SaaS provider for the insurance industry Acturis Group has acquired ICE insurance software from Hubio Technologies.
Following the acquisition, ICE will now operate under the name of ICE InsureTech and will serve as an integrated unit within Acturis Group.
UK-based ICE InsureTech offers solutions for claims, policies, billing, analytics, rating and digital. The platform works across the personal and commercial insurance industry, helping with claim and policy management, a B2B/B2C digital platform, automated billing cycles, receivable management, and real-time reporting, among many other processes.
The solution is used by insurance and accident management companies, TPAs and other insurance industry services.
Acturis co-CEO David McDonald said, “We believe that the ICE product suite offers a proven, modern, configurable system which can be implemented quickly to deliver massive benefits to insurers at a fraction of the cost of the some of the alternatives in the market.”
InsurTech has recently seen a surge in transactions, with month seeing around 25 deals completed. Some of the recent deals include re/insurance underwriter data analytics platform Insurdata scoring $1m, insurance fraud protection solution Shift Technology netting $28m, and online insurance aggregator RenewBuy raking in $9.2m.
While InsurTech is doing well globally, it is still yet to really take off in the UK. In 2016 the space represented one of the smallest for funding, pulling in only $7.8m. The biggest chunk of funding went to marketplace lending companies, with $431m being invested.
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