New Gibraltan insurer to use Open GI

Newly formed Octagon Insurance Company has selected Open GI technology to power its new underwriting operation which commenced trading this month.

Specialising initially in private car insurance sourced on the internet through Go Compare, the company has plans to launch into commercial vehicle and household insurance next year.

Former Highway managing director, Chris Hill, and other key players from the insurance industry will head up the Gibraltar-based business.

Chris Guillaume, managing director ofOpen GI, said: “We have known Chris Hill and his team for some time now. They have a huge amount of underwriting experience, having headed up some major insurance brands, and I am confident that the business will be a great success.

“A powerful technology platform is vital for Octagon as it provides all of the trading efficiencies that start ups with a low cost base require. The internet also offers a good initial route to market as it will give the business a national presence early on."

Chris Hill, managing director of Octagon Insurance Company, added: “Open GI has played a major role in the launch of our new motor products. Out of all of the software houses we reviewed, it was Open GI that could offer a complete solution from front end interaction with aggregators through to policy administration and claims."