DEVK goes live with a new Faktor-IPM policy management system, successfully migrating 1.3 million contracts - in time and budget and meeting required quality standards
Cologne, April 24, 2019 - The DEVK Group has successfully implemented Faktor-IPM, the policy management system developed by Faktor Zehn GmbH, for home insurance products. The project was supported by the Cologne-based IT consultancy ConVista Consulting. At the beginning of April 2019, 1.3 million contracts were migrated successfully. DEVK has been using Faktor-IPM to process new business since January. The open source Faktor-IPS product system is an integral part of the new existing policy management system.
The introduction of the new policy management system for private and commercial P&C business is scheduled to run for the next eight years. It took 22 months to go live with the home insurance products (including migration) and the project met time, budget and quality targets. The next phases of the project will include the implementation and migration of accident, liability and car insurance.
Under the leadership of DEVK, ConVista has been involved in the project since July 2017. DEVK benefits from receiving support and know-how from one single source. ConVista specializes in IT consulting and the wholly owned ConVista subsidiary, Faktor Zehn, is a software house specializing in insurance solutions.
DEVK board member Michael Knaup is pleased with the results so far: "ConVista is our partner in the modernization of our P&C system landscape. Both our IT and business department have been won over during the initial phase of working with the new policy management system Faktor-IPM. We believe that it will give us the technical prerequisites required to meet future customer expectations such as fast time-to-market and digitization."
About the DEVK-Gruppe
For more than 130 years, policyholders in Germany have been placing their day to day risks in the hands of DEVK insurance companies, with confidence. Staff at DEVK, are currently providing services to approximately four million customers nationwide, and have over 14.7 million risks on their books, across all insurance sectors. In total, more than 6,000 employees roll up their sleeves to offer help quickly and enthusiastically. Furthermore, the Sparda banks have been a reliable partner for many years. In terms of the number of contracts, DEVK is Germany's third largest household insurer and fifth largest passenger car and liability insurer.
ConVista Consulting AG is one of the leading consulting firms in the IT and business consulting sector with headquarters in Cologne. The range of services on offer include implementing business strategies and process optimization using software integration and development, based on SAP, Microsoft, Java and other technologies. ConVista can also fulfil roles such as project, quality and change management.
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