CORDIS
EU research results

CORDIS

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MAKING DIGITAL TRANSFORMATION A REALITY FOR INSURERS

Project information

Grant agreement ID: 823185

Status

Grant agreement terminated

  • Start date

    1 October 2018

  • End date

    30 September 2020

Funded under:

H2020-EU.3.

H2020-EU.2.3.

H2020-EU.2.1.

  • Overall budget:

    € 1 999 681,25

  • EU contribution

    € 1 399 776,88

Coordinated by:

I 2 S-INFORMATICA SISTEMAS E SERVICOS SA

Portugal

Objective

Last time you paid your insurance bill, did you realize that about 25% was to pay for legacy processes that are frozen due to inflexible IT systems setup in the 80s and 90s? You’d be right to expect that a worldwide industry with 32,000 insurers generating over 3% of world’s GDP with a highly immaterial business model would be the first to make effective use of IT. It isn’t.
The knowledge needed to run the business has been buried under layers of dated tools, unable to respond to new customer segments or expectations, and leading traditional insurers to the verge of disruption in the next 5 years. One of the main causes is insurers take on average 9 months to launch a new insurance product due to the complexity and number of their legacy systems. As a consequence, they spend 70% of their IT budget just to maintain the status quo.
With InsurAgility, using an insurance product editor and generative code, we enable insurers to launch new products in one month, make complex changes in hours and simple ones in minutes. All done by actuaries and insurance business users with no need for IT staff. The result? 90% faster time to market, anticipating sales and lowering operating costs.
Why would conservative insurers take such a disruptive approach now? Three reasons: rise of the empowered customer, new nimble players that are responding fast to these customers for a fraction of the price, and the lowest interest rates in recorded history. There is no choice but to act on the operational costs that add no value for customers. With 30+ years of experience in insurance, 50+ customers and 5 world-class partners supporting the sale and implementation of our software, i2S proposes to further develop its disruptive solution to target an addressable market of 1,900 insurers. In 3 years, with just 2% of the addressable market, i2S will achieve a ROI of 3 and 10M€ in accumulated profits.
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Coordinator

I 2 S-INFORMATICA SISTEMAS E SERVICOS SA

Address

Rua Do Zambeze 289
4250 505 Porto

Portugal

Activity type

Private for-profit entities (excluding Higher or Secondary Education Establishments)

EU Contribution

€ 1 399 776,88

Project information

Grant agreement ID: 823185

Status

Grant agreement terminated

  • Start date

    1 October 2018

  • End date

    30 September 2020

Funded under:

H2020-EU.3.

H2020-EU.2.3.

H2020-EU.2.1.

  • Overall budget:

    € 1 999 681,25

  • EU contribution

    € 1 399 776,88

Coordinated by:

I 2 S-INFORMATICA SISTEMAS E SERVICOS SA

Portugal