TIA Technology achieves record high financial results in 2013

Virum, Denmark – Focusing on customers, partners and product innovation, TIA Technology delivers solid growth

Virum, Denmark – Focusing on customers, partners and product innovation, TIA Technology delivers solid growth

“We close the books on what has been a stellar year for our company, and the record-breaking results speak for themselves”
Ole Skov, Chairman of the Board at TIA

TIA Technology, a leading provider of a standard software solution for the global property/casualty insurance industry, announced today their financial results for 2013. With a 17% increase in turnover and a 57% increase in net profits, the results are the best ever for the company.

“We close the books on what has been a stellar year for our company, and the record-breaking results speak for themselves,” said Ole Skov, Chairman of the Board at TIA Technology. “We are extremely grateful to our customers and proud of our employees who worked hard to make this happen.”

Turnover increased from DKK 118.2 Mil to DKK 137.8 Mil. Net profits grew 57% from DKK 18.9 Mil to 29.7 Mil. Thirty percent of the revenue growth came from existing customers buying additional functionality to their TIA solution.

A continuing focus on ensuring happy, satisfied customers, innovative product enhancements and partner implementation methodologies fuel growth and have had a positive impact on the results. In 2013, TIA welcomed three new customers to its community that already includes some of the leading insurers in the world. In addition, new TIA offices have been established in Poland and Norway, with five subsidiaries in all.

“We have been in the market for 25 years and our customer base has grown significantly during that period,” said Liselotte Munk, CEO at TIA Technology. “Satisfied customers are a valuable asset for any company; but our customers are more than satisfied – they are happy – happy with TIA Technology and with TIA Solution. They choose us because of our thriving reference base of satisfied customers who invest more in their TIA Solution to enable key strategies for their business.” As a token of this, TIA was recently awarded Celent’s XCelent award for the best customer base in EMEA for the second consecutive time.

New releases among key milestones in 2013
Key milestones in 2013 include extending the breadth of functionality in the TIA solution with a number of new releases. For example, the release of TIA Product Center allows insurers to reduce time to market for new insurance product offerings by enabling business users to fully configure insurance products and hence significantly improve competiveness through product and pricing agility. Other releases include a fully modernized user experience for Claims as well as a mobile appraiser app that equips appraisers with a tool for on-site claims inspection tied directly to the TIA back-end which allows insurers – literally – to get closer to their customers and increase efficiency.

TIA Technology continued its successful customer-centric approach in 2013, with help from the TIA partner eco-system. TIA partners bring proven implementation methodologies and local knowledge to every project, which is of paramount importance to transform core systems successfully. 

2013 included several initiatives to boost the TIA Professional Services organization, including the establishment of the TIA Product Factory at TIA Lithuania. In close cooperation with implementation partners, TIA Technology provides a raft of services, including business consultancy and technical implementation to help ensure solution efficiency.  By establishing the TIA Product Factory, it’s possible to supply tailored insurance products for direct application in customer projects.

And, 2013 was a landmark year for TIA Technology Research & Development with the continued expansion of the organization through the enlargement and integration of the Vilnius delivery center, more innovation and an enhanced support model for existing customers.

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