Press release:
Ref: OGI0185
5th November 2009
Newly formed Octagon Insurance Company Limited has selected Open GI technology to power its new underwriting operation which commenced trading this month (November 2009).
Specialising initially in private car insurance sourced on the internet through Go Compare, the company has plans to launch into commercial vehicle and household insurance next year.
Former Highway Managing Director, Chris Hill, and other key players from the insurance industry will head up the Gibraltar-based business.
The decision to opt for the Open GI platform was made some months ago following a review of major software houses. Strength in e-commerce, primarily the Active Quote and eAggregator solutions, and a reputation for service and delivery were amongst the key driving factors.
Chris Guillaume, Managing Director, Open GI, said: “We have known Chris Hill and his team for some time now. They have a huge amount of underwriting experience, having headed up some major insurance brands, and I am confident that the business will be a great success.
“A powerful technology platform is vital for Octagon as it provides all of the trading efficiencies that start ups with a low cost base require. The internet also offers a good initial route to market as it will give the business a national presence early on. Overall, it’s pleasing to see Octagon take advantage of new opportunities using our e-commerce solutions.”
Chris Hill, Managing Director, Octagon Insurance Company Limited, said: “Open GI has played a major role in the launch of our new motor products. Out of all of the software houses we reviewed, it was Open GI that could offer a complete solution from front end interaction with aggregators through to policy administration and claims. The Open GI team have been extremely supportive in terms of their e-commerce advice and guidance and we look forward to developing our partnership as we launch new products.”
For More Information contact:
Caroline Hardiman
Marketing & PR Manager
Open GI
Tel: 01905 754455
email: caroline.hardiman@opengi.co.uk
Notes to Editors:
Open GI supplies market leading IT solutions to insurance brokers across the UK & Ireland. With 25,000 users in around 2,000 firms, the company has a 40% share of the UK broker market and is committed to technological innovation. Open GI technology enables personal and commercial lines brokers trading in standard and niche markets to streamline business activity and become more profitable. With a workforce of 300 people and a 30 year heritage, the company enjoys a strong financial performance. For the year ended 31 st May 2007 Open GI reported revenues of £27.3 million and an operating profit of £13.6 million.