Konecta & Revo: tech partner of choice for ambitious Insurtech
Insurtech disruptor REVO wanted a system integrator to design and implement its core insurance system. Konecta’s solution – using GenAI, blockchain and a No-Code platform – has led to faster time-to-market, expansion plans, new opportunities and a strong partnership between REVO and Konecta.
REVO is an insurtech company mainly oriented to the SME sector,In its own words, “Our name is REVO as in revolution and we’re the insurer that changes the rules of the game”. Headquartered in Italy, it focuses on speciality and parametric insurance.
CHALLENGE
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.
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..
BENEFITS
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.
OUTCOMES
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.
QUOTE – KONECTA
“From the outset of this project, we provided reliable expertise and highly innovative solutions to a tech-infused client. In a sector where digitalization and innovation are a major trend, and businesses are looking to use data, GenAI and process automation to improve customer experience, Konecta is a key partner is achieving success.”
Davide Diemmi, Business Developer & Strategist in Konecta’s Digital Business Unit - Italy
QUOTE - REVO
“We are a tech insurance company and to achieve results beyond the ordinary we use extraordinary technologies, making them work for the insurance core of REVO. These technologies are an enabler for the deep insurance expertise and experience of our team, where everyone channels their efforts into a new way of doing insurance. This is how we imagined OverX:so that the most complex systems work to make the user experience simple and understandable. Konecta is the right technology enabler to support such a disruptive technological evolution as REVO’s, which has fundamentally challenged the way insurance processes have traditionally been executed”
Matteo Merli, REVO Insurance’s Deputy Chief Operating Officer