IS2 reports 40% revenue growth in six months to June 2024

IS2 – an independent digital trading and distribution platform for the schemes market – has reported 40% growth in its revenue across the six months to June 2024.

The platform further reported that its revenue has improved by more than 140% over the last three years.

Based on this overall growth trajectory, the firm believes it will meet its 2025 revenue target by the end of 2024 instead – 12 months ahead of its targeted time frame. IS2 additionally plans to achieve £1m of earnings before interest, taxes, depreciation and amortisation (ebitda) in 2025.

Simon Pritchard, managing director at IS2, said: “The last 18 months have exceeded all expectations.

”Demand for high quality digital platforms has never been higher, especially for providers [that] can demonstrate consistent delivery, domain expertise, innovation and a strong track record.”

Digital first

IS2, which was established in 1996, is a cloud native firm that uses application programming interfaces (APIs) to offer hosted pricing for niche schemes. It works with insurers, insurtechs, MGAs and brokers.

In June 2023, IS2 told Insurance Times that it planned to double its revenue over the following four years after it secured two major partnerships in May 2023 – with Markel Direct and Percayso Inform – as well as appointed ex-Applied Systems managing director Joe Sultana as its commercial director in March 2023.

At this time, the business wanted to grow its revenue from £1.1m to £2.5m following a 30% year-on-year increase in revenue for 2022.

Pritchard continued: “More and more digital first insurers and MGAs look for assurances that their software partners are chosen for the quality and design of the underlying architecture and technology, which has really played to our strengths.”