Back in 2022 in the early years of its disruption strategy, REVO was seeking a system integrator and partner to design and deploy its new core insurance system. As part of its plan for growth, it wanted to create a new platform using cutting-edge software architecture.
This would need to integrate seamlessly with its existing consolidated platform, and while the team at REVO had a clear idea of what they wanted to achieve, they needed a technology partner to execute a solution.
Based on REVO senior management’s knowledge and trust of Konecta, it turned to its digital team in Italy, knowing Konecta had the digital expertise and understanding of the insurance sector to provide a reliable and futureproofed solution.
Konecta proposed a fully cloud-based solution, which it designed and implemented using agile methodologies. With a team of around 40 staff working across various project streams at different phases, Konecta embarked upon an intense development and tailoring of its service.
At the heart of Konecta’s approach was to bring in leading-edge GenAI and blockchain technologies from its supplier ecosystem. Using these technologies to provide high levels of security, efficiency, speed and flexibility across the solution, it quickly demonstrated that it was the right technology enabler for REVO’s innovative and ambitious goals.
The Konecta team’s work resulted in REVO’s proprietary OverX platform for managing sales and claims processes, including data governance and decision support systems. REVO describes OverX OverX as a competitive tool that helps the company to gain market share quickly thanks to its ability to put together, write and manage insurance policies in a flexible, modular and automatic way. Also OverX configures itself as a management software for small intermediaries and a simplified interface for large brokers.
According to Davide Diemmi, Business Developer & Strategist in Konecta’s Digital Business Unit in Italy,
“One of the goals REVO gave us was they wanted to provide all the insurance intermediaries on the market with the best and most user-friendly interface possible, that would save them having to carry out frustrating and repetitive tasks. The integration of GenAI and Big data repositories delivers that, making it possible to execute in seconds or milliseconds what previously may have taken minutes. And blockchain allows REVO to finalize contracts at high speeds and completely securely.”
REVO estimates that intermediaries and internal teams benefit really significantly from the acceleration in the Gen AI/Big data infused processes, such as email management, allowing them to do tasks more quickly and efficiently, and freeing up time for them to focus on other business.
Another major benefit of the solution Konecta created for REVO is that it is a no code / low code platform, which allows REVO to configure new products or business lines without having to do software development to build or deliver the product.
“This means the go-to-market for any new product can be quick and easy, allowing REVO to be highly creative, flexible and independent in its approach,” explains Davide Diemmi.
Through its work on system integration for REVO, Konecta quickly became its preferred partner in its IT strategy.
The partnership has been consolidated with an expansion of activities and opportunities, such as Data Governance process implementation.
In addition, the easy scalability and flexibility of the OverX platform enables REVO to look at new markets in Europe.
Konecta is now working with REVO on a pilot project in Spain, modifying and localizing the system developed for Italy – using its global footprint and experience, its insurance knowhow and ability to localize its approach to support the insurtech’s growth.
