Exclusive: Insurance software provider Ice Insuretech has grown by half its previous size since being acquired by Acturis, and it has plans for further growth.
The firm has achieved “around 47% growth” since it was acquired from Watchstone by Acturis in November 2017, Ice Insuretech CEO Andrew Passfield told Post.
Passfield said: “Certainly we have seen our pipeline grow and we are up around 47% in terms of growth this year on last year.
“47% growth is quite aggressive. We are not expecting to achieve those levels, but we are looking to grow significantly again next year. That’s on the back of us being very successful. We’ve got two more implementations in process and another two just starting. That’s seven wins we will have had in the last twelve months.”
Although the company is owned by Acturis, its products are separate from the insurance software house giant.
The firm successfully overseen the implementation of its claims administration system for three companies this year. Four more firms are either undergoing or about to begin the process.
Zenith Accident Management, which provides cover for over 68,000 vehicles through schemes in its fleet business, went live with Ice Insurtech’s claims platform in March. It is continuing to work with Ice Insuretech to extend its use of the platform.
In May new MGA Inspire, where ex-BGL director Matt Rawling is managing director, completed its implementation of Ice’s platform.
This was followed by UIA Mutual’s implementation of the system in June.
Passfield attributes some of Ice Insuretech’s success since the sale to Acturis to its ability to offer an alternative to larger players in the market.
He added: “We started a bit of a campaign around ‘there is an alternative’. That’s because we see ourselves as providing the agility and innovation of some of the insurtech start-ups, but having the robustness and enterprise capability of some of the bigger players in the market with a price point that’s more akin to the start-ups than it is to the two big boys in the market.”
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