Diasoft, a global provider of cutting-edge financial software solutions supporting all aspects of banking and insurance businesses, is featured in a report evaluating providers of Insurance Policy Administration Systems by Celent, available to insurers in the EMEA region.
 
In the report EMEA Policy Administration Systems 2013: General Insurance ABCD Vendor View Celent looks at policy administration systems available to insurers in Europe, the Middle East and Africa. This report profiles 52 policy administration systems for EMEA personal and commercial insurance products and focuses on the property and casualty systems, non-life or general insurance systems depending on the country.
 
FLEXTERA Insurance is an innovative front-to-back STP solution catering for every aspect of the Insurance Business. The functional scope of FLEXTERA Insurance covers all major business needs of the companies specializing in General Insurance, Life Insurance, and Re-Insurance. FLEXTERA solutions provide Insurance companies with the most advanced mechanisms ensuring high-level customer servicing, distribution chain management, claims processing, policy and product management, billing, financial control, and business intelligence.
 
The solution is built on JavaEE technology in full compliance with SOA principles and was developed in tight collaboration with IBM — a globally acknowledged SOA industry leader. Due to its component-based SOA-architecture and business process-based approach to automation, the solution can be tailored to fit any individual business and technological requirements of the most dynamic Insurance companies.
 
FLEXTERA Insurance provides comprehensive tools for the management of the whole policy life cycle, including automated application management; underwriting; policy quoting, issuance, and endorsement; generation and management of supporting document; accounting procedures; automatic batch or manual renewal; work with prepackaged and individual policies; and management of the full history of policy versions.
 
“Large transformation projects are always risky and difficult with examples of the effects of poor execution available across EMEA,” says Craig Beattie, Senior Analyst with Celent’s Insurance Group and author of the report. “The evaluation in this report represents Celent opinion mixed with our feedback from the insurer community as well as our involvement in selection and implementation projects. There is never a single best answer for all insurers but we believe the data held herein provides the most detailed view of the vendors in this market and will aid any selection project or IT strategy review. ”
 
In comparison to most insurance solutions FLEXTERA Insurance enables real time integration with the company General Ledger for the immediate update of the company financial data.
FLEXTERA solutions are built on the principles of separated operational product accounting and regulatory financial accounting. The back office systems which are responsible for product management operate with internal product accounting data and do not record transactions into financial accounting systems. A special tool — FLEXTERA Accounting Engine — converts operational product accounting data into financial accounting forms in accordance with national and international accounting rules and standards. Such independence enables the use of various accounting methodologies and adjustment to the local regulatory peculiarities without the need to change the business logic of a financial institution and allows the Insurer to generate sophisticated management reports for multi-sided analysis of products, branches and staff performance.
 
“Our FLEXTERA solution has achieved a strong baseline of good functionality and incorporates modern technologies that allowed it to be named among the top market players by Celent”, said Alexander Budnik, VP, Head of Insurance Business, Diasoft. “We are proud of this achievement and plan to continue the development of our product offering to ensure the business agility and technological flexibility to our customers in order to deliver the best insurance services”.