Digital Insurance Agenda

Faktor Zehn: Agile core solutions for digitalizing the insurance industry

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 3, 2022

Insurance companies look to increase innovation speed, launch new digital models and gain more competitive advantage. To get there it is essential to realise a high rate of automation, meaning also all business transactions need to go through web services. To increase speed, 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. To make it easy for the customer integrated reference models, sample products and processes can be used.

Faktor Zehn is a software provider for core insurance systems. It 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. As part of the ConVista Group, Faktor Zehn can provide implementation and software services from one single source.

With the solutions of Faktor Zehn, both 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.     

The software that Faktor Zehn offers is end-to-end and reaches from product definition to offer and quotation management, policy handling and claim fulfilment. It also covers a central and flexible management system for all partner data.  

Faktor Zehn works for well-known insurance companies in Germany, Austria, Switzerland and the Benelux, like Achmea, HDI Global SE, ERGO, Nürnberger Versicherung etcetera.

At DIA Amsterdam, Faktor Zehn will present how their platform enabled HDI Insurance to build a product-driven end-to-end process as the basis for digitalization in industrial insurance.

Using the Faktor Zehn tool stack, better decision-making is across the value chain: from underwriting to claims handling, to pricing and data analysis, and systematic portfolio management. As a result, times-to-market are improved, straight through processing can be realized and usability in the cloud is generated due to the chosen solution architecture.

How does it work?

The solution applies to the complete value chain: from marketing & sales to underwriting to policy management and to claims handling. Because all systems that are part of the value chain have access to one common product model, information can be optimally shares for consistent decision-making and a higher degree of automation. 

Why did we invite Faktor Zehn to DIA Amsterdam 2022?

At DIA Amsterdam Faktor Zehn will show the versatility and reliability of the Faktor Zehn Tool Suite On stage will be Stephan Mattner, Release Train Engineer, HDI AG, and Robert Neumann, Product Manager, HDI Global SE, to demo how HDI has implemented this Tool Suite to raise the efficiency of their cross-system processes for industrial insurance.

In previous years at DIA, Faktor Zehn presented the implementation of an omnichannel offer system and a pension system.

Who is Faktor Zehn?

Faktor Zehn GmbH was founded in 2004 by six partners and since 2012 it is part of the ConVista Consulting group, one of the world’s leading consultancies for process and IT integration. The company was founded in Cologne in 1999 and is now active in in 12 countries across three continents. Its customer base includes global market leaders in the insurance industry.

In total Faktor Zehn has more than 20 clients in the DACH region. In 2020, Faktor Zehn’s revenue hit more than 18 Mio. Euros. As a 100% subsidiary of the ConVista Consulting group, Faktor Zehn benefits greatly from their vast network of expertise. In total the ConVista Group has more than 350 clients in 22 countries, ten of whom are amongst the top 30 DAX-companies. In 2017, ConVista’s revenue hit 81.4 million euros. 

Our mission is to support insurance companies to generate speed of innovation and competitive advantages in their core business. For this, we develop innovative and agile standard software with which we can achieve measurable and significant improvements in our customers’ processes and IT.“

Jörg Renger, Managing Director at Faktor Zehn GmbH and member of the Executive Board of ConVista Consulting AG

Visit their website to learn more!

Watch their presentation at DIA Amsterdam 2022 here.

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