Fadata

Fadata is a provider of software solutions for the global insurance industry, with a history dating back to 1990. It was founded in Bulgaria by a team of engineers, including Boyko Kotchev and Anry Levy, who initially created bespoke software systems before developing their flagship product. The company was established in April 1990 after the founders identified a demand for experienced software engineers during a project in Greece. A significant milestone occurred in December 2015 when The Riverside Company, a global private equity firm, and Charles Taylor plc, a provider of insurance services, acquired a majority stake in Fadata. This investment was aimed at boosting Fadata's sales and marketing to expand into new geographical regions. The company's current CEO is Liselotte Munk, who brings over 25 years of experience in the insurance and technology sectors.

Fadata's core business revolves around its Insurance Integrated System (INSIS), an end-to-end policy administration platform designed for life, general (property and casualty), and health insurance companies. The company serves a diverse client base of over 60 insurers in more than 30 countries across Europe, the Middle East, Africa, and Latin America. Its business model is centered on providing its software through a Software-as-a-Service (SaaS) model, which includes implementation, integration, customization, and maintenance services. Revenue is generated through licensing of the INSIS platform and associated professional services. Fadata has an extensive partner network that includes EY, Infosys, and Sollers for implementation and distribution.

The INSIS platform is a comprehensive, modular system that automates and standardizes core insurance operations. Key features include modules for policy administration, billing and collections, claims management, and reinsurance management. The platform's service-oriented architecture allows for flexible integration with third-party systems via open APIs, enabling insurers to create a connected ecosystem. INSIS is cloud-ready and can be deployed on platforms like Amazon Web Services (AWS). It is highly configurable, with tools for product design and business process management that allow clients to manage products and processes independently. The platform also incorporates an AI module with pre-built machine learning models to automate various insurance operations. A key selling point is its ability to support all major lines of business on a single instance, providing real-time reporting and improving agility for launching new products.

Keywords: insurance software, core insurance platform, policy administration system, InsurTech, life insurance, general insurance, health insurance, claims management, billing systems, reinsurance software, SaaS for insurance, digital transformation, Fadata INSIS, insurance automation, underwriting software, insurance ecosystem, core systems modernization, P&C insurance software, insurance process management, European InsurTech