Insurance data and analytics provider Advisen Ltd. (New York) will acquire U.K.-based Web Connectivity Ltd., a provider of messaging products and service for the commercial insurance and reinsurance markets in London and Bermuda, according to an Advisen statement. Terms of the transaction were not disclosed, but an Advisen statement says both companies' management teams will remain intact.
Advisen asserts that the collaboration will allow both companies to further develop technologies and solutions for offering increasing amounts of structured data to suppliers, buyers and brokers of commercial (re)insurance. "The growing use of structured data among (re)insurance companies is enhancing communication and providing deeper and more actionable business analytics to the industry, facilitating Straight Through Processing and reduced frictional costs in the (re)insurance process," according to the Advisen statement.
Advisen characterizes Web Connectivity as being widely known for its high standard of customer care, manifested by high client satisfaction levels. Web Connectivity expects to improve its service standards through support services resulting from the acquisition, Advisen says.
"We are confident that this acquisition provides Web Connectivity an even greater foundation for our operations and product development initiatives," comments James Willison, managing director, Web Connectivity. "We are gaining an infrastructure to support our growing customer service efforts, as well as an opportunity to add to our growth momentum by establishing a strong footprint in the U.S."
Advisen CEO Tom Ruggieri notes that the aspect of Web Connectivity's business that Advisen's leadership found most impressive was its technology competence. "We feel that this will further Advisen's efforts to encourage greater use of structured data in our industry," Ruggieri says. "Our greatest achievements come when our clients gain financial success, and that success comes from greater connectivity."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio