Faktor Zehn: Flexible end-to-end core solutions for insurers
To gain a competitive advantage in the market, insurers need to speed up their innovation. Each product of Faktor Zehn is developed to help insurers improve this speed.
Faktor Zehn offers innovative, future-proof core insurance systems. Since 2004, Faktor Zehn has set its focus on the IT of the insurance industry. It started with the first open-source insurance product system based on a modern 100% Java architecture. Today its portfolio ranges from a product management system to policy management, offer/quotation, claims, commissions, and partner systems. The systems can be implemented stand-alone within a best-of-breed approach or as an all-in-one solution summed up in the Faktor Zehn Suite.
In the Faktor Zehn Suite, 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. Integrated reference models, sample products, and processes can be used to make it easy for the customer. While running products of Faktor Zehn, business teams and IT development teams of an insurance company work hand in hand with product development to improve time to market, make sure that the products meet high standards, and launch new products or product variants quickly and efficiently.
Products can be modeled centrally and made available seamlessly to all modules, which makes it possible to launch new products and services quickly and cost-effective. Furthermore, business can be simplified by using the integrated reference models, sample products, and processes for the German market – the German standard version of the suite already includes all non-life segments including automotive. Of course, those can also be adjusted to suit each customer’s needs. Technical advantages are given thanks to the versatile modeling possibilities of the open-source core, through which the Faktor Zehn Suite can be adapted to the respective interfaces. The flexibility of the Faktor Zehn Suite architecture as well as Rest-APIs ensures connectivity to the existing IT landscape in the company. Furthermore, the Suite offers a high degree of automation and long-term support.
How it works
The Faktor Zehn software solutions are available integrated as a Suite or according to the Best-of-Breed approach. The software covers all core insurance processes, from product definition, quotation management, policy handling, commission management and claims management to a central and flexible management system for all partner data. Thanks to the versatile modeling options of the open-source core, Faktor Zehn Suite can be adapted to the respective interfaces and easily integrated into existing system landscapes. The open architecture of the Faktor Zehn Suite allows for the easy integration of further systems, for example, a payment system. Furthermore, if needed a printing system can be provided as well.
Why we selected Faktor Zehn for DIA Munich 2022
With the all-in-one solution Faktor Zehn Suite, insurance companies can implement new digital business models quickly and future-proof. Faktor Zehn has carried out numerous successful implementations and migrations.
As part of the ConVista Group, Faktor Zehn can offer their customers software services as well as software implementation and consulting from one single source. In total, the Faktor Zehn software is already in productive use at over 20 leading insurance companies in Germany, Austria, Switzerland, and the Benelux. Clients include Achmea, HDI Global SE, ERGO, Nürnberger Versicherung, and many more.
Who is Faktor Zehn?
Faktor Zehn was founded in 2004 by six partners and since 2012 is part of the ConVista Consulting group, one of the world’s leading consultancies for process and IT integration. The ConVista Group was founded in 1999, is now active in 12 countries across three continents, and has more than 350 clients in 22 countries, ten of whom are amongst the top 30 DAX-companies. Its customer base includes global market leaders in the insurance industry. In total, Faktor Zehn has more than 20
clients in the DACH region. As a 100% subsidiary of the ConVista Group, Faktor Zehn benefits greatly from its vast network of expertise.
“Our mission is to support insurance companies to generate speed of innovation and competitive advantages in their core business.”Jörg Renger, Managing Director at Faktor Zehn GmbH and member of the Executive Board of ConVista Consulting AG