SchemeServe, a leading cloud based provider of insurance software for schemes business, has reported significant growth in the last six months, and has announced a recruitment drive because of unprecedented demand for Insurtech services.
The news reflects figures released by Accenture in September showing that Insurtech investment in the UK has surged to record levels, with cloud computing attracting the most investment.
Insurtech deal activity across the UK has also jumped by 75% compared to the same point last year.
SchemeServe has grown 15% in the last six months and added a total 34 new brokers and insurers to its platform. It has signed up 6 new clients in the last three weeks alone following a significant brand refresh, including preferred partner deals with three large insurers. It is looking to double the capacity of its team of software developers, known as Scheme Tailors, and to grow its sales and marketing team with the recruitment of another BDM and a Head of Sales.
This latest recruitment drive follows appointments earlier in the year including two additions to the Board.
Adam Bishop, CEO of SchemeServe comments: “It is fair to say that the growth of schemes business in the UK has been explosive since the development of cloud based quote and buy software, and has been fuelled further by the race for brokers to reap the rewards of the Insurtech revolution. We have grown rapidly over the past 12 months – servicing insurers, brokers and MGAs, both big and small – and there has been a noticeable surge in new clients coming on board in the latter part of the year. With a strong management team in place we are now looking to increase our headcount to keep pace with demand.”
SchemeServe now operates 201 schemes and £150m of gross written premium.
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SchemeServe is a leading cloud based provider of software to the insurance industry which has grown to operate more than 200 schemes and £150m of gross written premium per annum. SchemeServe is a white-labelled administration, distribution and underwriting SaaS solution for those operating delegated authority schemes business in both personal and commercial lines.
The company’s ‘Scheme Tailors’ are all ex-underwriters and using SchemeServe they work with brokers to design bespoke white labelled solutions for customers in double time.
The SchemeServe philosophy is Remarkable Schemes Made Simple.