Charles Taylor InsureTech targets life with new cloud-based platform
Charles Taylor InsureTech has launched what it has described as the world’s first cloud-based life, health and protection core insurance platform, which will allow insurers to scale-up new products in a matter of weeks.
The company claims this new technology will create a step-change in the development of new products to meet the ‘protection gap’ as insurers will be able to launch targeted offerings for niche markets quickly.
The platform is powered by the highly-rated INSIS Policy Administration System developed by insurance software specialist Fadata Group. It provides an end-to-end solution for life and protection insurers that includes pre-configured business process models and product configurations together with a library of Web Services to support integration with external systems.
Jason Sahota, CEO of Charles Taylor InsureTech, said: “Cloud computing is a well-established means for businesses to access software over the internet, but its take up has been slower in insurance than other market sectors. Now, by accessing InsureTech’s platform on the Oracle Cloud, life and protection providers can develop, run, and manage applications without the complexity of building and maintaining the hardware infrastructure.
“The life and protection market is changing fast as insurers respond to increasing customer demand for on-line products. Using our platform insurers can get a new product to market far faster than was previously possible, at a lower cost and with instant scalability. The first release is focussed on individual protection products, later releases will support group protection and individual investment products.”
INSIS is an award-winning policy administration platform for life, general and health insurance businesses that provides full coverage of all aspects of insurance business. It has been recognised by leading research reports, including Gartner and Celent.
John Abel, vice president of technology and cloud, Oracle UK, Ireland and Israel at Oracle said: “INSIS is one of the insurance industry’s leading policy administration software solutions and InsureTech’s core insurance platform means that users can now enjoy the benefits of cloud-based working, from flexibility and scalability to the guarantee that they are working with the most up-to-date version of the product.”
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