Insuresoft Strengths, Domain Expertise, and Key Differentiators
Insuresoft is the developer of the Diamond System, a scalable policy administration solution for property and casualty insurers writing personal, commercial or specialty lines. Insuresoft has developed an adaptive implementation approach that quickly and seamlessly configures Diamond to fit the unique needs of insurers of all sizes, delivered either on-premise or on-demand via a software subscription. Diamond functionality extends beyond core administration and includes product configuration tools, business intelligence, document management, mobile, as well as agent and consumer portals.
Insuresoft Recent Developments
The Diamond platform improves underwriting and policy processes with comprehensive out-of-the-box functionality, flexible configuration, third-party integration tools, and flexible workflows. For billing administration, as a standalone application, or as part of the Diamond Platform, Diamond Billing is flexible to accommodate real-time pay plan changes to multiple payment options. Also, there is a Claims Administration segment which is well managed within the Diamond Platform. While Diamond Claims is a part of the Diamond Platform, it can be deployed as a standalone application that readily interfaces with multiple policy systems. Using a repeatable conversion tool, legacy claims can be converted from disparate systems including historical financials, notes, and attachments making the data available for reporting from a single source.
Insuresoft Mergers and Acquisitions (M&A) Activities
In November 2019 Volaris Group acquired Insuresoft. Volaris is committed to strengthening and growing vertical market technology companies. The acquisition includes Insuresoft’s flagship product, the Diamond System, a digital insurance platform comprised of policy, billing, claims, and analytics modules that are utilized by property and casualty insurers. In keeping with Volaris’ philosophy of acquiring, strengthen and grow, Insuresoft maintains its brand and independence with support, coaching and best practices from Volaris. Terry Brown continues in her role as President, working alongside the existing Insuresoft management team.
Insuresoft Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Insuresoft applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Insuresoft and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Diamond Platform, Diamond Cloud customers.
Ownership: - x
Number of Employees: 120
Functional Markets: ERP Services and Operations Management,
Insuresoft Key Enterprise and Cloud Applications
Diamond Platform, Diamond Cloud
Insuresoft Revenues, $M:
|Type/Year||2018||2019||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Insuresoft Revenue Breakdown By Type, $M:
|Type||License||Services||Hardware||Support & Maintenance||SaaS|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe|
Insuresoft Enterprise Applications Revenues By Functional Markets, $M:
Insuresoft Enterprise Applications Revenues By Verticals, $M:
Insuresoft Revenues By Region, $M
|Region||% of Total Revenues||2019 Total Revenues, $M||2019 Enterprise Applications Revenues, $M||2019 Cloud Applications Revenues, $M|
Insuresoft Direct vs Indirect sales
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Insuresoft Customers - Breakdown by Geo, Size, Vertical and Product
No. of Insuresoft Customers: 40
No. of Insuresoft Enterprise Applications Customers: 40
No. of Insuresoft Cloud Customers: x
No. of Insuresoft Cloud Subscribers: x
Over 50 P&C insurers trust the Diamond Platform. Among Insuresoft customers are AFA Insurance, AG Workers Insurance, AmShield Insurance, Armed Forces Insurance, Buckeye Insurance Group, Falcon Insurance Group, FIGO Pet Insurance, Grange Insurance, Indiana Farmers Mutual Insurance Co., Lighthouse Insurance and many others.
Insuresoft Market Opportunities, M&A and Geo Expansions
In 2018 Insuresoft went live on a BI Dashboard provided as an extension to the program for their earthquake LOB. Insuresoft’s RAPID (Research Alignment Proof Integration Deployment) team rolled out the operational dashboard in less than two months. The new solution is provided as seamless integration into the Diamond Platform and produces real-time, dynamic, 360-degree insights into the carrier’s residential earthquake data. This BI platform visualizes the data through analytics and will provide insights needed to track critical daily operations related to their earthquake coverage.
Insuresoft Risks and Challenges
Changing in management team could lead to a different company strategy.
Insuresoft Ecosystem, Partners, Resellers and SI
Insuresoft is a member of the Kaboodle Team – an insurance collaborative that delivers innovative products and services to insurers – enabling insurtech startups to merge offerings with established vendors. Through the membership in Kaboodle Collaborative, pre-integrated or bundled products and services, are guided by one project management methodology, and supported by a common team. Amongst other partners there are: insured.io, Splice, SVIA, Verisk, TransUnion, Polk, Prelude Software, CCC Insurance Carriers, Metropolitan Reporting Bureau, e2Value, NAMIC, IASA, PCI, Perr&Knight, Marias Technology, IVANS Insurance Solutions, LexisNexis, DocuSign, Microsoft, HazardHub.
Insuresoft Cloud Infrastructure Insights
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- Insuresoft Public Cloud and Infrastructure (IaaS)
- Insuresoft Platform (PaaS)
- Insuresoft Application Delivery
- Insuresoft Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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