The new platform will allow insurers to launch targeted offerings for niche markets quickly by creating a step change in the development of new products.
Jason Sahota, CEO of Charles Taylor InsureTech, said: “Cloud computing is a well-established means for businesses to access software over the internet, but its take-up has been slower in insurance than other market sectors. Now, by accessing InsureTech’s platform on the Oracle Cloud, life and protection providers can develop, run, and manage applications without the complexity of building and maintaining the hardware infrastructure.”
According to Charles Taylor InsureTech, the platform is powered by the INSIS Policy Administration System developed by insurance software specialist Fadata Group. It will provide an end-to-end solution for life and protection insurers that includes pre-configured business process models and product configurations together with an extensive library of web services to support integration with external systems, according to the company.