Truro based insurer Cornish Mutual has experienced rapid growth since being supported by Transactor Global Solutions Ltd’s (TGSL) specialist software solutions, designed to increase productivity and efficiency, reducing costs and increasing profits.
In March 2013, Cornish Mutual reported a 9% increase in gross written premium to £19.2m in the full-year to September 2012. Profit after tax increased significantly to £2.09m from £336,221 in 2011 and the insurer saw Members grow to 24,352 from 23,447 in 2011.
After carrying out a thorough tender process in 2010, Cornish Mutual chose TGSL as its new software supplier as it was able to offer the functionality needed to replace the insurer’s existing legacy software as well as a comprehensive ledger solution, vastly improving that offered on the old system.
Peter Beaumount, Finance Director, Cornish Mutual, explained the decision: “We were looking for technology that was up to date, scalable and offered a platform for future development. TGSL have proved, as we hoped, to be interested in us as a business and they wanted to help us develop our very customer-focused offering through technology.
”Introducing significant changes to an organisation is not without risk but our results show that if you choose the right approach you will reap the rewards. We are looking forward to the next phase of improvement at Cornish Mutual and our technology choices have played a big part in the capabilities we are now unlocking as part of that development.
“As a mutual we want to make it easy for our Members to do business with us. We also want to promote professional standards and reliability. Therefore, we are very conscious of the fact that we need to work with partners who will support our ethos. We are delighted that TGSL has enabled us to introduce significant changes to the business while maintaining service levels to our Members.”
Ian Blakesley, Chief Technology Officer, TGSL, said “Cornish Mutual’s latest results are extremely impressive and we are always thrilled to see a client doing so well. The company has great staff, realistic objectives and an admirable commitment to improving the service offered to its Members. These latest results prove that with the right people, and the right values, a company can really prosper and grow when supported by Transactor software.
“The collaborative working practices in place between the two companies have led to the sharing of ideas, concepts and development of new projects in claims, accounts and toolsets. I am sure that Cornish Mutual will continue to develop and will have more fantastic results to announce in the future.”