Digital Insurance Agenda

FintechOS: re-imagining insurance as personalized, data-driven, and embedded

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on May 30, 2022

Insurance offered today, is not always relevant or personalized for SME needs. It does not leverage the ample data an SME has and it is not offered through the digital channels the SME uses daily, for example their mobile-banking app. This has led to insurers failing to provide the covers an SME needs and leave them under-insured.

FintechOS empowers insurers and banks with the agility and innovation they need to remain relevant in an ever-changing market. Offering the FintechOS Northstar platform.

This platform enables insurers to create hyper-personalized products that meet the needs of consumers and small businesses. Using the platforms composable insurance blocks, digital innovators can create flexible products and embed them into customer journeys when and where they are needed most, for example in an SME loan lending process. The platform is low-code/no-code and has an easy-to-use interface that is already used by more than 50 insurers, MGAs, brokers, banks and FS organizations.

FintechOS has a global presence, working with tier 1 insurers either directly or through its network of partners. It is continually improving and enhancing its insurance core and the underlying platforms to increase the width and depth of its composable blocks. For example, they added accelerators for pet insurance and SME insurance, added Lean insurance core and offers a marketplace and ecosystem option.

How does it work?

To address product innovation and agility, insurers have taken a number of routes: replacing legacy by a new monolithic solution, building a custom solution using a no code platform or implementing a configuration-only platform. Each with their advantages and disadvantages: often leading to higher costs, long implementation times or ending up with a rigid solution.

FintechOS offers a platform that includes an end-to-end lean core insurance platform, designed in a modular fashion so you can choose which blocks you need. Avoiding the need to rip out or duplicate existing investments. The basis, Fintech OS’ Lean insurance core, is built on an underlying no code/ low code platform (that can also manage pro code if needed) which is directly accessible by the insurer. These core elements are controlled through a no code configuration interface, which acts like a config only platform but without limiting innovation the insurer can add through low code or pro code.

FintechOS has deconstructed the key elements of technology that is typically used to create, distribute and manage insurance products. The platform thereby enables organizations to leverage the elements of their current technology stack that can be re-used and only add those components that enable the build of more relevant and innovative products, e.g. by making use of customer data at every interaction, and providing these products with market-leading customer experiences.

Why did we select FintechOS for DIA Amsterdam 2022?

Embedded insurance is a big trend as is the innovation need for SME. In both cases the insurance needs to be more data driven to be personalized.

At DIA Amsterdam Chris Kay, Head of General Insurance FintechOS, and Paul Webster, Head of Insurance Presales FintechOS, will present how FintechOS enables data driven and personalized parameterized insurance for SME. And they will demo how it is embedded in an SME loan application, using available (third party) data in a seamless mobile journey.

Who is FintechOS?

FintechOS provides fintech infrastructure technology and helps financial companies to launch and manage the next generation of products and services across lending, savings, insurance, investment, and embedded finance. For insurance, its cloud-native solution incorporates legacy and third-party data or systems, and connects them to the digital insurtech space.

The company was founded in 2018 by Teodor Blidarus, a serial entrepreneur, and Sergiu – a long-time entrepreuneur, angel investor, mentor and C-level business leader. The company has raised over $75 million series A and B. With this the plan for 2022 is to expand to North America, Asia-Pacific, Middle East and Africa and keep a solid base in Europe and the UK.

Its partnerships span across professional services, technology, and commercial. A growing list of partners include Microsoft, Deloitte, Namirial, Vonage, Oxbow Partners, Capgemini, KPMG, Intrasoft, The Data Company, Altus.

The company has been awarded Hottest Fintech 2020, Fintech50 2020, InsurTech100 2021, Oxbow Partners 2021 Insurtech Impact 25, Microsoft Partner of the year 2021, Stevies – Best Technical Support Solution 2021

”We want to show insurers and banks that you can achieve customer-centricity and become as agile as fintechs or insurtechs without having to replace legacy systems, build innovation labs or hire expensive implementation consultants.”  

Teo Blidarus Founder and CEO

Visit their website to learn more!

Watch their presentation at DIA Amsterdam 2022 here.

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