Software house to float within two years

Software house Insurecom is on course to make a profit for the first time this year and is gearing up to become a plc, with a float likely in the next 24 months.

Phillip Walter, who joined the company as chief executive at the beginning of the year, told Insurance Times the company was "well on track" to make a profit due to a string of high profile client wins and an improved business model.

Insurecom, which is funded by US magnate John C Head III, has failed to make a profit since the company was started in 1999.

Walter said: "We have made a number of important changes and are now ready to shout about them. We will apply for plc status soon, which I think says a lot about our confidence and stability going forward."

Since the beginning of the year, Insurecom has re-branded its product range. The company now has four broker packages - TamPlus, TamPlus ASP, TamXpress and QuoteXpress - all payable with fixed monthly fees.

The company has also taken on 35 technical staff in Delhi to develop its software and improve its imarket capability.

Walter added: "Insurance is an industry that is here to stay and we have been working hard to lay the foundations for our future.

"We have the best funding in the market, meaning we can really invest in technology and service where other companies are more concerned with the short-term.

"Becoming a plc will give us greater transparency and send a message to the market that we are here to stay."