Insurecom bought by US partner

Insurance software house Insurecom has been bought by its US-based partner Applied Systems.

The company has been the license holder of Applied Systems’ technology platform The Agency Manager and exclusive distributor for the TAM offering to UK brokerages for more than 10 years, serving about 500 firms.

The deal was announced by Applied Systems today following industry speculation that the two companies had been involved in acquisition talks for at least two months. Insurecom will operate in future as Applied Systems UK.

Applied Systems senior vice president of international operations Jeff Purdy, will oversee Applied Systems UK, working directly with the Insurecom management team.

Applied Systems said the acquisition would enables it to establish company-owned operations in the UK and deliver greater service and new products to the UK market.

Chief executive Reid French said: “As long-standing business partners, our companies have a strong foundation in place to quickly integrate operations and begin delivering greater service and new products to customers in the UK insurance market.

“Expanding our international operations enables Applied Systems to deliver enhanced support to our growing list of mult-inational customers as the insurance industry continues to globalise.”

Insurecom’s user group Team-One’s chairman Tony Watmore said: “Evolving business requirements are changing our industry, requiring UK insurance brokers to more fully utilise software and connectivity solutions to sustain business growth and strengthen relationships with both our customers and our insurer partners.”

“Applied TAM UK enables UK brokers to achieve these important business objectives. We look forward to this stronger relationship with Applied Systems and the opportunities it presents to integrate new technology into our businesses.”

The company said it aims to use its technology development resources and expertise to enhance its software and communications solutions offerings to insurers in the UK.

It also plans to start introducing additional insurance software products currently used in the US and Canada to the market to further automate the insurance lifecycle in the UK.