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With the insurance and technology landscape constantly evolving, SSP, a leading global provider of insurance software solutions, has invested $7.2m (£4.8m) in releases and upgrades for its Pure Insurance product. In the last year alone, this continued investment has enabled eight long-term SSP customers to access a new set of functionality that is keeping them competitive in the marketplace.
Those benefiting from the rich, broad functionality include customers across the UK, Caribbean, Africa and Australia, reflecting SSP Pure Insurance’s position as one of the leading global policy administration systems. This position was supported by Celent’s 2014 reports on policy administration systems.
Three of these customers, including FM Group in Bermuda, have been with SSP since the 1990s through three iterations of technology, ensuring their systems continue to support their growth plans as the industry evolves. Over that time, the upgrade process has seen them move from a UNIX-based green screen system to a Windows-based VB6 one, and now browser-based .Net technology.
With support for both commercial and personal lines, the modern web-based system enables data enrichment, as well as providing online broker and consumer access through portals. As a result, insurers can cost-effectively grow their business operations and rapidly provide external services, while taking full advantage of better risk selection and pricing.
Automating manual processes and removing duplication delivers lower administration costs and ensures policyholders benefit from a quicker and more efficient service. For example, the dynamic automation of monthly board packs provides a single view of the business at the touch of a button, enabling insurers to make immediate, informed decisions on their business strategy.
SSP’s investment in upgrading its software also ensures customers can launch products more quickly through the newly enhanced product builder functionality. Building and maintaining products using an Excel template offers a more agile approach that improves speed to market and delivers a competitive edge.
This capability also extends to claims management, driving reductions in average costs per head through dynamic triaging. Claims are directed to the right person and process depending on their type, rather than being progressed in a one-size-fits-all uniform manner.
All of these benefits are obtained through a smooth automated upgrade followed by significant testing that is completed rapidly, with little disruption to business as usual.
Nigel Kohler, Sales Director of SSP’s Insurer Division, said: “Technology challenges can be a key issue for established insurers, as older inflexible systems are a major hurdle in their ability to compete with more agile new entrants to the market.
“At SSP, we are continuing to make significant investments in our solutions, which includes three major releases for SSP Pure Insurance since its launch in 2011, to enable our customers to build on the technology investment they made some years ago.
“This allows insurers to benefit from new technology and functionality, ensuring they have systems in place to be competitive in their markets and deliver on their ongoing growth and efficiency plans.”
CPPGroup Plc, the International Assistance business, has chosen SSP to provide a new, robust, flexible IT system that will be at the heart of its on-going business transformation.
The fully hosted solution will enable CPP to embed a single platform IT system that provides efficient controls and governance, and supports the Group’s increasing focus on digital technology, initially in the UK then internationally.
CPP wanted a solution that would enable the company to reduce its IT and operational costs while improving its service to customers and Business Partners as well as developing a successful product portfolio.
To achieve this, SSP is delivering a fully hosted solution to replace CPP’s multiple in-house legacy systems. This will reduce its internal cost base and external infrastructure/licensing costs, as well as streamlining its operating practices. The solution will provide a single customer view together with standardised processes and controls across the business.
SSP’s complete range of capabilities are capitalised on with a new managed application service and user-experience platform underpinned by the core SSP Select Insurance system that has been proven across four continents.
In addition, by creating master products and the use of SSP’s scheme capabilities, CPP will be able to quickly create new schemes for each country and Business Partner using a standardised model with simplified processes. As a result, CPP can rationalise its product range, with much easier maintenance and the efficient launch of new offerings going forward, as well as the secure uploading of customer data.
The SSP solution will initially be implemented in the UK, with a second phase of international deployment to follow.
Charles Crawford, CPP’s Group COO said: “The new IT system will provide a strong foundation on which we will build a digital-led future for CPP. Across the Group internationally, this will enable us to improve our service to customers and Business Partners in addition to making us more agile and efficient. By adopting a proven platform chosen by leading digital insurers, CPP will have a stronger competitive position in an increasingly digital world.”
Stephen Lathrope, Managing Director of Insurer Division said: “CPP undertook a robust and extensive search over a 12 month period to find the right partner and solution for their needs. We are delighted that CPP has chosen to work with SSP and put us at the heart of the business as it develops for the future.”
SSP, a market leading global technology systems and solution provider, has successfully completed a management buyout backed by LDC and led by Chief Executive and founding Director Laurence Walker.
Founded over 30 years ago, SSP provides market leading technology systems and solutions across the entire general insurance industry value chain and the wider financial services market, enabling customers to upgrade their systems and benefit from SSP’s advanced data analytics services to improve their customer service, distribution and profitability.
SSP operates globally, processing more than 10 million electronic policy transactions each year for a diverse, long-standing customer base including 8 of the top 10 UK Insurers and Broker operations that equate to more than 40% share of the UK Broker market.
LDC, which has taken a majority equity stake in the business, is a well-established private equity firm with a leading position in the mid-market sector. The existing management team, which brings a combination of industry and specialist expertise, will work with the new equity partners.
The investment will support the management team and create the platform to accelerate the growth of SSP in the UK and internationally, building on its strong customer base and introducing intelligent data services, including telematics and fraud detection, to the market to help insurance organisations better assess risks.
Laurence Walker, Chief Executive at SSP, said “LDC’s investment is a strong endorsement of the attractiveness of SSP and the strength of the business. LDC will help us pursue our growth strategy, both organically and through M&A activity, and our customers will see the benefits of our continuing investment in SSP. Having worked previously with them I am looking forward to working with the LDC team again. It creates a great platform for further expansion of our business, in line with our business plans.”
Dale Alderson, Investment Director at LDC, said: “The global insurance industry is under increasing pressure to modernise its use of data to become more efficient, cut down costs, expand distribution and secure more accurate risk analysis. SSP is at the forefront of this market, and with our support, will help transform the way that insurers operate and dramatically improve customer experience.”
John Garner, Director at LDC, said: “Over the last decade, SSP has evolved into a truly global leader that has capitalised on the ever-increasing technological demands of the insurance industry, as well as the financial services sector. Laurence leads a highly ambitious team that is eager to build on the success of its international network. We are excited to back the business once again and support it through another era of growth.”