Insurity and Oceanwide gain sales momentum and accelerate market share with Q2 results
HARTFORD, CT (August 10, 2016) – Insurity, Inc., a provider of core insurance processing and data integration and analytics solutions today announced that it, and its wholly owned subsidiary, Oceanwide, recently closed a record breaking second quarter. Revenue, on a recurring basis, grew by over 15 percent in the second quarter of 2016 from new customers and existing customers expanding their agreements. Similarly, Oceanwide, a developer of industry-leading, configurable, SaaS-based insurance software experienced over 30 percent revenue growth for the same quarter. In addition, the companies signed a record number of nine new logos in Q2 2016 including startup, Hippo Analytics, and FFVA Mutual, which specializes in workers’ compensation solutions.
New customers for both Insurity and Oceanwide have come from all segments of the property & casualty insurance market. As a follow up to its acquisition of Tropics, a leading workers’ compensation solution provider, Insurity also announced three new customers in this area, confirming its market leading position in the workers’ compensation space. Customers are now able to leverage the strengths of the combined organization and take advantage of the unique functionality of each company offering. Insurity now counts over 80 customers leveraging its solutions through the cloud, also an industry leading metric.
”We are excited to have signed so many new customers this year,” said Jeffrey Glazer, CEO, Insurity. “We believe there is great value in our combined offering and believe that with the wide range of our solutions across Insurity, Oceanwide and our newest company, Tropics, we are uniquely prepared to support the needs of carriers of all sizes and segments of the market.”
Insurity, Inc. enables property & casualty insurers to modernize their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analysis solutions are backed by rich insurance expertise and are in production with over 100 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information about Insurity, please visit www.insurity.com, or call 860-616-7721.
Oceanwide, an Insurity company, delivers SaaS core processing solutions to property and casualty (P&C) insurers of all sizes to enable faster reactions to market changes, easy configuration and management of new and existing products for increased speed and lower costs across all lines of business, virtually eliminating professional service fees. Web-enabled and fully-configurable by end users without custom programming, Oceanwide’s insurance software solutions automate core administration (policy, billing, and claims), as well as underwriting, document generation, agent/consumer portals and reporting. Globally, Oceanwide’s software fills gaps in existing legacy systems and provides a modern, end-to-end solution for insurers. For additional information, please visit the Oceanwide website at www.oceanwide.com, or call (888) 289-7744.