Faktor Zehn: Innovative agile insurance solutions
Faktor Zehn is based in Munich and known as the product house for digital and agile core insurance solutions. Faktor Zehn’s portfolio includes an open-source product system, as well as a policy-, an offer, and a claims system, and a newly published end-to-end core insurance platform. All products are developed to support insurance companies in implementing new digital business models, in generating speed of innovation and competitive advantages. Of course, the core insurance solutions of Faktor Zehn are available both on-premise and in the cloud.
Their open source tool can be a key enabler for those who want to master the art of managing costly implementations, while at the same time enabling faster speed to market. The idea is ‘to keep it simple’. Just download and install the software and the user can start creating and launching new insurance products for free. The open source software enables insurers in their digital transformation of their core insurance systems for P&C, pensions and life segments.
Faktor Zehn works for well-known insurance companies in Germany, Austria, Switzerland, Russia, UK and the Benelux, such as Achmea, ERGO, DEVK, HDI, Münchener Verein, die Bayerische and many more. Faktor Zehn 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 at complementing competent customer service. Faktor Zehn also won the Innovationspreis IT from Initiative Mittelstand in Business Software, E-Commerce and Open Source.
How it works
In general, their open source product system offers editors for creating, editing, and documenting the business model. Program code is generated directly from the model, which can be used as basis for different applications. Based on the business model, products can be easily defined and maintained.
In addition to their open source product system they have developed a unique Pension Reference Model (PRM) as a tool to help tackle the pensions challenges, based on many years of experience in the pensions industry. Alongside their standardized approach, insurers can engineer their requirements and the Faktor Zehn software will automatically generate a ready to use product & calculation engine.
For example: Pension insurer ABC needs to comply with new legislation on “pensionable salary”. Using the Faktor Zehn PRM, he can directly access those parts of the product definition that needs changing. Once the ‘Pensionable salary’ has been amended, the product and calculation engine can be automatically updated. The engine is then ready to use throughout the entire administration. Additionally, business users can configure Defined Benefit (DB), Defined Contribution (DC), Collective Defined Contribution (CDC) and hybrid schemes easily, after this new change is reflected.
Faktor Zehn offers end-to-end processes for pension products administration, calculations, pension scheme maintenance, quotation and policy management, fitting neatly into the landscape of the enterprise architecture.
Why we selected Faktor Zehn for DIA Amsterdam
Insurance companies are facing new challenges in the form of regulatory changes, digitalization and new business models. The profitability of pension institutions depends heavily on the ability to keep down internal costs, posing a huge challenge on the organization. Faktor Zehn innovative, agile, insurance solutions help insurance companies to make a digital leap forward. Accelerate time to market, increase collaboration, optimize operations and drive revenue.
At DIA Amsterdam Faktor Zehn will present how Achmea achieved business benefits in their pension segment and how their open source insurance application enabled their digital transformation. The innovation is reflected in the sense that Achmea decision makers did not go for a conventional “License model” approach with significant investment. They just downloaded the Faktor Zehn open source insurance application software and started developing new pension schemes / products / models and calculations for faster speed and time-to-market. They also took advantage of replacing old legacy applications with modern architecture. Replacement and the migration were important drivers for the common project, as well as for the overall digital transformation journey.
The showcase about “Dutch pensions” will be presented by Rene Wissing and/or Patrick Vorgers Enterprise Architects at Achmea and Shashank Jain from Faktor Zehn.
Check out their live demo here:
Who is Faktor Zehn?
Founded in 2004 by six partners and part of the ConVista Consulting group since 2012, Faktor Zehn has evolved into one of the leading core insurance solution providers in the DACH market.
As a 100% subsidiary of ConVista Consulting AG, they have access to a wealth of experience and consulting expertise from over 650 colleagues, based in 16 locations across the globe. The ConVista Group has been supporting insurance companies in operationalizing business strategies and optimizing processes using software integration and development since 1999.
Michael Eibner, partner at Faktor Zehn at the left and in the middle Shashank Jain from Faktor Zehn.