Apr 23, 2020
Raiffeisen Life Insurance company LLC had a vision: gradually implement deeply digitized insurance processes, optimize operational costs and improve flexibility. To that end, Raiffeisen Life, a subsidiary of the UNIQA Group and Raiffeisen Bank Russia, enlisted Adacta Fintech to help it completely digitize its existing and new life insurance products, starting with their mortgage and endowment portfolio.
Founded in 2009, Raiffeisen Life has developed made-to-measure mortgage and life insurance products, sold through Russian Raiffeisen Bank’s branch network. The team of 120 dedicated employees is guided by the basic principles focused on customer-centricity and constant business processes improvements. It was the latter that drove a complete digital overhaul within Raiffeisen Life that found a like-minded partner in Adacta Fintech.
Anton Melnikov, CEO, Raiffeisen Life, comments:
“We focused on improvements and were looking for a vendor whose modern technology will be flexible enough to significantly shorten the time to market for new business lines, decrease support costs and unify all of our processes on one platform. Adacta Fintech has proved to be the right company for the job and a great cultural fit. We are satisfied with the deliverables and are confident we will finish the project as a much more technologically advanced, completely customer-focused company.”
Together, the two companies started the project with an extensive business analysis and moved on to the implementation project phase. Last year in early autumn, first results were delivered in the form of the new front-office module used to issue policies in the Bank`s branches which was successful and drove excellent user adoption. Later on, in early April, the first set of products - mortgage and endowment life – were moved to the production in end-to-end mode. The teams are now tirelessly working to transform and unify the rest of the processes and products, including brand new endowment business lines, PPI (payment protection insurance), and critical illness. Supported by the AdInsure insurance platform and agile working practices, Raiffeisen Life has the enviable position of being able to scale and adapt as needed.
Alexander Solomonov, Vice President for business development, Adacta Fintech, comments:
“Partnership with Raiffeisen Life is about more than process optimization and shortening the time to market today. We want them to have the scalability and flexibility that will allow them to look far ahead and adapt to the latest trends and technologies.”
Adacta Fintech and Raiffeisen Life will continue to work side-by-side, making sure that the insurer’s systems are optimised, flexible and future-ready.
About Raiffeisen Life
Raiffeisen Life Insurance company LLC is a medium-sized company that specializes in providing life insurance services. At the end of 2019, the organization ranked 16th in terms of collected premiums among Russian life insurers. Insurance products are sold through the offices of Raiffeisenbank's partner Bank. The head office is located in Moscow. Raiffeisen Life Insurance company LLC was established in 2009. 75% of the authorized capital belongs to the Austrian insurance group "UNIQA", the leading insurance group in the markets in Austria, Central and Eastern Europe, 25% - JSC "Raiffeisenbank". The company is a member Of the Association of Life Insurers and the Russian Union of insurers. Expert RA rating Agency assigned highest «ruAAA» financial reliability rating to the Company.
Adacta Fintech is a leading software provider for the insurance industry. Our insurance platform, AdInsure, gives Life and P&C insurers a future-proof way to streamline their operations and processes. Established in 1989, Adacta Fintech spent decades helping insurance organisations grow their digital capabilities and drive increased profit. Their mission is simple: Empower tomorrow’s industry leaders to realise their potential through technology.