Our Story: Inception and 2019 Year-in-Review
August 21, 2020
We are more than halfway through with 2020 but it feels like it is just the beginning.
The current events had put a brake on a lot of initiatives, but we do believe that it is important to reflect and critically analyze the developments both locally and globally, both positive and negative.
This time we would like to share our progress.
The year 2019 seems too far away but for Fadata, it has been one full of success stories. While “the new normal” has been reshaping the status quo, forgetting about the past would leave us unprepared for the future.
In that regard, 2019 saw the company progress in a number of fields. Firstly, dynamic times call for dynamic actions and we have always strived to be ahead of the curve with the company investing into our Product Development factory as well as the expansion of operation on a local and international levels. For example, we achieved an increase of 32% in Human capital (Software development and Support teams).
Secondly, our dedication to the client can be seen with the establishment of a new Service Delivery model and a dedicated Partner Enablement Program which saw more than 160 partner staff receiving trainings to contribute to 650 SI resources available.
Thirdly, investment drives success and our attention to the clients’ needs allowed us to add five new clients thus expanding our revenue growth which eventually granted us the leverage to enter the UK and the Benelux markets. This was not a small feat as compared with 2018, the Revenue & Income in 2019 was 18.5 m EUR – a 43% improvement. In that train of thought, part of our EBITDA of 4.3 m EUR last year did come from restructuring and optimization of our commercial and delivery partner model. The focus was put on resource planning, project closure and active cost management among others.
Last but not least, we managed to develop a 3-year roadmap with a clear delivery plan where the focus was to stay ahead with the developments in the insurance line of business where API enrichment, the cloud, digital channels, and machine learning would dominate the technological advancements.
Our approach has not been left unnoticed by the Analysts as Fadata was recognized by Gartner as a Magic Quadrant Leader for Life Insurance Policy Administration Systems, Europe, 2019 for the eight-consecutive time. Furthermore, the company received the XCelent Breadth of Functionality Award in Celent’s seventh biennial report “Europe, Middle East and Africa PAS 2019: Life, Annuities and Pension ABCD Vendor View”.
If one can draw the line back to the inception of the company, they could see more similarities than differences. For example, the passion is ever-present as the drive to solve problems and create solutions has been sewn into the fabric of Fadata. In the early stages, the founders were tasked with initiatives, currently underdeveloped or non-existent where they had to create something out of nothing, relying on their expertise alone. The driving force was the desire for success and the love for the work.
Such an attitude is now ever-present – the teams have expanded, the solution has been recognized, the clients have grown in number and size but the spirit has remained the same.
Written by Fadata Group
Fadata Group is a leading provider of software solutions for insurance companies. It helps insurers stay competitive in the digital economy by implementing the processes needed to connect faster and more effectively with their customers and distribution partners.