At the beginning of this year Covernet invested £500,000 to upgrade its IT infrastructure and help double its workforce. The company aims to expand in the UK before entering new markets in the US and Canada. American global private equity firm Capital Z Partners Management LLC will support it in its future growth plans.
Prior to this investment, the firm employed 20 people at its Coleraine headquarters, but hoped to fill over 20 more additional positions. New roles would be within software development, quality assurance, business development and sales, and are aimed at new graduates.
Covernet started up 25 years ago and its clients include Axa, Allianz and RSA. It has built over 200 insurance products on its Software-as-a-Service (SaaS) platform ISMIS, with annual premiums in excess of £300m being processed.
Managing Director Lee Stuart said: “We are really proud to have been working in the area of innovative insurance product development for25 years. Our clients are some of the leaders in the global insurance industry and our products deliver a real depth of functionality. We are excited to continue to deliver this, enrich our platforms further, and expand into new markets with our recent significant investment.”
Going forward, the Coleraine company plans to invest more heavily in research and development (R&D), with further focus on artificial intelligence (AI) and machine learning. It will also be investing in developing its DevOps operational practices, with emphasis on automation throughout the development lifecycle.
To find out more visit Covernet’s website.
