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Faktor-ICS

by Faktor Zehn · Since 2004
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Active1+ countriesOn-premise
Quick facts
VendorFaktor Zehn
Year launched2004
StatusActive
LocationFaktor Zehn GmbH Friedenheimer Brücke 21, München, 80639, DE
Countries served1+
Languages6
IntegrationsN/A
Free tierN/A
Free trialN/A
Contact salesYES

About Faktor-ICS

Faktor-ICS is a modular software platform from Faktor Zehn designed for the insurance industry. It provides a modern tech stack, numerous references, and insights from existing customers to support insurance companies in their operational processes. This platform combines customer testimonials, product updates, and detailed reasons for choosing Faktor Zehn, enabling informed decision-making. With its modular approach, Faktor-ICS can be tailored to meet specific business needs, facilitating easier integration and scalability. Key capabilities: modular functionality customer insights product updates extensive industry references modern technology Best for: insurance companies that need a flexible software solution for managing their operations.

Faktor-ICS by Faktor Zehn is a comprehensive claims management system designed to enhance the efficiency and effectiveness of insurance companies' claims handling processes. ntegrating advanced digital capabilities, it enables insurers to fulfill their claims commitments swiftly and accurately, even accommodating innovative product offerings. ([ktorzehn.com](http://ktorzehn.com)) The software offers a user-friendly interface chaerized by a clean and modern design, facilitating easy navigation for users across various technical proficienciesteractive dashboards and customizable reports provide real-time analytics, enhancing the overall user experience. Additionally, the platform supports various learningrts, such as video tutorials, webinars, and documentation, provi a flexible learning experience for users. Faktor-ICS distinguishes itself with a range of robust features. It supporhe entire claims management process, from initial recording and coverage verification to final resolution. The system's architecture allows for seamless integration with digital toolsabling functionalities like direct linking of apps, portals, chatbots, and o communication channels. This integration reduces processing times and enhances customer satisfaction.

Pros & Cons

Pros
  • • Streamlines claims settlements, reducing processing time and media discontinuity for increased efficiency and customer satisfaction.
  • • Enables integration with apps, portals, and IoT devices, opening possibilities for automated scenarios and advanced claims management.
Cons
  • • Limited customization options for processing claims
  • • Lack of integration with other software systems
  • • Technical glitches and bugs causing delays in processing claims
  • • Limited reporting and analytics features for data analysis
  • • Limited customer support and slow response times for troubleshooting issues

Features

Key features

1. Efficient Claims Management

Optimizes claims handling processes, reduces processing time through seamless integration of product and contract data, and minimizes manual work.

2. High Automation Potential

Automates various stages of claims processing, including coverage verification and reserve management, leading to significant efficiency gains and shadow processing capabilities.

3. Seamless Product Integration

Allows direct use of product and contract details within the claims system, ensuring consistency and accuracy.

4. Adaptable and Customizable

Offers extensive customization options while maintaining release stability for standard updates, enabling insurers to tailor the system to their specific needs.

5. Easy Integration

Features a lean architecture and REST APIs for easy integration with existing IT landscapes and surrounding systems.

6. Digital-Ready

Supports digital deployment scenarios, including integration with IoT devices, external services, and various communication channels like apps and chatbots.

7. User-Friendly Interface

Provides modern web interfaces designed for optimal workflow and ease of use for claims handlers.

8. Comprehensive Logging and Auditing

Tracks all changes made within the system, ensuring transparency and accountability.

9. 4-Eyes Principle

Incorporates an authorization-controlled 4-eyes principle for critical processes like payments and reserves.

Additional features

1. Claims Recording

Initial capture of claim details.

2. Coverage Verification

Formal and substantive verification of coverage, even with contract changes at the time of the claim.

3. Claims Processing

Handling of claims from start to finish.

4. Claims Fulfillment

Execution of the claims promise, including payment and settlement.

5. Subclaim Management

Organization and management of complex cases with multiple subclaims.

6. Reserve Management

Automated creation, update, and write-off of reserves, including at the sub-case level.

7. Payment Initiation

Support for common payment methods like SEPA and PayPal, with integration into benefit calculation and verification.

8. Partial Files

Enables creation and management.

9. Service Provider Assignment

Management and assignment of external providers.

10. Historization

Detailed logging and auditing of every field change within the system.

11. Seamless Product Integration

Direct use of product and contract details (e.g., benefits, limits, deductibles) within the claims system.

12. Easy Interface Integration

Adaptable interfaces for integration with complex application landscapes and surrounding systems.

13. REST API

Core functions accessible via REST services for integration with portals and automation workflows.

14. Service-Oriented Architecture

Built on a flexible, service-oriented architecture (REST or SOAP API).

15. Consistent Interface Design

Uses the linkki UI framework for a uniform user experience.

16. Cloud-Ready

Designed to be deployed in cloud environments.

17. 100% Java

Developed entirely in Java.

18. Customization Options

Extensive possibilities for tailoring the system to specific customer requirements.

19. Release Stability

Customizations are maintained during standard updates.

20. Segment-Specific Sample Processes

Pre-built processes and functions for non-life insurance segments to speed up configuration.

21. High Automation Potential

Automates processes like coverage verification and other sub-processes.

22. Shadow Processing

Enables fully automated background processing of claims.

23. Modern Web Interfaces

Designed for optimal workflow and efficiency.

24. 4-Eyes Principle

Authorization- and randomly controlled 4-eyes principle for enhanced security, especially for payments and reserves, with options for approval or rejection workflows.

25. Integration with External Services

Connects with various external services to enhance claims processing.

26. Integration with IoT Devices

Enables smart automated scenarios using Internet-of-Things devices (e.g., smart home devices).

27. Integration with New Regulation Channels

Adapts to new regulatory requirements and channels.

28. Direct Linking of Apps, Portals, Chatbots

Allows connection with various communication channels to reduce processing time and enhance customer experience.

29. Support for Common Payment Methods

Includes support for SEPA, PayPal, and other payment methods.

30. Log Changes

Every field change is logged and made transparently available in a separate history.

31. Manage Subclaims

Filter for focusing on one subclaim. Filter can be expanded for an overview of the entire case.

Pricing

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Countries & Languages

1
Countries served
6
Interface languages
10
Billing currencies

Available in

All Countries.

Interface languages

EnglishFrenchGermanSpanishItalianPortuguese

Billing currencies

🇪🇺EUR🇺🇸USD🇬🇧GBP🇯🇵JPY🇨🇦CAD🇦🇺AUD🇨🇭CHF🇨🇳CNY🇮🇳INR🇷🇺RUB

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