Insurance software provider Transactor Global Solutions Ltd (TGSL) has enjoyed another year of income growth at about 18% across the core business. Throughout the year the business has prioritised innovation with a major investment in its new software, ’Transactor Version 7‘ (V7). TGSL has made the investment organically, with no external or private equity involvement.
The strategy is producing encouraging results for the business which has delivered seven new client sales for V7 since the beginning of October, including personal lines brokers, MGAs and commercial scheme brokers.
Ray Vincent, CEO, TGSL, explains, “Clients valued the configurability and flexibility of Version 6 (V6), however it was obvious by 2013 that scaling up the business on V6 was going to be tough given the multiplicity of code lines which had to be built and released separately, each requiring their own separate updates, version control and change management. So V7 was designed to address the issues, whilst retaining the virtues.”
V7 is a complete re-write of the core Transactor solution, designed to put the business on course for the next 10 years of growth and to give its clients a technological advantage in a competitive market. It includes a number of new features which increase the configurability of the software and improve the end user experience (UX) courtesy of a new front-end.
Vincent continued, “As always our priority is to help clients gain an edge over the competition so we’ve added some great new features such as the front-end to improve user experience and the new API which allows clients to build their own solutions which are directly integrated with the Transactor system. And we believe we can achieve a run-rate of 48 systems per annum given the new approach, whilst also improving lead times on new features of existing clients, and better traction in support.
“Having the bonnet up, so to speak, also gave us a chance to look into other areas of our business, identifying areas which could be improved to help us offer a better service to our clients. We have adopted Zendesk for customer support, PowerShell for quick and easy software releases, automated testing, CI, and a host of other technical options. We are also making improvements to our cloud hosting infrastructure and cyber security standards by working towards ISO 27001 (2013) and PCI-DSS (3.2) compliance in 2016/17.”
TGSL stopped selling V6 in February 2016. Since then all new client sales have been V7 exclusively, and the company has hosted several User Group meetings throughout the year to introduce the new software to existing clients.
Vincent concluded, “The feedback on V7 has been very positive from both our existing clients and the industry as a whole, with one client describing their new setup as ‘vastly superior’. It’s great to receive this kind of recognition for what has been several months of hard work across the entire business.”