Charles Taylor InsureTech has launched a cloud-based life, health and protection insurance platform

Using InsureTech’s cloud-based platform, life, health and protection insurers can launch and scale-up new products in a matter of weeks instead of months.

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Charles Taylor InsureTech said the technology will create a step-change in the development of new products to meet the ‘protection gap’ as insurers will be able to launch targeted offerings for niche markets quicker.

Jason Sahota, CEO of 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.

“Using our platform insurers can get a new product to market far faster than was previously possible, at a lower cost and with instant scalability. The first release is focussed on individual protection products, later releases will support group protection and individual investment products.”

The platform is powered by INSIS Policy Administration System developed by insurance software specialist Fadata Group.  It provides 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.

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INSIS is an administration platform for life, general and health insurance businesses that provides coverage of all aspects of insurance business. It has been recognised by research reports, including Gartner and Celent.

John Abel, vice president of technology and cloud, Oracle UK, Ireland and Israel at Oracle, said: “INSIS is one of the insurance industry’s leading policy administration software solutions and InsureTech’s core insurance platform means that users can now enjoy the benefits of cloud-based working, from flexibility and scalability to the guarantee that they are working with the most up-to-date version of the product.”