FintechOS, the global leader in fintech enablement, has 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 technology 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.