages. Therefore, all business transactions are executable through web services to ensure a high rate of fully automatic processing. The user interface is optimized to process complex issues whilst leaving all primary batch processes, such as follow-up debit and premium due date mutations, intact. While using products of Faktor Zehn business and IT development teams of an insurance company work hand in hand with product development to improve time to market, to make sure that the products meet the high standards and to launch new products or product variants quickly and efficiently.        

Faktor Zehn works for well-known insurance companies in Germany, Austria, Switzerland and the Benelux like Achmea, ERGO Direkt, Munchener Verein, die Bayerische and many more.

In July 2016, they received the quality label “Software Made in Germany” from the

Bundesverband IT-Mittelstand e.V. (BITMi) for outstanding user-friendliness, flexibility, sophisticated design and cost-efficiency. The software has proven effective to complement a competent customer service. Faktor Zehn also won, for the fourth consecutive time, the Innovationspreis IT of Initivative Mittelstand for the in the categories Business Software, E-Commerce and Open Source.

Growing IT systems requirements
IT-Systems requirements of insurance companies are continuously growing. There is an ongoing need for innovative product design, new alternative sales channels and a high degree of flexibility. Faktor Zehn open-source tool for model-driven development of insurance-related systems focuses on the uniform mapping of product knowledge. Offering a product that can be used for various processes.

P & C Insurances
Replacing the existing mainframe systems is currently the most important task for many insurance companies. A fast time-to-market, digitalization, and flexible support of sales and service processes are important factors. Regardless of whether it is a make-or-buy-decision, Faktor Zehn offers efficient systems for modernizing and replacing legacy policy systems.

  • Faktor-IPM, Insurance Policy System, provides a comprehensive, state-of-the-art policy management system for all lines of business
  • Faktor-IOS, Insurance Offer System, is a omni-channel-enabled quotation and application system addressing customers in a fast and targeted manner.
  • Faktor- IPS, Insurance Product System, is a model-driven development approach which significantly accelerates projects while minimizing risks. Ideal to modernize existing systems.
  • Mobile Solutions: A service app. The app strengthens customer’s loyalty and improves the quality as well as the efficiency of the communication with the customer.

Faktor-IPM: Insurance Policy Management system, is a model- and product-independent policy system in lightweight Java EE architecture. Its key benefits are a high flexibility in product modifications and a short time-to-market. Because Faktor-IPM is based on the Java platform and established open-source components, it is ready and easy to use and cost-effective. Developed in cooperation with insurance companies and designed to meet their specific needs. 

Faktor-IOS: Insurance Offer System, is a modern standard software package for insurers that need a product-driven quotation and application management solution. Featuring a high level of configurability and flexibility when it comes to product changes. One application enables to offer products for all devices in all sales channels. The Faktor-IOS components can be integrated as services easily and in a standard-compliant way.

Faktor- IPS: Insurance Product System, is also a tool for the development of insurance specific software, for example quotation or policy systems. The tool helps to create, edit and document the business model. The program code, which can be the basis for different applications, is generated directly from this model. Products can be defined and maintained easily. It is possible to test and document the products and models.

Pensions and Life
Retirement and pension systems are going through major changes. Faktor Zehn offers a solution & platform for pension providers to manage their processes and products (for example Defined Benefit/Defined Contribution/Collective Defined Contribution Pension Schemes etc.), whilst complying with regulatory requirements. Their solutions are helping pension providers move to the modern world of Service Oriented Architecture (SOA)-based architecture and reducing complexity. Offering end-to-end process for pensions products administration, products calculation and pension scheme maintenance & policy creation fitting into the landscape of the customer enterprise architecture.

Flexibility to cater for complex pension products, out of the box processes, quick and easy configurability with a modern application framework. Faktor Zehn’s solution translates into benefits such as cost reduction, speed to market and adherence to legal compliance timeframes for their customers.

Why we selected Faktor Zehn for DIA Amsterdam
Faktor Zehn innovative, agile, insurance solutions will help insurance companies to make a digital leap forward. Accelerate time to market, increase collaboration, optimize operations and drive revenue.

We are pleased Michael Eibner, partner at Faktor Zehn and Stefan Rochlitzer, Product Owner ERGO Direkt will show and tell at DIA Amsterdam.

Who are Faktor Zehn?
Founded in 2004 by six partners and since 2012 part of the ConVista Consulting group, one of the world’s leading consultancies for process and IT integration. ConVista’s customer base includes global market leaders in insurance, finance, energy telecommunication, automobile and retail. In total the ConVista Group has more than 350 clients in 22 countries, ten of whom are amongst the top 30 DAX-companies. In 2015, ConVista’s revenue hit 78.4 Mio. Euros.  The company was founded in Cologne in 1999 and is now active in in 14 countries across 4 continents. Faktor Zehn benefits greatly from their vast network of expertise.

Michael Eibner, partner at Faktor Zehn

Website: www.faktorzehn.de

Presenter: Stefan Rochlitzer
Presenter: Michael Eibner

Contact Info: Angela Odenthal
Email: Angela.Odenthal@faktorzehn.de
Telephone: +49 (151) 580 88826

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