INSIS is a fully integrated, customer oriented Insurance Information System package intended to offer solutions to support all activities of the insurance business:
Contract management
Claims settlement management
Reinsurance management
Management of agents and commissions
Insurance account management
Product management
Person and insured object management
INSIS is based on the most modern software technology and is designed using an advanced concept, which allows the full parameterization of the following processes and rules on which these are based:
Insurance products definition
Contract registration process
Premium payment process
Claim settlement process
Workflow definition and control
Integration with other products
These characteristics of INSIS enable rapid customization depending on the particular insurance company specifics and allow fast and effective reconfiguration when new products are introduced to the market or modifications of existing ones shall be implemented. INSIS is set up in a modular way and its SOA architecture opens it to other systems, which enables
the integration of existing customer specific applications, e.g. Financial systems, CRM, Content management, Call centers, Payroll, Personnel, etc.
The technology used for INSIS development is OLE compatible that allows linking to all Microsoft products like Excel, MS Word, graphic tools, OLAP, etc. Information can be transferred from and to INSIS using XML or flat files. INSIS is a fully integrated, customer oriented Insurance Information System package intended to offer solutions to support all activities of the insurance business:
Illustration, Quotation, and Underwriting
Policy administration
Premium collection processing
Claims settlement management
Reinsurance management
Management of agents and commissions
Person and insured object management
Product management
INSIS is based on most modern software technology and is designed using an advanced concept to provide full parameterization of the rules and processes definition. INSIS allow rapid customization according to the insurance company specifics and fast and effective reconfiguration when new products are introduced or modifications of existing ones are to take place.
INSIS history is based on Fadata experience in the insurance business area. It can be split into two important phases.
Phase 1 – Custom made systems Fadata started working in the insurance business areas with several projects where information systems were designed, developed and implemented based on customer requirements and specifications. The table below shows the chronological list of projects in insurance business in the period 1992 - 1995.
Project period 11.1992 - 09.1993
Project subject
Development of Insurance information system
Company Project status
MIC SA Project finished
Modules
Tailor made system
Notes
Motor Insurance Company was a subsidiary of Bulstrad and was closed in 1995
Project period 08.1994 - 12.1995
Project subject
Development of Pension information system
Company Project status
Doverie SA Project finished
Modules
Tailor made system
Notes
The first private pension fund in Bulgaria
Phase 2 – INSIS Framework Design In 1995 after gathering significant experience in the insurance information systems the management decided to start internal project for developing an insurance framework package for automation of the insurance business. The framework was build based on a new concept that was based on full parameterization of the insurance product description, rating automation, process definition. The project lasted about 2 years and at the end of 1996 the first commercial version of INSIS was released.
Phase 3 – INSIS Projects 1997 - 2000 Since the beginning of 1997 Fadata executed a number of successful projects implementing INSIS in many companies in Eastern Europe. The table below shows the projects in the period 1997 – 2000.
Project period 12.1996 - 03.1997
Project subject
Implementation of INSIS and distribution in 25 branches
Company Project status
Granit SA. Project finished
Modules
Life, Non-Life
Notes
Granit SA did not receive license in 1998 and closed down its activities.
Project period 09.1997 - 09.1998
Project subject
Implementation of INSIS and distribution in 4 biggest branches
Company Project status
Bulgaria SA Project finished for Non-Life
Modules
Non-Life, Life
Notes
Project was cancelled by Fadata after customer refusal to pay instalment.
Project period 10.1997 - 07.1998
Project subject
Implementation of INSIS
Company Project status
MAS - Greece Project finished
Modules
Non-Life
Notes
Project was performed with a Greek IT company named Singular which upon finishing the project undertook the support and the maintenance.
Project period 08.1998 - 05.1999
Project subject
Implementation of INSIS; Distribution in 4 biggest branches; Distribution in all branches
Company Project status
DZI All Projects finished
Modules
Non-life, MIS
Notes
Maintenance is undertaken by a joint-venture company (DZI and Fadata)
Project period 05.1999 - 01.2000
Project subject
Implementation of INSIS; Distribution in 4 biggest branches; Distribution in all branches
Company Project status
DZI All Projects finished
Modules
Non-life, MIS
Notes
Maintenance is undertaken by a joint-venture company (DZI and Fadata)
Project period 02.2000 - 05.2000
Project subject
Implementation of INSIS; Distribution in 4 biggest branches; Distribution in all branches
Company Project status
DZI All Projects finished
Modules
Non-life, MIS
Notes
Maintenance is undertaken by a joint-venture company (DZI and Fadata)
Project period 09.1998 - 03.2000
Project subject
Implementation of INSIS and distribution in 28 branches
Company Project status
ARMEEC SA Project finished
Modules
Non-life
Notes
Maintenance is performed by Fadata.
Project period 09.1999 - 12.2000
Project subject
Implementation of INSIS and distribution in 44 branches
Company Project status
OMNIASIG SA – Romania Project finished
Modules
Non-life, Life
Notes
Ongoing distribution for non-life scheduled to finish on 15.12.2000. Life scheduled to finish on 15.12.2000
Project period 03.2000 - 05.2000
Project subject
Implementation of INSIS and distribution in 8 branches
Company Project status
SHIPKA SA Project finished
Modules
One non-life product (Green card)
Notes
This company is a broker of Bulstrad maintaining offices on the country borders.
Phase 4 – INSIS projects after 2000 Currently, the system is operated by a number of insurers in Bulgaria, Europe, Asia, and the USA and after 10 years in operation on the market, this product has proven its merits. As a result, world renowned insurers and financial groups like QBE Europe, QBE Americas, TBIH, OTP, Viena Insurance Group have chosen INSIS as their corporative solution, successfully implemented and exploited for a number of years. Such acknowledgement is no coincidence – the system is the result of more than ten years of hard work of the highly qualified specialists working in the sphere of the information technologies and the insurance business. The team, which developed this product, is made up of engineers with extensive experience as well as insurance specialists from Bulgaria and abroad including accountants and actuaries from KPMG in London.
