The latest update introduces a range of new features designed to boost operational resilience and efficiency. Insurers across the EU can now align with the recently enacted Digital Operational Resilience Act (DORA), ensuring compliance while maintaining seamless business continuity. Additionally, the enhancements provide greater flexibility in system integration and customization, enabling insurers to leverage external tools with ease and accelerate product innovation.

By refining its core system, Fadata is helping insurers navigate an increasingly complex regulatory landscape while enhancing customer experiences. The latest INSIS release empowers companies to expand their product offerings, optimise operations, and deliver more personalized services to policyholders. With a focus on adaptability and innovation, Fadata continues to position INSIS as a key enabler for insurers looking to stay ahead in a competitive industry.

Jaime Molina, Director of Product Management at Fadata, said, “We are committed to our open approach to insurance software and are proud to be enabling insurers to grow, adapt, and achieve their business goals with ease. The latest version of INSIS reaffirms our commitment to providing innovative, robust security, and adaptable solutions to help businesses thrive in an ever-changing marketplace. We have been quick to react to the introduction of DORA and we will continue to release frequent upgrades to ensure INSIS resilience.”

He continued: “Our new system enhancements introduce new features for reinsurance, commissions, and policy administration and management, delivering insurers more control, flexibility, and the ability to make speedier customisations. Finally, we continue our path towards an API-first and headless approach.”

Business Benefits of the Latest INSIS updates:

• Streamlined Operations: simplified processes across commissions, claims, policy management, and reinsurance.
• Personalised Experiences: tailored customer journeys with flexible and customisable solutions.
• Stronger Security: enhanced resilience and compliance to protect data and maintain operational integrity.

New features added to the latest version of INSIS:

System Enhancements –

Commissions

• Smarter Commission Calculations: A new methodology ensures precision and fairness by calculating commissions based on cover periods and premium amounts.
• Adaptable Solution: A universal, parameterised design caters to diverse business needs without requiring internal development.
• Enhanced commission module: The due commission calculation now includes installment amounts in the payment plan instead of annual commission and payment plan dates.
• Unified algorithm for annex commissions: Standardized commission adjustments for annex changes, ensuring fair and consistent calculations.
• Payable commissions before policy start date: Enables commission payments before due dates for additional use case coverage.

Claims and Policy Management

• Waiver of Premium: Manage partial waivers with ease, allowing businesses to reevaluate, adjust, or suspend waivers as needed for improved customer satisfaction.
• Flexible Payment Plans: Enable transparent payment arrangements, splitting premium payments proportionally between insurers and customers.

Unit-Linked Policy Administration

• Simplified Fund Management: Standardised fund reports provide clear insights, making investment insurance products easier to manage.
• Enhanced Transactions: Improved traceability and streamlined buy-and-sell processes ensure smoother fund management.
• Risk Reduction: Automatic portfolio reallocation safeguards customer investments, enhancing trust and confidence.

Reinsurance

• Customisable Statements: Configurable reinsurer statements allow businesses to tailor reports to their needs, improving accuracy and communication.
• Flexible Contract Adjustments: Modifiable facultative annexes enable agile parameter refinement throughout the contract lifecycle.
• Statement of Account (SoA): Detailed financial tracking between insurers and reinsurers has been enabled, supporting proportional treaty agreements.

Configuration

• Stability and Reliability: In the production environment, the configurator operates in read-only mode, preventing unauthorised changes that could result in misconfigurations, product errors, or system instability. This ensures that only rigorously tested and validated configurations are deployed, enhancing overall system reliability.

API-First and Headless Approach –

Fadata’s commitment to an API-first architecture ensures seamless system integration, empowering businesses to craft personalised customer journeys efficiently, and leverage external tools for improved functionality and long-term adaptability, all while maintaining full operational control.

New Capabilities

• Policy Commission Account: Calculate commissions directly from external systems, reducing manual effort.
• Policy Enhancements: Manage long-term policies more effectively with renewal and indexation options.
• Advanced Application/Quotation Management: Incorporate deductibles, risks, and other critical attributes for accurate customer quotations.
• Comprehensive REST APIs:
  • Manage specific attributes, limits, deductibles, and renewals.
  • Introduce APIs for motor objects and premium calculations for streamlined operations.
• Extended Basic APIs: Add attribute fields to existing quotation and application APIs for greater flexibility.

Security –

Notably, with the latest version of INSIS we have considered the need to prepare for the Digital Operational Resilience Act (DORA). Fadata has reinforced operational resilience with robust data protection features for compliance with evolving standards and safeguarding critical information.

Key Enhancements

• Full Logout Implementation: When users log out, they are completely signed out of both the application and IDP, ensuring secure access management.
• Security Auditing for Payara: Custom auditing framework captures application events, supporting better log management and future scalability.

Security Hardening: Overall, Fadata continuously strengthens the resilience of INSIS through regular upgrades and configuration improvements.