Diastasys: Future-proof Insurance Solutions Based on Microsoft Dynamics

Angelos Kontos, Founder & Technical Manager, DiastasysAngelos Kontos, Founder & Technical Manager
A majority of insurance companies, even today, rely on siloed legacy systems to carry out their overall operations. And the fragmented nature of these systems leads to duplication of data, often making it difficult to consolidate information into organizational reports and make appropriate decisions. The time-consuming manual processes associated with legacy systems are error-prone and often struggle to handle advanced workloads. Also, insurance companies either lack essential customer data or most of it is on paper and hence fail to deliver top-notch customer experience. These companies hardly invest in innovation to introduce newer services for better customer experience as most of their budget is spent on the maintenance of legacy systems. Diastasys—a provider of insurance solutions based on Microsoft technologies—not only addresses all of these issues comprehensively but also drives digital transformation for its clients.

Diastasys’ core insurance solution—Navins—is based on Microsoft Dynamics NAV that allows information to be shared across all departments within an organization without resorting to time-consuming and error-prone processes. Navins features a suite of modules for managing insurance, claims, reinsurance, and more. While the insurance module automates policy management and associated transactions, the entire lifecycle of a claim from creation to reimbursement is monitored by the claim management feature. Furthermore, the reinsurance capability that supports reinsurances of all kinds is integrated with insurance, claims, as well as the financial management module encompassing everything from accounting and cash flows to treasury and procurement processes.

“The most significant advantage of this integration is that there is only a single point of entry for information and all modules of your core insurance solution such as financials, policies, claims, reinsurance, and commissions are updated automatically in real time,” states Angelos Kontos, founder and technical manager at Diastasys.

There is only a single point of entry for information and all modules of your core insurance solution are updated automatically in real time

As Navins is based on Microsoft Dynamics technologies, all of its sophisticated functionalities can be accessed on any computer, smartphone, or tablet coupled with flexible deployment options—in the cloud or on-premise.

Navins’ ability to boost productivity, enable growth, and support an organization’s digital transformation can be illustrated by how the core insurance solution benefited an Athens-based insurance company to enhance their overall business system. Not only did Navins help the client manage their existing business lines more efficiently but also propelled them into new sectors. Such was Navins’ impact that premiums were doubled for the client in a span of just two years, which was further supplemented by a substantial reduction in the IT expenditure. Notably, the IT department that worked predominantly on business continuity tasks was able to focus more on introducing new, customer-centric services.

“What’s more striking about this project is that the entire investment in implementing Navins was significantly lower than the maintenance cost of the client’s existing legacy systems,” remarks Kontos. In addition to offering low total cost of ownership (TCO), Diastasys integrates its insurance solutions with Microsoft Power BI, enabling instant analysis of an organization’s performance with multidimensional key performance indicators (KPIs). Integrations with MS Office, Microsoft Azure along with incorporating artificial intelligence (AI) and predictive analytics further strengthen the capabilities of Diastasys’ solutions. A long-term strategic partnership with Microsoft makes these offerings secure and future-proof as Microsoft technologies are known to evolve continually.

Diastasys plans to continue focusing on what Microsoft delivers and how these technologies can result in new functionalities and more effective insurance solutions. With R&D efforts centered on embedding AI in Navins to manage diverse workloads, the company is working on expanding its offerings horizontally in the insurance industry. “We have established regional offices in Greece and Cyprus, and look forward to expanding globally through companies that use our solutions in different countries,” concludes Kontos.