Insurance Software implementation at Ethniki

Ethniki, founded over a century ago, is the largest insurance company in Greece, with a 25% market share. The company has over 1,400 employees and 5,000 agents at its 75 branches throughout Greece.

The Challenge
The business processes in the company were supported by various legacy applications, which were maintained separately for each insurance branch. The maintenance of the various applications was costly due to the aging technology and development techniques. Moreover, the systems lacked the flexibility required to respond swiftly to the ever changing insurance market. Therefore, Ethniki was seeking for an advanced software solution that would provide the following:

Save operational costs by implementing one unified IT system for all insurance divisions and products
Provide significant flexibility for swiftly creating and changing insurance products, with minimum programming effort
Improve the company’s service level to company users, agents and customers
Provide detailed and timely management information
Upgrade the technology infrastructure of the business applications, to serve as a firm basis for future software development and to preserve future IT investment

The Solution
FIS Software suite for the General Insurance (P&C) marketplace was selected as Ethniki’s comprehensive solution for the above challenges, due to its vast capabilities of managing various insurance products in one core-business system, without programming.

Additionally, the company decided on further investing in the upgrade of its’ existing product to a multi-tier browser-based system, in order to provide enhanced connectivity capability for the vast number of users dispersed throughout the country.

The Result
Within a period of 12 months, the company set up 10 insurance products of 3 insurance divisions onto the new platform, replacing 3 separate legacy software applications.

Currently the company is investing in a new phase of development for a new line of products, which will provide the company with a significant competitive edge in the Greek insurance market.

“After operating FIS General Insurance software suite for six months, I would like to congratulate you for the outcome of your effort to produce an effective real table driven insurance administration software system.
I think our company will benefit a comparative advantage against its competitors in operating a software system that can react promptly and with low cost, to the needs of the market”.

Mr. Sotiris Sofopoulos
CIO & IT Director
Ethniki Insurance Company, Greece