Acturis scoops Queen's Award for Enterprise in Innovation

Insurance software specialist Acturis has won a Queen’s Award for Enterprise in Innovation.

The award recognises Acturis’ design and implementation of cloud computing based system software that has revolutionised the commercial insurance market in the UK.

When Acturis started trading in 2000 less than 1% of commercial insurance was electronically underwritten and processed.

Today 36% of policies on the Acturis System are traded electronically.

Its innovation has resulted in consistent growth and commercial success for the company despite the recession.

Acturis lists a range of insurance brokers as well as banks and insurance giants such as Allianz, Aviva and AXA among its clients.

Revenue has increased year on year at an average annual rate of 31% since 2007.

Acturis co-chief executive David McDonald said: “To have won a prestigious Queen’s Award for Enterprise is a tremendous achievement and Acturis is proud and honoured to have joined the elite band of companies recognised for their ability to innovate and succeed.

“This Award recognises the spirit of entrepreneurialism and commitment to excellence of our people.  It demonstrates just how far we have come in the past ten years since our launch - and how far we can go in the future.”

Acturis has created data standards for more than 150 policy types and more than 36% of all policies traded on Acturis are processed automatically without the need for any human underwriter intervention.

Acturis co-chief executive Theo Duchen (pictured) said: “We had a vision to use internet technologies to address the fundamental inefficiencies in the insurance market.

“Since then we have taken huge strides to achieve that and Acturis is now the leader in driving electronic trading of commercial insurance in the UK.

“We have been consistently award winning – achieving six industry awards between 2007 and 2011 and we are proud that we have also now been recognised nationally by the Queen’s Award for Enterprise.

“It makes us very excited about the future of our business and what is yet to come.”