Xchanging to invest a further $200m in industry

Technology provider Xchanging will invest a further $200 million into insurance solutions as part of its five-year strategy for global growth in the market.

Adrian Guttridge, executive director of Xchanging Global Insurance Services, said: “We continue to invest in our business, with more than $200 million being applied to securing and further developing market-leading IP in our insurance technology and business process outsourcing capabilities globally to bring benefits to existing customers and prospective leads, for example, through the recent acquisition of Agencyport Europe and Total Objects, the latter pending approval from the Competition and Markets Authority.”

Xchanging has launched a significant number of products in the past year, most recently global accounting and net settlement platform, Netsett, in partnership with Deutsche Bank.

Guttridge added: “Our primary goal is to continue to grow our key client base in London and globally and, where necessary, to acquire and partner with leading organisations. With the launch of Netsett and our e-placing platform, which successfully facilitated its first electronic risk placement earlier in the year, we are starting to see all the components of a global utility coming together. Through engagement with key clients and associations, it is gaining real traction.

“Overall, the demand for straight-through solutions that bring simplicity, value and scalability to clients has never been higher, both in London and globally.

“These are very exciting times for Xchanging and the industry overall, and I feel privileged to continue to lead the global growth of our insurance business.”