By FintechOS · August 18, 2022
5 minute read

FintechOS highlighted as key tech provider by Oxbow Partners

One of the UK’s highest-rated management consultancies, Oxbow Partners, has highlighted FintechOS as a key tech player in the insurance industry. We summarize Oxbow Partners’ interview with our CEO and co-founder, Teo Blidarus.

Oxbow Partners is a specialist management consultancy for the insurance industry, supporting clients on growth, operations, technology strategy, and M&A. The firm says it’s “been excited about the FintechOS proposition… for a while” and included us in their 2021 cohort of the Insurtech Impact25.

Oxbow Partners highlights our “mission-critical” technology, and the necessary “digital glue” that we provide our clients to hold together their tech stack. The firm explains that implementing the technology to earn these benefits is challenging for any insurer, but FintechOS makes it easy and fluid.

The firm ends its summary by describing our opportunity to both enable innovation for starting players in new areas, such as embedded insurance and combined commercial; and to empower incumbent insurers in their digital transformations.

To find out more, you can read the full interview. Below, we summarize the discussion Teo had with Oxbow Partners’ James Tribe.

Building the future together

Reading market commentary, you’d be forgiven for thinking that there’s an apocalypse coming for companies that don’t enable digital innovation. At FintechOS, we don’t believe this is the case, and established insurers can confidently expect to have the resources and momentum to be around for a long time to come.

Yet, trust in the insurance industry is gradually degrading. Only 21% of consumers consider insurance companies to be trustworthy, despite 98% of claims being paid in full.

Working, as we do, with established insurers, we know they care about their customers. They just need to show it by connecting with them, literally offering value in their pockets, wherever they are, through mobile devices.

That requires the technology to both offer innovative digital services, and also to connect with and embed them into third-party journeys. That technology is FintechOS HPFI.

The FintechOS HPFI platform

FintechOS is the global leader in high-productivity fintech infrastructure (HPFI). We help insurers across any domain to rapidly launch and manage the next generation of products and services across commercial, health and life, property, and pet insurance.

Our platform empowers insurers to reduce their costs on outdated core infrastructure. We help them do this by modernizing operations and deploying innovative end-to-end journeys that offer great customer experiences.

HPFI technology is essentially “digital glue” that can bind any technology together to form a functioning tech stack. We also provide preconfigured Accelerators and Connectors that you ‘stick’ together to make your new, digital solution, as you need.

This means the FintechOS platform can either:

  1. become a complete, new tech stack for your organization
  2. support a single, one-off solution for a specific product
  3. form a back-end to make your legacy systems compatible with innovative third-party technology

HPFI is flexible enough to solve any problem. We offer insurers digital transformation on their terms.

Why FintechOS

There are three guiding principles underpinning our work at FintechOS:

1 There is no core

According to a BCG survey, 70% of digital transformations fail, with no return on investment. Thankfully, a full rip-and-replace of your core systems just isn’t necessary, as you no longer need a “core” system. The only true ‘core’ to your tech stack is data.

Modern, digital applications now function in the cloud. Rather than needing a core system to base them in, you just need to get your different tech tools to talk to each other. You need a “digital glue” to hold them together, and that’s HPFI.

This is a cultural mindset, as much as a technology trend. It’s starting to happen in banking, but the insurance industry is a little bit behind. FintechOS enables them to catch up quickly.

2 Front- and back-office synergy

Many established insurers are struggling with siloed teams. Their ‘front-office’ customer service isn’t aligned with their ‘back-office’ technology.

At FintechOS, we look at things differently. There is no difference between the front- and back-office, and insurers need one platform that aligns what the customer sees with what must be done in the back-office to deliver on those promises.

We focus on empowering our clients to create end-to-end customer journeys that not only delight at every stage, but also flow from step to step.

3 Digital Makers

Once you have coreless, end-to-end customer journeys, you don’t want them to fall down because your process bottlenecks at one overworked team of developers. Using the low-code interfaces of the FintechOS platform, the true innovators in your business can build new products themselves in minutes, without relying on your tech teams to implement their ideas.

This allows them to keep producing innovations until they find one that works, without costing you money. Meanwhile, your tech teams will be freed up to focus on innovating their tech stack on a large scale, further enabling low-code product development.

Implementing the FintechOS platform

Don’t take our word for all this, though. We’re already empowering insurance providers with HPFI. We saw recent success working with a global financial institution that offered banking and insurance services for small- and medium-sized enterprises.

We started by understanding their under-served customer profiles. Any two SMEs, can vary enormously in their needs from financial products, even when they have similar revenue.

As such, personalization is vital. Platforms like Amazon and Alibaba aren’t going to want to work with providers that can’t tailor their products to their customers.

Our Evolutive Approach to data management allows our clients to create hyper-personalized products through digital automation. HPFI then allows you to embed those products anywhere.

This allowed our client to deliver value five-to-10 times faster than they were previously able to; and we’re currently using the same approach to help a tier-1 insurer.

To find out more about the FintechOS platform, book a demo.

Share this article with your connections