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- Standard & Poor's revises outlook on Lloyd's to negative from stable
- IBM building an industry-first insurance platform on the IBM Cloud that aims to improve the processes and economics for new product development, underwriting, and benefits delivery-collaborating with MetLife and Majesco
- 4th Annual international Conference on AI and Analytics for the Insurance Industry attracts over 200 international experts expired
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- Octo Telematics to acquire the usage-based insurance(UBI) assets of Willis Towers Watson expired
- CII names Trott as new chair of the Claims Faculty Board expired
- LMA responds to Justice Committee on Ogden Discount Rate proposed change expired
- Aviva to sell its Taiwan JV stake to partner following a strategic review expired
18th June 2017
Transactor reports progress
Insurance software provider Transactor Global Solutions (TGSL) has announced another successful year in 2016/17. Provisional results for the period from April 2016 to March 2017 show that despite it being a year focussed on the development and launch of new software(rather than new sales), income has grown by approximately 8%. Early trading in the new financial year and in particular the high level of order intake confirms that with the new products in place, the business is returning to 20% revenue growth.
The Insurer Cloud(TIC) has generated around £0.25m sales from 20+ early adopters, including scheme brokers and MGA’s with delegated authority for rating. The order book for TIC has almost doubled again since the start of the new trading year in April.
New launch software solution The Claims Cloud has also started to gain traction, again generating around £0.25m of orders from four new clients, with a strong order book emerging since the start of the new trading year. Both businesses produce separate accounts to TGSL.
Ray Vincent, ceo, TGSL, confirms "We put sales on hold for about 18 months whilst we focused on Transactor Version 7 (V7) development, and this approach has been more than vindicated by the huge interest in V7 since its Q1 2017 relaunch. Transactor has enjoyed very impressive sales success since Christmas, although much of this remains confidential until live date, which is the norm for system migrators. Our reputation for declaring new clients at the appropriate time is well known.
Transactor V7 is a rewrite of our core application, devised in response to a major shift in technology across the global SME solutions marketplace. TGSL felt the insurance sector was in danger of falling behind wider trends in technology so we adopted Agile methodology and the Microsoft Azure technology stack for development. Our early adoption of .Net technology made the leap into current trending architecture relatively straightforward.”
To exploit the new architecture, TGSL has established a wholly owned subsidiary known as Software4Insurance(S4i), based in Skopje, Macedonia. S4i is a dedicated web development hub designed to leverage Transactor V7’s new fully functional API for enterprise and e-trading.
Over 12 months, headcount at S4i has grown to nearly 60, with further growth planned over the coming years. Staff operate in 5 separate scrums: 3 for client web development, and 2 in the latter stages of developing an all new browser based front-end for V7. Client feedback on the new V7 API websites has been superb.
Meanwhile headcount remains at around 60 at TGSL’s more established presence in Krakow, Poland. The office is devoted to core Transactor development using an Agile approach to enable the deployment of feature driven scrums to channel specific product expertise into key functionality areas.
In April, TGSL Group was acquired by Open GI, although it is business as usual in terms of the Transactor product set and its onward development. The deal is subject to regulatory approval. The acquisition includes TGSL itself, S4i, TIC and The Claims Cloud. i-Wonder Aggregator Services Limited is not part of the deal and will trade on post-acquisition. i-Wonder also enjoyed impressive growth in 2016/17, with sales up by over 70%. i-Wonder produced an EBITDA of about £0.5m and a strong order book that should see this trend continue into 2017/18.
Transactor Trends(47 articles)