|By Business Wire||
|October 28, 2012 09:10 PM EDT||
eBaoTech, a leading software provider for the life and property & casualty insurance industry, is pleased to announce the acquisition of TekInsure, a Sydney, Australia-based insurance software company.
Founded in 2008, TekInsure has developed a multi-regional full policy lifecycle technology framework that is agnostic of insurance product and distribution channel. Its enterprise level platform, named Collaborus, allows insurers to externalize fulfillment models, tightly integrate to distribution partner systems and set up an efficient operating model. The capabilities it provides to insurers’ commercial lines business targeting small and medium enterprises (SME) are particularly robust and compelling.
“The acquisition of TekInsure will allow our two companies to combine our complementary strengths, accelerate product development, and extend our global presence,” said eBaoTech Chairman and Chief Executive Officer Woody Mo. “This acquisition immediately broadens and strengthens our product line for property & casualty insurers. In the future, we plan to integrate TekInsure’s product offerings into the eBaoTech GeneralSystem suite, thus giving our P&C clients expanded functionality for the SME commercial lines market.”
TekInsure recently began the implementation of its platform across nearly ten Asia Pacific countries for Chartis, where the advantages of using eBaoTech GeneralSystem Suite and TekInsure Collaborus together quickly became apparent. The newly combined company looks forward to even greater product synergies and innovations from its joined research and development teams.
After the acquisition is completed, TekInsure will become a new business unit with Ken Slevin as the business unit director, reporting directly to eBaoTech’s CEO. Tauqeer Khan, TekInsure’s Chief Technology Officer, will join the global eBaoTech R&D team, based in Sydney. This is the first time that eBaoTech extends its R&D capacity outside of Shanghai.
“This transaction will enable us to distribute our insurance platform for commercial lines insurers on a global basis,” noted Ken Slevin, Chief Executive Officer of TekInsure. He continued, “The Sydney operations will be strengthened and we will expand our sales and delivery team in Australia. In particular, we are proud that our R&D team will now form a part of eBaoTech’s global R&D activities. This will enable the product developments in our platform to benefit a global market.”
Woody Mo concluded, “We are very pleased to have found in TekInsure a partner that shares our vision on technology leadership and globalization in the insurance industry. This acquisition will create new opportunities for both our clients and our company.”
eBaoTech delivers standards-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its product offerings enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in ten countries across Europe, Asia and the Americas, and installations in more than 20 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit www.ebaotech.com.
Established in 2008, TekInsure provides enterprise level solutions to international insurers, covering a broad range of products, distribution channels and fulfillment models. Its flagship product delivers multi-lingual, multi-country, full policy lifecycle capability out of the box.
TekInsure provides solutions that enable insurers to fully externalize and automate products across multiple distribution channels (including Broker, Agent, Bancassurance, Dealer and Direct), allowing insurer partners to self-manage their portfolios.