US based insurance data and analytics firm Advisen Ltd acquires UK’s Web Connectivity Limited

Advisen Ltd has acquired the UK’s leading provider of messaging products and services for the commercial (re)insurance markets in London and Bermuda, Web Connectivity Ltd. Advisen is a global insurance data and analytics provider based in New York. The terms of the transaction were however not disclosed.  

The companies expect their combination to enable them further develop technologies and solutions for offering increasing amounts of structured data to suppliers, buyers and brokers of commercial (re)insurance. The growing use of structured data among (re)insurance companies is enhancing communication and providing deeper and more actionable business analytics to the industry, facilitating Straight Through Processing and reduced frictional costs in the (re)insurance process, stated Advisen.

James Willison, managing director of Web Connectivity said he is confident that the acquisition provides Web Connectivity an even greater foundation for its operations and product development initiatives. Willison reiterated that Web Connectivity is gaining an infrastructure to support its growing customer service efforts, as well as an opportunity to add to its growth momentum by establishing a strong footprint in the U.S.

Web Connectivity is widely known for its high standard of customer care, evidenced by a consistently high level of satisfaction from its client base. The company emphasized that this standard, which has helped to firmly establish their position as an industry leader, is expected to further improve with the expanded support services resulting from the acquisition. The existing management teams at both Advisen and Web Connectivity will remain intact, the companies said, said Business wire report.

Tom Ruggieri, CEO of Advisen, noted that the aspect of Web Connectivity’s business that most impressed Advisen was their technology competency.  Ruggieri said the investment will advance Advisen’s efforts to encourage greater use of structured data in the industry. He further stated that Advisen’s greatest achievements come when its clients gain financial success, and that success comes from greater connectivity.

Advisen’s data, analytics and news offerings are game-changers for 100,000 commercial P&C professionals. For Underwriters, Reinsurers, Brokers and Risk Managers, the resources of Advisen provide productivity and insight into underwriting, marketing, broking and purchasing commercial insurance. Configurable applications allow Advisen to customize each solution and/or craft special offline delivery, too.

Web Connectivity, launched in 2003, focuses on enabling companies to exchange structured and/or unstructured information using ACORD data and messaging standards. Its EnabledB2B Gateway allows instant communication with other parties using the ACORD Messaging Framework, and the Reinsurance and Large Commercial (RLC) and Document Repository Interface (DRI) standards.

28th March 2011