SSP Limited Strengths, Domain Expertise, and Key Differentiators
One of the major insurance apps vendors in the UK market, SSP expects 80% of its insurance policy administration clients to be running its Software as a Service (SaaS) model by 2020, with insurance solutions provider Hood Group being the first.
SSP currently provides technology for 8 of the top 10 UK insurers and works with the top four global insurers. SSP focuses on enterprise applications and managed services for the property and casualty insurance market. The company was formed in 2002 when Computer Sciences Corporation’s Retail Insurance Division was acquired by a team of former CSC executives.
SSP Holdings has good customer retention with almost 60% of sites have been users of SSP systems for more than eight years. Since the buy-in deal in 2002, SSP has shown consistent growth. In 2008, SSP was acquired by H & F Bidco Limited affiliated with private equity firm Hellman & Friedman. In 2012 it saw a slight increase in its total revenues buoyed by acquisitions in South Africa.
SSP Pure Insurance is an all-in-one solution for general insurers & brokers and agents serving clients with 10 to 500 users. SSP Select Insurance represents the next generation in component-based General Insurance Solutions. SSP Pure Insurance can be delivered as a SaaS hosted solution – capitalizing on the extensive investment in an SSP owned, dedicated hosting center.
SSP Limited Recent Developments
In July 2020, SSP and Willis Towers Watson worked to optimise real-time pricing and time to market for insurance companies. Willis Towers Watson’s global Radar Live collaborator programme is set to transform SSP’s ecosystem of policy and claims administration vendors, delivering a faster integration of Radar Live, the price delivery platform.
In July 2019, SSP signed three brokers in the first quarter. It has been a great start to the SPS financial year, with the new clients signing long-term contracts for SPS brokerage solutions - Pierce Performance Mark, Onyx Insurance and Ray Direcks.
The same month 2019, Queensland-based insurance startup Secure Insurance successfully implemented the SPS Digital Insurance platform to support the launch of its Queenslanders regional home and content insurance product.
SSP Limited Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying SSP Limited 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 SSP Limited 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 SSP Pure Insurance, customers.
SSP Limited Overview
Ownership: - Hellman & Friedman
Number of Employees: 1550
Functional Markets: ERP Services and Operations Management,
SSP Limited Key Enterprise and Cloud Applications
SSP Pure Insurance,
SSP Limited Revenues, $M:
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* 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.
SSP Limited Revenue Breakdown By Type, $M:
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SSP Limited Enterprise Applications Revenues By Functional Markets, $M:
SSP Limited Enterprise Applications Revenues By Verticals, $M:
SSP Limited Revenues By Region, $M
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SSP Limited Direct vs Indirect sales
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SSP Limited Customers - Breakdown by Geo, Size, Vertical and Product
No. of SSP Limited Customers: 1500
No. of SSP Limited Enterprise Applications Customers: 1500
No. of SSP Limited Cloud Customers: x
No. of SSP Limited Cloud Subscribers: 60000
With more than 1,500 customers and 60,000 users, SSP has built a critical mass in the insurance vertical, especially in the United Kingdom. Its recent customer wins included Absa, Jelf Group, RM Insurance and others.
Among its customers are David Roberts&Partners, Plus One, Landau Manson, Primary General, PLICO, NEM Insurance, Plusone, Calliden, Swinton, LFE Insurance Services, Pointon York, SMQ Services Ltd. Buckles Investment Services Ltd. Mapledown Underwriting.
In addition to its software business, SSP operates Keychoice Underwriting, a full-service agency that provides pricing, underwriting, policy servicing and claims handling on behalf of insurers such as Allianz, Aviva, Fortis, Groupama, Home&Legacy, MMA, NIG and Paragon. Already more than 900 brokers and agents have joined Keychoice as members accessing an array of insurance products and services.
In May 2019, Ansvar Insurance has contracted with SSP for an “as a service” platform to run its core business.
SSP Limited Market Opportunities, M&A and Geo Expansions
In June 2020, SSP has invested over £40 million in its new insurance platform that provides a single suite of modules and components, which are combined to form differing solutions for Insurers, UMAs and Brokers. SSP’s Insurance Platform is architected for the AWS Cloud, and they are delighted to announce that the SSP software is now available in the AWS Africa (Cape Town) Region. SSP is the first insurance technology vendor to make use of the new AWS Africa (Cape Town) Region, which they will utilise for all their African deployment. It has come from intensive work with the architects at AWS, following on from the launch in Europe (via AWS Dublin) in 2019. The complete solution will enable Insurers and UMAs to have an omni-channel, full-cycle engagement with their customers and brokers, whilst benefiting from enhanced risk selection and pricing using third party data enrichment. Insurance software on-demand has arrived in Africa.
Over the last three years, SSP has implemented a comprehensive integration and rationalization program of eight acquisitions. The business has also been transitioning its revenue model to a subscription-based one in order to improve visibility and bring revenue recognition in line with the length of contracts. SSP now has visibility on 75% of its expected revenues, most of which is derived from maintenance contracts.
Generally, SSP customers enter into long-term contracts that range from three to five years with the vendor. SSP Cloud, which entails a new investment of £15 million to extend its range of cloud-based insurance solutions and services, will be another growth driver. In 2012 SSP grew its operations in South Africa by acquiring BES, a local vendor, as well as a 25% investment in Webgate, an insurance portal based in South Africa.
In June 2019, SSP Limited appointed Adrian Brown as its new CEO. Adrian has more than 30 years’ experience in senior roles in leading underwriting and distribution businesses including as Group COO of Ardonagh Group, UK CEO of RSA and Managing Director at MoreThan.
In June 2018, SSP entered into an agreement with Amazon Web Services (AWS) as the insurance technology specialist enters its next phase of growth. The collaboration will see AWS become SSP’s exclusive cloud services provider, with the first deployment taking place over the next couple of months. Running its products on the cloud will allow SSP to accommodate the growth in its business that is driven by increased demand from its customers. AWS will provide the ability to establish new services and scale-up rapidly, while at the same time providing the high degree of reliability, resilience, and compliance required in the insurance market – today and into the future.
SSP Limited Risks and Challenges
Moving insurance customers of their legacy systems will continue to be a challenge and SSP has made a concerted effort to ease the burden of legacy migration either to the Cloud or its managed service division. The issue could get more complicated as SSP expands its presence in countries such as South Africa where mainframe systems have been widely used by local insurers.
SSP Limited Ecosystem, Partners, Resellers and SI
SSP primarily sells direct and it works with technology partners such as HP, IBM, Microsoft, and Oracle. Its historical ties with CSC remain a key differentiator for SSP. Additionally, SSP has an alliance with Vertafore, which used to be owned by SSP parent Hellman&Friedman.
In July 2019, Keychoice, the insurance distribution business owned by SSP, has renewed its partnership with Close Brothers Premium Finance (CBPF) to be the preferred supplier for its broking community, providing access to an integrated premium finance offering through SSP’s back-office systems.
In June 2019, SSP has formed a partnership with Carroll Holman, an independent, Lloyd’s and London Market Insurance Broker, to provide access to a range of terrorism products via SSP’s Commercial Lines platform. The product will also be available to members of Keychoice, SSP’s distribution group who will benefit from an enhanced commission rate.
SSP Limited Cloud Infrastructure Insights
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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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