Oceanwide Growth Momentum Continues with Strong Sales Volume in 2015

Business Wire

Oceanwide’s 12 sales year-to-date, including a top tier carrier, demonstrate company’s growing market footprint

MONTREAL--(BUSINESS WIRE)-- Oceanwide, an Insurity company and developer of industry-leading, configurable, SaaS based insurance software, today announced continued strong sales and growth momentum in 2015. Year-to-date Oceanwide has closed 12 new sales with multiple carrier clients. Carriers selecting Oceanwide this year represent a broad and diverse range of lines of business made up of a combination of five new carrier clients, including top tier carrier Mutual of Omaha, and the expanded use of Oceanwide solutions with existing clients, such as Liberty International Underwriters. The sales included a mix of the Oceanwide Bridge and Genoa core system solutions.

Revenue growth has also been impressive with 2015 year-to-date results representing greater than a 20% year-over-year increase. Oceanwide is also proud to now have over 60 customers implemented in the cloud across five continents.

Karen Furtado, partner with Strategy Meets Action (SMA), noted, “Oceanwide’s momentum in 2015 reflects the market’s growing appetite for cloud deployed core systems. The growth of the Oceanwide client base affirms the clear benefits that insurers can realize from highly configurable core systems to support their changing product needs. In addition, Insurity’s decision to maintain Oceanwide as an independent company post-acquisition seems to be paying dividends for both organizations.”

In addition to the strong year-to-date sales volume, nine clients have been implemented in 2015 across an array of product lines including: commercial package, agriculture, sports and recreation, marine, and cargo. Several existing clients have also significantly expanded use of Oceanwide solutions this year, including HCC Insurance Holdings, which will now use Oceanwide Bridge as an enterprise solution in the United States.

“This year has been one of tremendous growth and change at Oceanwide. We have continued to successfully expand our market footprint in new geographies as well as new lines of business. Our customers’ confidence in and commitment to Oceanwide and our solutions combined with the talent and hard work of our dedicated team has enabled our success,” said Mark Adessky, President, Oceanwide. “We look forward to finishing the year strong and exploring new opportunities with Insurity as we position ourselves for an even more successful 2016.”

About Oceanwide

Oceanwide, an Insurity company, delivers SaaS core processing solutions to property and casualty (P&C) insurers of all sizes to enable faster reactions to market changes, easy configuration and management of new and existing products for increased speed and lower costs across all lines of business, virtually eliminating professional service fees. Web-enabled and fully-configurable by end users without custom programming, Oceanwide’s insurance software solutions automate core administration (policy, billing, and claims), as well as underwriting, document generation, agent/consumer portals and reporting. Globally, Oceanwide’s software fills gaps in existing legacy systems and provides a modern, end-to-end solution for insurers. For additional information, please visit the Oceanwide website at www.oceanwide.com, or call (888) 289-7744.