The insurance industry can get complicated, fast. When companies operate globally, multilingually and across currencies, ensuring data accuracy and process efficiency can be challenging. That’s before we add in the rapid evolution of insurance products on the market and the necessity for businesses to scale and remain agile at all times. Complex problems require simple yet customisable solutions.

Zov Solutions aims to do just that. Its core platform, SID, delivers highly customisable and robust solutions to any number of complicated insurance processes. SID ensures accurate and immediate access to insurance information across the entire policy lifecycle and all P&C product lines. It removes inefficiencies and ensures information accuracy, adapting to any business, with flexibility that lets insurers keep on top of the entire policy lifecycle.

How it works

SID features functionalities covering all core areas of insurance operations. Starting with the submission stage, any underwriting opportunity can be registered, quoted and bound in SID. At different stages of the process key underwriting information will be recorded and the underwriter will be assisted with various workflow tools, to ensure a smooth, efficient and complete underwriting process.

The platform provides generic lists of insurable objects and risks, which may be combined in unlimited ways to build insurance products. Together with the numerous other configurable product attributes, this makes SID a powerful tool to launch pretty much any product out-of-the-box, without the need for coding.

All business processes in SID are presented to the user in the form of activities, which are configurable from individual steps. This “activity based” approach, on one hand makes SID a very user-friendly system because the user is guided through the process, and on the other ensures data integrity as the system performs the necessary validations at each individual step, and before the entire activity is processed.

SID supports any underwriting model – business can be written direct, on reinsurance or coinsurance basis, subscribed under a binder, in any currency, in any language, through multiple levels of intermediaries.

Why we selected Zov Solutions for ITC DIA Europe?

Petko Tonchev and Rumen Cholakov, Directors of Zov Solutions, demonstrated the capabilities of the SID platform on stage. They showcased how SID can be used by a Lloyds of London coverholder to write a share of a large commercial risk located in several jurisdictions, using multiple currencies. A typically complex process completed simply and accurately through SID.

Who is Zov Solutions?

Zov Solutions helps P&C insurance carriers and MGAs simplify business complexities.

For more than two decades, Zov has helped remove process complexities and solve specialist problems across all major European insurance markets. With clients including QBE, AON and Howden, Zov Solutions provides the certainty and confidence needed to help its customers scale and succeed in an industry where nothing is static.

Its partnership approach and deep-rooted industry expertise ensure it understands and supports customers for the long term, so it can navigate not only the demands of their clients today but also tomorrow.

Petko Tonchev, Director and Founder, has been with the insurance industry for more than 20 years, initially managing QBE operations in Germany and Central and Eastern Europe, now leading the international expansion of Zov Solutions.

With nearly 30 years of experience in the insurance industry, Rumen Cholakov, Director and Founder, has steered the implementation of SID in all major European markets. He prides himself on delivering market-leading solutions to our clients.

“The insurance industry is complex and constantly evolving. Zov Solutions helps organisations navigate change and overcome complexities – simply. Our platform removes inefficiencies, giving our clients certainty and confidence.”

Petko Tonchev, Director and Founder, Zov Solutions