Adacta
Delivering Automation into Policy Administration

‘Insight’ and ‘change’ play a key role in enabling insurance companies to gain visibility into the market dynamics, customers, operational efficiencies, and tools that help embrace changes and compliance. Traditionally, companies in this sector run on legacy Policy Administration Systems (PAS) that bar their overall growth and business prospects. “As a vendor of policy administrative solutions, we cover core operations of all lines of business, addressing the requirement for fast adaptation in a market that would change tremendously in the coming years,” starts Matej Pfajfar, Executive Director, Financial Services Solutions, Adacta. In the recent years, Pfajfar observed interesting developments in the insurance industry such as the shift toward digitalization and rapid adoption of customer-centric business principles. “These changes are occurring far more slowly than we expected,” he adds. Slovenian business IT solution provider, Adacta has over a decade of experience in the insurance sector and has grown as a vendor for automated policy administration solution in Europe and Russia.

Adacta’s flagship offering, AdInsure, caters to the needs of both highly specialized businesses as well as large across-the-board insurers. This policy administration solution is built to cover all operational aspects of insurance, from acquisition to policy administration, billing and collection, claims, and reinsurance. It can be used by all lines of businesses (retail and corporate) with customization. “We believe the configuration capabilities of AdInsure provide robust flexibility by decreasing the total expense to our customers,” says Pfajfar. AdInsure’s policy management module is managed by product editor module and can be complied with individual, group, and framework agreements.

We believe the configuration capabilities of AdInsure provide robust flexibility by decreasing the total expense to our customers

Similarly, AdInsure’s CRM module is built on Microsoft Dynamics CRM and helps insurance companies be more customers focused. AdInsure. CRM is tailored to address industry-specific requirements in areas like acquisition, underwriting, FNOL, billing and collection and others. “AdInsure.CRM is completely a customer based solution that drives efficiency of sales, marketing and customer service,” expresses Pfajfar. This solution comes with standard integration interface that simplify collaboration with any existing core system and improve its effectiveness. AdInsure. CRM also enables insurers to reach out to their customer through a single, 360° view across marketing, sales and customer service department. It enables companies to gain control over their cost management by reducing operational costs and optimizing resources.

With rich configuration options, functionality and professional servicing, the firm is focused on continuous improvement and delivery of their solutions. In one instance, an insurance company was challenged with lack of operational synergy within the group and suboptimal product pricing, which resulted in significant loss in terms of cost and retention. Implementing AdInsure, Adacta standardized and automated product development and business processes, resulted in nearly 10 to 15 percent reduction in operational costs and improved customer satisfaction and profitability.

“We foresee the insurance industry embracing new approaches such as pay-per-use insurance, peer-to-peer underwriting, and bespoke products,” Pfajfar adds. The company aims to significantly shorten the time required to bring innovations to market. “Our plans also include major improvements to our product offering, setting up a global partnership network and expanding our market presence to become a truly global provider to the insurance industry,” ends Pfajfar on an optimistic note.