Slipcase, the reinsurance sector social media platform, has received nearly £1m in technology investment from UK software firm Putitout, who are looking to access the London reinsurance industry.
Putitout, which develops web platforms and apps for firms such as Virgin Media, Boeing and the BBC, will focus on a re-architect and design for the Slipcase web platform and will develop stand-alone apps for Apple and Android devices by the end of this year.
According to Slipcase, a recent report found that 62% of insurance executives believe the capabilities of mobile technology have the potential to change the insurance business, and that 2015 is the year to do it.
Steve Hearn, chairman of the London Market Group (LMG) and Willis Group'S deputy CEO, said: "Technology plays such an important role in our market and increasingly so as we modernise our processes and become more efficient.
“I’m very pleased to see external technology providers investing in our sector in a way that can support innovation and improve the way we communicate, share expertise and consequently provide even better service for our clients."
The new Slipcase software investment will involve:
- an upgraded desktop site, "refined for optimised user experience and maximum impact for client pages";
- a "dedicated & state of the art" app for Apple & Android devices, enabling user access at all times;
- back end support and continuous development – "ensuring the continuous improvement of the product".
Charlie Cadbury, CEO of Putitout, said: “We have been interested in the re/insurance industry for a number of years as an exciting and progressive environment for technological advancement.”
Launched in the London Market in May 2012, Slipcase says its platform's subscriber base now spans 72 countries with particular growth in the US, Bermuda, Singapore and Europe.
The social media platform's development comes as Lloyd's and the London market focuses on modernising its own technology and global reach.
Slipcase continues to grow its user base of exclusively re/insurance professionals, including individuals representing 540 organisations, the firm noted.
Alex Hearn, founder and director of Slipcase, said: “The initial concept has evolved into a widely used and central content platform for the commercial and specialty areas of the global re/insurance industry and we recognise the need to be more mobile.
“We now host pages for many of the leading organisations and publications in the industry and by enabling them to distribute their latest news and thought leadership content directly to relevant communities inside the industry, Slipcase has proven itself as an invaluable marketing resource,” added Hearn.