Company: Fadata
Founders: Liselotte Munk (CEO)
Website: https://fadata.eu/
About Fadata
Fadata is a core software solution provider for the insurance industry, with over 25 years of experience. Fadata supports insurance companies with digital transformation, effortless day-to-day business and achieving long-term goals. With Fadata, insurers can say goodbye to the restraints and burgeoning costs of legacy systems, and now, Fadata is also giving insurers the confidence to shift their mindset away from an on-premise core as it focuses on ambitious cloud-based development plans.
Fadata’s feature rich low-code core platform, INSIS, already offers insurers a leading comprehensive single solution for digital transformation both on-premise and in the Cloud. Now, Fadata plans to drive forward its cloud-based service so that insurers can fully appreciate the benefits of zero maintenance, regular updates, and instant access to new features, all without disruption to their business. This is all thanks to the flexibility of INSIS which features containerisation, an open environment to provide insurers with choice, and a ready-made enterprise solution for easy access to technological developments. Most recently, Fadata announced that it is adding multi-tenancy capability to INSIS, charging ahead with the industry’s most flexible SaaS solution for insurers.
With Fadata as a SaaS for insurers, INSIS clients can look forward to freeing up internal resources, having the ability to react to any changes in the market – whether that’s an immediate upsurge in claims or meeting new changeable customer demands over time – and the power to scale by adding new lines of business, entering new territories or conducting acquisitions with ease. Fadata has a unique position as a core Insurance platform provider that offers a multi-tenancy, plus support for all lines of business, across geographies within a single solution.
INSIS now offers a single platform for multiple instances of business that can be rolled out at an impressive rate. At least 80% of a product can be replicated in other environments instantly, while product configuration is streamlined across all entities. It removes the heavy upfront investment in infrastructure, not to mention software license and maintenance, plus insurers can enjoy simplified maintenance and more efficient testing processes. Insurers operating in multiple countries with distinct entities can offer products across borders with varying premiums and taxes.
Fadata recently announced its financial report for H1, here is a snapshot: Fadata’s total revenue of 12.7m EUR for H1 2023 has increased by 50% compared to H1 2022. Services revenue, at 6.9m EUR, has increased by 60% in comparison to the same period last year, and license revenue has increased by a phenomenal 95% totalling 2.1m EUR. Drawing on its longevity in the industry and the expertise of its highly experienced team, Fadata is embarking on the natural next step for the business by focussing on its SaaS strategy as the company continues to successfully usher in the digital era of insurance and expand its own business as a result.
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