Using Fadata’s insurance process platform INSIS and EY UK’s implementation services, the companies intend to help insurers launch new flexible products faster and servicing them through new digital channels.
Fadata said that 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. The alliance will help them support broader business benefits such as cost efficiencies, automating processes to boost productivity, adopting standardized approaches to compliance and modernising outdated legacy systems and technology infrastructure.
Peter Manchester, EY EMEIA insurance leader, said: “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.”
Liselotte Munk (pictured), Fadata chief executive officer, said: “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.”
Headquartered in Munich, Fadata serves clients in over 30 countries across Europe, the Middle East, Africa and Latin America through its international distribution and implementation partner network. The company's shareholders include The Riverside Company, a global private equity firm, and Charles Taylor, a London-based global provider of insurance services.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Fadata, Charles Taylor, Ernst & Young (EY), Partnership/Agreement, Technology, Insurance, Reinsurance, Peter Manchester, Liselotte Munk, Germany