Leveraging open source tools to power your Core Insurance Business

It is no secret that insurance and insurers, as we traditionally know them, have been facing many challenges. This is due to the emergence of the new-age disruptive technologies that are altering the landscape.

Given the age-old philosophy of survival of the fittest, it is companies that manage to adapt themselves in the face emerging technology, which will be frontrunners. The ever-changing Initiatives such as Omni-channel customer experience and digital capabilities need to be at the forefront. However, the basic underlying question is – how can legacy systems and internal IT Architecture respond to the new business models.

Insurers have to ensure that their IT architecture opens up well to the new horizontals of the Cloud model, Software-as-a-Service and open source platforms etc.  It is here that the core Insurance systems play an important role in achieving the digital state of art architecture. Open source tools and platforms can prove to be enabler for Insurance companies who want to master the art of managing costly implementations and at the same time enabling the faster speed to market. The solutions such as Hadoop and Liferay rely on the open source community enabling conversion of ideas and products into implementation without the hassle of licensing costs.

One such open source platform gaining presence in international markets for developing Insurance applications is from Faktor Zehn (Faktor 10) in Germany. Faktor-IPS is more than just a product management system. It is a tool for developing insurance-related software, e.g. quotation and policy management systems.

“Since 2005, insurance companies from different countries have relied on Faktor-IPS for model-driven development of core insurance applications and for the administration of insurance products. The idea has always been to stay ahead and keep it simple. Just download and install the software on your machine just as any other software and you can start creating and launching new products. We stay committed to our customers to help them chart out a journey of new age and modern core insurance solutions like Quotation, Product & Policy for multi-line of businesses.” says Shashank Jain, Head of International Sales at Faktor Zehn (A ConVista Company).

Faktor-IPS open source offers editors the possibilities to create, edit and document the business model. The program code is generated directly from the model, which can be used as a basis for different applications. Based on the business model, products can be easily defined and maintained. Most importantly, Faktor-IPS also offers various options for testing products and models.

“With continuous focus on the customer requirements, insurance industry trends be it Digital or Omni channel etc., customer feedback and innovative ideas sit directly in to the heart of our product development. Significant Milestones and successes have been achieved with together with our customers & we believe to optimize our customers’ processes and IT in partnership with them,” says Jörg Renger, Member of the Executive Board at Faktor Zehn.

Start downloading the open source – Java based Faktor-IPS (https://www.faktorzehn.org/de/en/download/) to develop and launch your own Insurance products and applications.

Written by Shashank Jain

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