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Danish insurance software with export success
New customers in Germany, Portugal and Ireland, and eight successful implementations of TIA Solution, resulted in growth for TIA Technology in 2012.
COPENHAGEN, Denmark – New customers in Germany, Portugal and Ireland, and eight successful implementations of TIA Solution, resulted in growth for TIA Technology in 2012. Existing customers in the insurance industry also increased their business commitment. As a result, TIA Technology's turnover increased by 27 per cent from DKK 92.8 million in 2011 to DKK 118.2 million in 2012. Profits (EBITDA) grew from DKK 25.4 million to DKK 45.7 million.
More than 80% comes from export
TIA Solution is implemented by a number of specialised partners, based locally in the individual countries, and the annual turnover of the total "ecosystem" surrounding the Danish software is around DKK 1.5 billion. In addition to the Nordic region, the UK, Poland and Germany are key markets for the Danish company, which has over 50 insurance companies as its customers. 80.6 per cent of the turnover comes from export, to Europe in particular. Europe (not including the Nordic region) accounts for 49.2 per cent of all export, the Nordic region accounts for 40.3 per cent and the remainder of the export of this Danish software goes to customers in North America, Africa and Australia. "
"We have shifted from a focus on technology to a much broader focus. Our customers are looking for a partner who gets involved in their business needs and in all decision-making processes"
Customers prefer standard solutions
At an international level, insurance companies are up against the growing power of customers and an increasingly transparent and dynamic market. Companies are competing to be the best at understanding customers and to build sustainable customer relations, and they are compelled to change products, distribution channels and methods of communication. This puts pressure on the core system's ability to develop quickly and flexibly, and this is where we are seeing increasing interest in our standard solution", says Liselotte Munk, TIA Technology's CEO.
Due to a number of management changes, growth has accelerated over the past few years. Liselotte Munk joined the company in 2011, and TIA Technology and its new management team have chosen to become more involved in each individual implementation of TIA Solution under the motto "Closer to Customers".
Dialogue with senior management
"We have shifted from a focus on technology to a much broader focus. Our customers are looking for a partner who gets involved in their business needs and in all decision-making processes. The IT aspect is so crucial to an insurance company that we are required to help support an extended value chain. Therefore, if we are to be a valuable partner, we must have a dialogue with senior management, claims examiners and insurance agents. We have now made a success of this," she says.
In addition to investments in product development, the employment of new staff to handle this customer dialogue and the acquisition of Itero, with its specialists in the technology behind TIA's solution, have strengthened the company. Innovation is evident in the new version 7.0, which introduces new architecture and a new user interface aimed specifically at the needs of customers. TIA Solution now sets an international standard for agility and flexibility in core systems for non-life and composite insurance, and the system is designed to help insurance companies improve their focus on the customer.
"We originate from the Danish and Nordic insurance industries, which by international standards are extremely efficient and well managed. Our ongoing dialogue with Danish insurance companies has consolidated our approach to developing enterprise software for the industry, and it is the real reason for our succes in the other European countries," says Liselotte Munk, who has previously held management positions in a number of Danish insurance companies (e.g. Gjensidige, Kommuneforsikring and Alm. Brand).
In 2012, TIA Technology used 51 per cent of its turnover on support and development of the solutions, its development resources consisting of 40 of its own developers in Virum and Vilnius and 10 external consultants. Recent initiatives include a mobile solution for the iPad for insurance agents and a defined mobile strategy for TIA Solution.
TIA Tecnology financial ratios
TIA Technology's turnover in 2012, by region