- SSP Verify will augment Markerstudy’s existing fraud protection measures by helping eliminate ‘pre-inception’ discrepancies in insurance applications
- Markerstudy was able to identify in excess of one million pounds of mispriced premiums in one month period
Insurance technology specialist SSP today announces that motor insurer Hawkwell has become the fourth insurer to sign up to use the market-leading fraud-combatting capability SSP Verify. Read more
RACT Insurance, the insurance subsidiary of the Royal Automobile Club Tasmania, has gone live with the SSP Pure Insurance offering and e5 Workflow solution after a 19 months implementation phase. Read more
SSP, a leading global provider of insurance technology, and Capgemini, one of the world’s foremost providers of consulting, technology and outsourcing services, have entered into a services agreement focused on enabling general insurers to accelerate their digital ambition and replace legacy systems. Read more
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. Read more
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.”
SSP has strengthened its insurer division with the appointments of Paul Bryson as Head of Delivery and Paul White as Product Manager for SSP Pure Insurance. Read more
New research from insurance technology provider SSP has found that 29% of consumers mistakenly believe that they are not responsible for checking the accuracy of their own motor insurance applications and more than 1 in 10 people (14%) don’t realise that inaccuracies in their personal details could invalidate their policy. Read more