Acturis Group Limited, the leading software as a service provider to the general insurance industry, has announced the acquisition of the ICE insurance software business from Hubio Technologies Limited.
The ICE insurance business has been transferred to a new company named ICE InsureTech Ltd and comprises a suite of connected insurance solutions including ICE Claims, ICE Policy, ICE Billing, ICE Analytics, ICE Rating and ICE Digital which are used by insurance and accident management companies, TPAs and other insurance industry service companies. The ICE product suite covers all lines of business across both personal and commercial insurance.
ICE InsureTech Ltd will operate as an integrated unit within the Acturis Group. The acquisition will further expand Acturis’s comprehensive portfolio of solutions for the global insurance industry.
“The team at ICE InsureTech has done an excellent job in continuing to develop the ICE product suite and customer base over that past few years,” said David McDonald, co-CEO of Acturis. “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.”
Theo Duchen, co-CEO of Acturis continued: “The ICE product suite is a clear leader in the connected insurance space. An indication of its quality was the recognition of ICE Claims as the highest rated product alongside Guidewire’s Claim Center in the most recently published Celent Claims system report. We believe that, under Acturis ownership, the ICE product suite offers a real alternative to insurers contemplating hugely expensive, multi-year technology refresh programmes as well as those looking to enter or expand their offering in the connected insurance area.
Andrew Passfield, CEO of ICE InsureTech Limited commented: “The Acturis Group has an unrivalled reputation for investing in product excellence, customer partnership and delivery. We are delighted to be joining Acturis and look forward to growing our customer base with a number of new customer implementations already in the pipeline”
Craig Beattie, Senior Analyst at Celent stated: “The ICE suite continues to be a strong solution based on modern technology and offering a strong feature set. ICE has seen great investment from the internal team and Celent repeats its prediction of growth for the product in the next two years”.