GFT Acquires Canadian IT Specialist V-NEO, Focused on the Insurance Industry
- As a result of the acquisition, GFT will enter the Canadian insurance market, expand its market position in North America and gain a new site in
Belgium - V-NEO develops integrated IT solutions and implements Guidewire services for leading insurance companies in Canada,
Belgium andFrance - 160 employees will strengthen GFT's industry expertise with a focus on digital applications within the property, casualty and life insurance sectors
GFT Technologies SE (GFT) today approved the full acquisition of all shares of
(Logo: https://mma.prnewswire.com/media/640879/GFT_Logo.jpg )
(Logo: https://mma.prnewswire.com/media/714329/V_NEO_Logo.jpg )
The company is expected to generate revenues of around
At the contract signing,
Reinforcement with regard to property, casualty and life insurance
The insurance industry is facing enormous challenges in the midst of the digital transformation process. According to Gartner, only a few insurers worldwide have initiated their digital transformation so far; and such changes can take up to ten years to achieve. V-NEO has in-depth expertise - especially regarding digital solutions for property, casualty and life insurance. This includes both strategic consulting as well as all steps from initial design to the implementation of solutions. The company boasts a high customer loyalty rate with national and international clients, driven by its bespoke architecture enterprise solutions and projects for process optimization and digital transformation. With this acquisition, GFT is able to complement its current services portfolio for property and casualty insurance with expanded and new solutions for the life insurance sector. V-NEO has already received numerous innovation awards for its agile integration of Guidewire services. As one of the largest independent North American services providers for the Guidewire insurance platform, the company currently generates around two-thirds of its revenue with this offering. V-NEO also works on a major Canadian life insurance project with OIPA Oracle platform. These services will now be combined with GFT's existing insurance services in order to expand its international client base.
Innovation in the DNA of both companies
V-NEO was the first North American firm to initiate an 'Insurance Innovation and Performance Center', which is specifically designed for innovation development and the training of employees in the insurance sector. The center puts into practice the development, piloting and market roll-out of new insurance solutions involving all aspects of artificial intelligence and the Internet of Things. Combined with the existing global
Diversification of client portfolio
Lulay added: "The acquisition of V-NEO is a decisive step towards positioning GFT as a leading IT partner for the digital transformation of the insurance industry, as it is already for the banking sector."
SOURCE
N.J. Sen. Bob Menendez demands ‘dramatic’ White House security overhaul after comedian’s prank call to President Trump
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News