The departure of Phillip Bell as chief executive of Open GI raises questions about how Towergate will integrate the technology provider into its corporate plan
The positioning of Open International in the Towergate empire is one that many observers are watching closely. Open GI has around 40% of the broker market with 27,000 users of the system across 2,000 commercial and personal lines. And the deal was the largest in Towergate's history.
Phillip Bell's departure from the chief executive position is an interesting move as it raises the question of how Towergate will continue to intergrate the many businesses it acquires into its wider corporate structure, of which Open International is at the centre. And the technology of Open GI was seen as a key catalyst to enabling this process. Bell has spent the past nine years building the Open International business and, after overseeing the mega £296m deal with Towergate, he will be happy to step aside and hand over the reins to someone else with the renewed hunger to deliver the operational work that is now required.
Peter Cullum will be confident that Bell will not become a competitor in the foreseeable future as he has cleverly retained Bell as a non-executive director. As Towergate now seeks to expand globally and is perhaps even eyeing an insurer aquisition as its next move, the key question will be how the company can renew itself and develop within the technology sector.
These attributes are the secret to the success of any technology company in the 21st century and Bell has been at the forefront of this process at the top of Open GI for nearly a decade. The key challenge for Cullum in this bit of his business will be to work out how to renew and continually develop it, but crucially also, to employ the right leaders and expertise to deliver it consistently.
