ITC DIA Europe

Faktor Zehn: core system modernization to implement new futureproof digital business models

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jul 6, 2023

Now more than ever, insurers are focusing on technology and the role it can play in helping them to develop and future-proof their business. Central to further growth and innovation is core system modernization – it’s the key to successful digital transformation.

Faktor Zehn is a specialist in IT-solutions specifically focused on the insurance industry. They offer modern and futureproofed solutions for core insurances processes, which are available either as complete end-to-end suite or as modular systems. Based on a 100 % Java architecture the product portfolio of Faktor Zehn offers nine individual components that can be combined as needed. From product definition to offer management, policy management and claims management to a subledger solution, a business partner system, a commission system, a print system as well as a portal solution for end customers – Faktor Zehn offers insurers an all-in-one solution.

How it works

Faktor Zehn’s software solutions can be used individually according to the best-of-breed approach, or integrated as the Faktor Zehn Suite to cover all core processes: from product definition to application and quotation management, policy management and claims management. In addition to the core modules, their suite also includes a subledger solution, a flexible business partner, a commission system and an output-management solution. The offering is completed by a customer portal for insurance companies and a printing system. Thanks to the modeling option of the open-source core, Faktor Zehn Suite can be adapted to the respective interfaces and easily integrated into existing system landscapes and allows an easy integration of additional systems.

Faktor Zehn offers insurers not just a standard software solution with a lot of flexibility for all core processes, they also offer a future-proof solution individualized for every customer. In addition to delivering innovative software solutions, Faktor Zehn provides insurers with IT consulting, to ensure seamless delivery and servicing. More than 20 international insurance companies already use Faktor Zehn’s software, covering all non-life policies, motor insurance, commercial and industrial insurance. In addition, their systems can also be used for line of business add-ons for health insurance and company pension schemes. Their software can be deployed according to the insurer’s IT strategy, either cloud, on-premise or hybrid.

Why we selected Faktor Zehn for ITC DIA Europe

Since 2004 Faktor Zehn focuses on providing innovative digital solutions specifically for the insurance industry, helping insurers to future-proof their digital business models. In addition to solutions for product definition to application and quotation management and policy management, Faktor Zehn offers an innovative claims management system ready for digital deployment, such as smart automated IOT, scenarios. At ITC DIA Europe, Faktor Zehn showcased some of the latest developments in their innovative offering for insurers.

About Faktor Zehn

Faktor Zehn was founded in 2004 by six partners with the mission to provide innovative software for the insurance industry. Since 2012 Faktor Zehn is part of the ConVista Consulting group, one of the world’s leading consultancies for process and IT integration. The ConVista Group was founded in 1999, is now active in 12 countries across three continents, and has more than 350 clients in 22 countries, ten of whom are amongst the top 30 DAX-companies. Its customer base includes global market leaders in the insurance industry. In total, Faktor Zehn has more than 20 clients in the DACH region. As a 100% subsidiary of the ConVista Group, Faktor Zehn benefits greatly from its vast network of expertise. Faktor Zehn is headquartered in Munich, Germany.

Faktor Zehn has been awarded “Technology Standout” in the Celent Report “Policy Administration System Vendors: EMEA General Insurance, 2023 Edition”. Additionally, Faktor Zehn is listed in the Gartner “Market Guide 2022 for non-life insurance core platforms, Europe”.

“Our mission is to support insurance companies to generate speed of innovation and competitive advantages in their core business. For this, we develop innovative and agile standard software with which we can achieve measurable and significant improvements in our customers’ processes and IT.“

Jörg Renger, Managing Director at Faktor Zehn GmbH and member of the Executive Board of ConVista Consulting AG
Jörg Renger and Jan Ortmann, Managing Directors at Faktor Zehn GmbH
 
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