Insurecom breaks into the black
Could the tide be turning for software provider Insurecom? After recording successive losses for five years, the company announced that 2006 was its first profit since it was launched in 1999.
The fact that until 2006 Insurecom was a loss making company may come as a surprise to some given the high profile marketing campaign which it courts. In 2006 the streets of Brighton brimmed with the company’s logo as the Biba conference descended upon the town, proving that the Insurecom was not short of a marketing budget.
Yet before Phillip Walter was made chief executive in 2005, Insurecom reported losses before tax of £5.3m in 2004.
Walter was under extreme pressure to turn Insurecom’s fortunes. A year later and things improved marginally as the company reported losses after tax of £4.5m. Walter continued to be optimistic about the firm’s future, despite critics saying that turnover would need to increase by 277% from the 2005 level for the company to break even.
Revenues may not have jumped by that staggering degree, but Insurecom has reported a £0.35m pre-tax profit for 2006 - albeit aided by a £3m asset sale.
According to Walter the two year investment into Insurecom’s agencyPlus package has paid off. As brokers get to grips with technology demand for the package is increasing.
Was Insurecom ahead of its time and waiting for brokers to catch up?
The company says demand for agencyPlus is surging and it is predicting exceptional growth this year.
