FintechOS Insurance Revenue Soars 300% YoY
- 08.12.2022 11:10 am
FintechOS, the global leader in fintech enablement, today announced its insurance revenue has increased by 300% YoY. This revenue growth has been driven by winning major new clients, such as Admiral Insurance Group, and expanding partnerships with existing customers, like Howden Group. FintechOS has also entered new markets, such as working with insurers like Vienna Insurance Group to enable health insurance products.
“The insurance industry is undergoing a rapid transformation. Timelines are compressing, customer expectations are rising, and competition – especially from digital-first upstarts – is fierce,” said Teo Blidarus, CEO and Co-Founder at FintechOS. “With 82% of insurance executives considering product development a core competency, the ability to launch new and differentiated products and services quickly and efficiently – in harmony with core systems – is paramount. We have enabled this for our customers and will continue to invest in the FintechOS platform to drive the long-term and sustainable innovation the market is demanding,” he concluded.
Change has been slower to come to the insurance sector than banking, but consumers are now demanding personalized digital products, services, and experiences from their existing providers. To retain customers, established insurers need to add digital products that are personalized and meet their customers’ unique needs for cover. Yet, inflexible siloed systems, scattered data, and a lack of technical expertise can make this impossible.
Instead of a complex and costly rip-and-replace of their core systems, which often takes years before producing ROI, FintechOS’s fintech enablement platform enables insurers to liberate their siloed data and add digital products to their existing offering without disrupting their operations and infrastructure.
Integrated with an insurance provider's current systems, the FintechOS platform offers:
- No-code/low-code product creation for business users
- Accelerated speed-to-market
- Anytime updates to ratings and coverages
- Data-driven personalization
- Ecosystem integrations with popular tools
- Fully automated servicing capabilities for policy management
This revolutionary approach has seen FintechOS attract a variety of innovative insurers looking for the tools they need to grow share of wallet and decrease cost ratios. Earlier this year, FintechOS announced its fintech enablement platform is now powering Admiral’s new digital pet insurance, allowing the UK insurer to launch its new product in less than six months.
In addition, FintechOS continues to expand its relationship with Howden Group after supporting its 120% increase in profitability and 60% growth in customer base to date. For Howden Group, FintechOS is supporting business diversification, specifically within the personal, SME, and property insurance segments.
Last month the company released the latest version of its fintech enablement platform, along with two key features for insurance providers:
- Product Analytics: Building on its journey analytics release in spring this year, the product analytics feature helps insurers monitor and improve the performance of their services via APIs. The dashboard shows product KPIs broken down by categories and time periods, including out-the-box KPIs for conversion rate, sales value, new customers, and Time-To-Yes for all products.
- End-to-End Embedded Insurance: The platform now offers improved capability to provide full end-to-end embedded insurance capabilities across multiple product lines. Companies looking to create insurance products, whether they are insurers, MGAs, retailers, or other non-financial services organisations, can collate enriched data in a common layer to drive personalisation, augmenting their ability to present insurance products in a way that increases perceived value from customers. They can equip internal teams with no-code/low-code interfaces that enable them to quickly address new business opportunities by launching new products and services in a matter of weeks.
As we enter 2023, FintechOS is continuing to add valuable features to its platform to expand its offering to global insurance providers, as it continues to build its growing reputation in the North American market.