Leveraging Insurers’ Technology Infrastructure

Skywire Software builds a multifaceted company with key components in rating and underwriting, document automation, and data management and business intelligence.

Best’s Review: Who is Skywire Software?

BRANDT: Skywire Software is a leading global software company focused on the insurance vertical. We have been in business since 2000 and today serve more than 1,000 customers specifically in the insurance market. Our innovative products help automate the entire life cycle of the insurance value chain and wrap around core administration systems to make them better. Skywire Software also serves customers in the financial services, legal and professional services, health care and utilities industries.

BR: What does Skywire Software offer for the insurance industry?

BRANDT: We offer insurance companies the ability to make their core administration systems better with our best-in-breed software components.

When you think about how an insurance company operates, two of the most critical components that they need are rating and underwriting, and policy issuance. We are one of the leaders from a technology perspective with our rating engine and the various applications around rating, and also in document automation or a concept we call Customer Communications Management. That includes everything from compliance and form composition to policy issuance and correspondence--key components that drive the development and management of documents across the entire insurance life cycle.

BR: You’ve been involved in some notable acquisitions and you’ve had some growth through that process, who did you acquire and what capabilities have you picked up because of that?

BRANDT: Skywire Software has experienced tremendous growth both organically and through acquisitions. Regarding acquisitions, the natural question is why? Strategically, it is to fill product gaps and consolidate to better serve our customer base. During the past year, the companies we have acquired are Integrated Insurance Technologies, Docucorp International, and our latest acquisition, Whitehill Technologies.

BR: What are the trends you’re seeing in insurance technology these days?

BRANDT: Insurance companies are becoming more creative. They’re thinking differently today. Instead of scrapping source systems and starting over they’re saying, “Let’s leverage what we’ve got today and let’s buy components to make those systems better.”

So whether that’s a mainframe or an older policy admin system, they may say, “We want to get our products to market faster. We want to carve out the rating function or the policy issuance function.” They turn to Skywire Software to provide the components to make these systems better and enable them to manage the life cycle of a policy.

I think what you’re going to see in the carrier market, especially, is the continued movement toward the world of SOA, where companies are buying best–in-breed components to leverage the investments they’ve already made.
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