Advisen Ltd., a global insurance data and analytics provider based in New York, is acquiring UK-based Web Connectivity Limited, a provider of messaging products and services for the commercial (re)insurance markets in London and Bermuda. Terms of the transaction were not disclosed. The existing management teams at both Advisen and Web Connectivity will remain intact.
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.
“We are confident that this acquisition provides Web Connectivity an even greater foundation for our operations and product development initiatives,” said James Willison, managing director of 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 has been at the forefront in the U.S. of creating more structured, digitized data in the commercial insurance industry with their business intelligence (BI) product, data services, data management, and business process outsourcing (BPO) offering. Web Connectivity’s gateway and middleware offer the London and Bermudian (re)insurance markets innovative methods of receiving, reviewing and responding to structured data, be that in relation to Placing, Accounting and Settlement, or Claims.
“The aspect of Web Connectivity’s business that has most impressed us is their technology competency,” said Tom Ruggieri, CEO of Advisen. “We feel that this will further Advisen’s efforts to encourage greater use of structured data in our industry. Our greatest achievements come when our clients gain financial success, and that success comes from greater connectivity.”
USA, New York, NY & UK, London