- Supports insurers to offer a digital experience for customers buying, servicing and making claims
- Helps insurers launch new flexible products faster
- Drives improved financial performance for insurers
EY today announces an alliance between Fadata, a leading software provider that focuses on core insurance operational platforms, and Ernst & Young LLP (EY UK), to help insurance companies drive improved business performance through technology transformation delivering an end-to-end digital experience.
The alliance combines EY UK’s experience in the insurance sector and facilitating large-scale business and technology transformations with Fadata’s core insurance operational technology. Using INSIS, Fadata’s insurance process platform, EY UK and Fadata teams will help insurers create flexible and innovative products, bringing them to market faster and distributing and servicing them through new digital channels. With EY UK’s implementation services and Fadata’s INSIS, teams will help insurance companies across various business areas including business management, insurance product lifecycle and the customer journey.
Peter Manchester, EY EMEIA Insurance Leader, comments:
“We are delighted to formally announce EY UK’s alliance with Fadata. EY is one of the market leaders in business and digital transformation within the insurance industry, which the organisation achieves by collaborating with leading software providers like Fadata to unlock substantial value for EY clients and their customers.”
Insurance companies are facing an increased need to prioritise technology advancements due to multiple challenges to drive business growth, improve operational efficiency and meet industry standards and compliance requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European consumers would switch their insurer if it didn’t offer up-to-date technology. Working with EY UK and Fadata teams, insurance companies can leverage a single platform for the various types of insurance services they offer to customers such as life, pensions, non-life and health. The alliance helps insurers provide scalable and agile platforms – supporting broader business benefits for insurers such as cost efficiencies, automating processes to boost productivity, adopting standardised approaches to compliance and modernising outdated legacy systems and technology infrastructure.
Rodney Bonnard, EY UK Insurance Leader, comments:
“In an increasingly digital and ‘on-demand’ world, it’s vital that insurers have the right tools at their disposal to meet customers’ changing needs. The Fadata system not only gives insurers rich data analytics to help them offer more tailored products and services to their clients, but it also helps deliver significant cost efficiencies.”
Liselotte Munk, Fadata Chief Executive Officer, comments:
“Fadata is committed to constant product improvement and adoption of the latest trends in the insurance industry. Our technology capabilities combined with EY UK’s vast experience in the insurance sector and leading technology transformations will provide the comprehensive services required to help reduce the commercial and delivery risk for insurance clients.”
For more information, visit ey.com/alliances.