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What software is used to trade insurances electronically in Spain? Hide details
Hello! Thanks for your inquiry on software used to trade insurances electronically in Spain.
The short version is that ten providers of software for electronic trading of insurance were identified in Spain, based, first, on their size and trajectory in the industry and second, on their innovative approach in relation to Insurtech. Providers of software for electronic trading of insurance in Spain include well-known international players (IBM, SAP, Towers Watson), established Spanish players (GFI, MPM), and providers of software for the young and disruptive Insurtech industry (eBroker, Clicksurance, etc.).
Below you will find a deep dive of my research / findings along with all the details for how I came to this answer.
METHODOLOGY
In order to identify the top software providers for electronic trading of insurance I first looked into sources related to the Insurtech space in Spain. Insurtech clearly depends on advanced software solutions. I found an article that identifies the top IT infrastructure providers for Insurtech companies in Spain, and I include in my response several of the companies from that source.
On the other hand, I performed repeated searches on the web to identify the largest software providers to the insurance industry in Spain. Besides the well-known international providers (IBM, SAP, Towers Watson), there are also Spanish firms, such as MPM, which have become large providers of the insurance industry in that country.
Based on these criteria, the selected firms are listed below, with a short description of the firms and their offerings. I have attached the links to the corresponding websites, which for obvious reasons are in the Spanish language (a rough translation can be obtained with Google's translator).
IBM offers in Spain essentially the same insurance product marketed internationally. It is focused on data analysis, an activity crucial for many aspects of the insurance industry. The product capabilities include customer retention analytics, digital engagement, distribution optimization, claims optimization, fraud prevention, IoT utilization, underwriting optimization, catastrophe insight/response, financial performance management, and risk management & compliance.
The SAP software solution for the Spanish insurance industry is also the product offered internationally. It includes strategic information capabilities (marketing, sales, digital clients, service), insurance central operations (insurance policy life cycle, invoicing, and payments), financial aspects (financial planning and analysis, financial operations, etc.), human resources management, procuring, and technology & platform.
Towers Watson Unify is the software product offered by this company in Spain, which allows integrating their financial modeling applications and reporting processes. This product can work coordinately with the risk software of Towers Watson, Solutions for Life, and with third party software.
MPM, a Spanish firm with offices in Barcelona, Madrid, and Lisboa (Portugal), founded 24 years ago and with over 96 professionals focused on insurance industry software, offers the suite of products SEG. This broad set of applications, which can work in an integrated way, include solutions for management, commercial management, online and offline integration, internet and extranet portal, etc.
GFI is the Spanish branch of an international consultancy. In Spain, GFI has 13 offices, with over 2,500 professionals. For the insurance industry, GFI offers the CLEVA solution, a platform for multi-branch and multi-channel integrated management. Cleva has a process structure that allows supporting each of the phases of the insurance product: design, production, catastrophe/response, and management.
SISnet is a Spanish software provider, with offices in Madrid, Barcelona, and Bilbao. SISnet 360 is a software solution for the insurance industry. Which has been deployed since 2004 in over 29 insurance companies in five countries. SISnet is compatible with Oracle DataBase, Oracle Linux, Oracle WebLogic, IBM DB2, and IBM WebSphere Application Server, among other products.
Codeoscopic is specialized in providing rich internet applications (RIA). Essentially, Codeoscopic offers two products. Avant2 is an insurance multi-quote tool. Rail Risk Manager is a solution for financial management. Avant2 has been deployed in 30 insurance companies and 800 brokers, with a monthly output of around 15,000 insurance policies per month.
eBroker is an independent software provider, whose aim is to be an alternative for the traditional insurance companies. Its products include solutions for connectivity, commercial management, legal support, web services, etc.
Calculo has been in Spain for over 40 years and has over 200 specialists in its offices in Madrid and Barcelona. Its key product for the insurance industry is e-Tica, an integrated management platform, which has been already deployed in over 20 insurance companies.
Clicksurance is a startup in the insurtech field, based in Madrid, which offers a product specifically focused on digital insurance. It includes web and mobile app capabilities, digital marketing, digital insurance issuance, and digital signature.
CONCLUSION
Summarizing, providers of software for electronic trading of insurance in Spain include well-known international players (IBM, SAP, Towers Watson), established Spanish players (GFI, MPM), and providers of software for the young and disruptive Insurtech industry (eBroker, Clicksurance, etc.).
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