(Source: 1Insurer’s LinkedIn page.)
With the completion of The Carlyle Group’s (Washington, D.C.) acquisition of Innovation Group (Hampshire, U.K.), the vendor’s software business has been rebranded as 1insurer (Farmington, Conn.), the company announced today. Innovation group provides BPO services as well core insurance systems and related software. The new brand represents what the company calls its “Rule of 1” positioning with products provided under a common design, built with customer-centricity, and which enable carriers to easily scale solutions to specific needs.
“With Carlyle’s support, Innovation Group’s software business has been rebranded across all geographies, and we are continuing to unify all our key business operations under the direction of the new board,” comments Paul Nichols CEO 1insurer. “We continue to invest significantly in our product offerings to ensure a market position ahead of our competitors, and to deliver real value to our customers in every aspect of policy administration, claims management and data analytics.”
The separation from the BPO business is likely to help 1insurer, suggests Matthew Josefowicz, president and CEO of research and advisory firm Novarica (Boston). He opines that while there are clearly some synergies between software companies and BPO companies from a delivery perspective, they are very different businesses in terms of sales process, marketing message, and operating model. “It makes a lot of sense to run them as separate businesses with separate identities,” he comments.
Clear Strategic Commitment
“In a hyper-competitive market such as insurance core systems software, buyers are looking for providers with a clear strategic commitment to providing and continuing to enhance their strong products,” Josefowicz adds. “Companies whose brands are more oriented towards providing BPO services may have a harder time convincing potential buyers of their commitment to their software development.”
The vendor describes the components of the 1insurer Suite, 1insurer Policy, 1insurer Claims and 1insurer Analytics, as flexible, integrated components which deliver increased efficiencies and enhanced revenue to customers across the property/casualty industry worldwide.
“We believe 1insurer is a company with significant market-relevant products and services, an international presence, experienced people and a solid international customer base,” comments Zeina Bain, Managing Director, Carlyle Europe Partners and member of the board at Innovation Group/1insurer. “We are excited about working closely with management to realize 1insurer’s growth potential and continuing its success internationally through leveraging Carlyle’s experience and global ‘OneCarlyle’ network.”
1insurer saw strong market momentum in 2015 with the company’s biggest ever complete software suite transaction for approximately $71 million (£46 million) in May 2015, and a significant analytics contract with American Family Insurance announced in October 2015. 1insurer has adopted a “mobile first” product development and delivery strategy which will the vendor says further enable a new range of digital technologies that will join the company’s existing product portfolio under the brand 1insurer Connect. This new offering enables customers, suppliers and agents to communicate and process business on a platform of choice, which the vendor says has become especially important as an increasing volume of insurance business has moved online and is conducted via a growing number of smart devices.