SSP imports leading South African system
Newly-formed broker system provider Software Solutions Partners (SSP) has unveiled an aggressive expansion plan for the commercial lines and insurance company IT market.
SSP, which was created in late March out of CSC's high street broker systems business, has teamed up with South African insurance software company Maven Technologies to develop and distribute Maven's InsightM3 insurance application in the UK.
Maven, which has already entered the Irish market, currently supplies 12 insurers and over 400 brokers in South Africa. One client, banking giant Standard Bank, uses Insight to run over a million policies per year.
SSP chief executive David Rasche said SSP wanted to grow its current £17m turnover by at least £8m over the next three years, with over three-quarters of this rise coming from the commercial lines and insurance company sectors.
"Our short- to medium-term strategy with the product is to focus on larger commercial brokers because we believe that is a very strong opportunity," he said.
"Over the next few months we will integrate it with our personal lines system which will give us the capability to go for all sectors of the market."
He added that the Insight system was also an insurance company system and that SSP had been demonstrating it to several insurers.
"It has very strong insurance product development capabilities. For example, it will enable commercial brokers who run delegated schemes to build their own products," he said.
Insight can operate as a stand-alone system or as part of an ASP model. It is designed to handle any class of general insurance business up to reinsurance.
"Because it's multi-company and multi-branch it's very appropriate for the way a lot of brokers are going.
"They are doing things that need very flexible handling of their accounts and business structures," he said.