Move prompted by rapid market adoption of Insurance Enterprise View (IEV) data solution
HARTFORD, CT (June 21, 2016) – Building upon their growth strategy, Insurity, Inc., a provider of core insurance processing and data & analytics solutions, today announced the creation of a separate business unit for data solutions. The new Data Solutions business unit will have the company’s award winning Insurance Enterprise View (IEV) product at its core which allows insurers to gain a competitive advantage through the use of data and analytics.
Since its introduction in 2011, IEV has clearly established itself as the market leader for data integration, management, reporting, and analytics for the Property & Casualty (P & C) industry. Built on non-proprietary ACORD standards, IEV delivers a compelling value proposition for insurers of all sizes with unmatched time to market and total cost of ownership advantages. As the industry’s most mature, insurance focused, data solution, IEV integrates easily with any policy, billing, claim, reinsurance, and general ledger application, and has integrations with more than 100 applications in production.
The new business unit will be led by Bruce F. Broussard, Jr., who has been promoted to the role of Sr. Vice President and General Manager, Data Solutions. In addition to being IEV’s lead evangelist, Broussard has set a clear product strategy and has led sales for the product since joining Insurity in early 2012. Brenda Burns, who has piloted Insurity’s IEV product development and client delivery capabilities through the organization’s substantial growth, continues in her critical role as Vice President, Operations.
“Our team is excited about the compelling value and competitive advantages that our clients have realized through their use of IEV, and the incredible growth that we have experienced as a result,” commented Broussard. “The creation of a separate business unit with increased investments positions us well to continue to deliver a world class data solution to help insurers differentiate themselves in an increasingly competitive market.”
Jeffrey Goldberg, Vice President, Research and Consulting at Novarica, noted that, “data warehousing, business intelligence, and data analytics continue to be top priorities for insurers, with nearly 80% of insurers investing in these areas. Many insurers choose to build out capabilities for their data strategy on their own using general platform technologies, but more and more are looking to vendors with industry expertise and domain-specific offerings. The complexities of a strong data strategy are continuing to grow, with insurers realizing that unstructured data, predictive analytics, and data governance are all as important as a traditional data warehouse and static reports. This means that a good vendor partner will not only help jumpstart a data project, but provide functionality and capabilities that internal teams may not have.”
“Insurance Enterprise View has received a tremendous reaction from the market and represents significant growth potential from a product perspective. The creation of a separate business unit for data solutions positions Insurance Enterprise View for the continued strategic growth in the US and on a global basis,” commented Jeffrey Glazer, CEO, Insurity.
Insurity, Inc. enables property & casualty insurers to modernize their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analytics 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, call 860-616-7721 or visit www.insurity.com. Connect with Insurity on Twitter, LinkedIn and Facebook.