(Casa Rosada, Buenos Aires. Image credit: Adobe Stock.)
Charles Taylor InsureTech (London) has announced that it will acquire Inworx, a Buenos Aires, Argentina-based, insurance-focused technology consultancy and software provider. Inworx delivers solutions to local, regional and global insurance companies across Latin America.
“This important acquisition demonstrates our commitment to grow Charles Taylor InsureTech as a market leading provider for the global insurance industry,” comments Jason Sahota, CEO Charles Taylor InsureTech. “This acquisition brings capabilities that expand our underlying platforms and positions to become a leading provider in Latin America. We will continue to build out both in Latin America and bring Inworx’s solutions to other markets.”
Charles Taylor InsureTech established a Technology Center of Excellence in Mexico City in 2016. The company reports that it has secured major contracts to implement core technology solutions for two of the region’s leading insurers across all lines of business and in multiple countries in the region.
The acquisition of Inworx broadens Charles Taylor InsureTech’s technology capabilities as well as its presence in the region, adding 270 technology staff and multiple international and local insurance market clients in 15 Latin American countries. Upon completion of the deal, Charles Taylor InsureTech will be one of the region’s largest technology consultancies/technology companies, with over 470 staff delivering owned software solutions to insurers, brokers and markets.
The deal includes Inworx’s insurance broking software, InBroker, a core broking system used by top-tier brokers in Latin America, including Willis Towers Watson, Marsh and AJ Gallagher. The deal also brings other platforms such as the digital and affinity solution Smartix.
Charles Taylor InsureTech characterizes Inworx an excellent complementary, commercial and cultural fit. The companies share deep insurance industry domain expertise and both bring both consulting and complementary software solutions to the table. Charles Taylor InsureTech’s solutions include INSIS insurance policy administration solution covering life, general and health insurance lines; the TIDE delegated authority management solution for the London insurance market; the TRAX claims management software; and the KCenter workflow and document management platform.
Charles Taylor InsureTech says Inworx’s existing business relationships across Latin America will enable the London-based company to further develop client relationships and market its services and solutions across the region.
Charles Taylor says it will make the Inbroker solution available to insurers globally, as well as Inworx’s expertise in implementing insurance broking solutions for top-tier global brokers. Smartix will be integrated with Charles Taylor InsureTech’s existing products.
Perfect Platform to Internationalize Inworx’s Portfolio
“Inworx is already a provider of choice to many of the world’s leading insurance brokers in Latin America and has established relationships across the regional insurance market,” comments Leonardo Mato, CEO, Inworx. “Becoming part of Charles Taylor InsureTech gives us the perfect platform to internationalize our portfolio and provide solutions to brokers and insurance providers on a global basis.”
Inworx will retain its current senior management team. Leonardo Mato becomes Chairman of Charles Taylor InsureTech Latin America and reporting to Jason Sahota. Inworx’s Chief Product Officer, Marcello Massimo will join Charles Taylor InsureTech as Chief Product Officer for the Inworx portfolio of products. Inworx’s Chief Commercial Officer, Lautaro Mon will join Charles Taylor InsureTech as Practice Director for Inworx’s insurance distribution platform globally. Carlos Romeu, Charles Taylor InsureTech’s Client Delivery Director, will relocate to the region to become Managing Director of Charles Taylor InsureTech, LatinAmerica.