London-headquartered insurance management system provider Genasys has bagged a £12.25 million investment from specialist software scale-up investor Frog Capital.
“We are delighted to invest in Genasys,” said Frog Capital senior partner Jens Düing (pictured leftmost). “The company has already created an industry-leading modular state-of-the-art platform that is gaining increasing momentum in a transforming ecosystem.
“The platform allows its customers a much faster time to market. We look forward to supporting André and Craig in the expansion of the business.”
Under the deal, Frog Capital is taking a significant stake in Genasys while the latter’s management team retains operational control of the business, whose software-as-a-service platform spans end-to-end policy administration and claims solutions.
Genasys joint chief executive André Symes (pictured second from left) asserted: “Our platform and ecosystem have been widely adopted by forward-thinking insurance businesses who have bought into the need for agile, quick-to-change technology. It’s a mindset that is gathering pace across the insurance industry – personal and commercial lines, in the London market space and beyond.
“The potential for our business growth is enormous as we have built a proposition that has a track record of delivering solutions for those insurance companies at the early stages of their digital journeys as well as those who are a long way down the path.”
Managing gross written premium in excess of £1 billion, Genasys enables hyper-configurability across the insurance system. The five-star insurance technology provider has more than 350 pre-configured products ranging from property & casualty, life, medical, and specialty.
“The Genasys platform reduces a key barrier insurance businesses face to tailoring products to the needs of the insured,” added Düing. “As a consequence, individuals seeking to insure a particular risk are more and more likely to find a product that fits their respective needs, thus leading to better peace of mind and reduced hardship for the insured.”
As part of the scale-up programme, Genasys will be expanding its centre of technology excellence. The goal is to ensure that Genasys can ably support the business while it grows further globally. At present, the company serves clients in 16 countries.
“Our centre of technology excellence is the crown-jewel of our delivery,” noted Genasys joint CEO Craig Olivier (pictured second from right, next to Frog Capital operating partner Andrew Betteley), whose camp has operations in Johannesburg and Cape Town.
“We want to lean on the innovative and technically advanced pool of talent that is emerging from the entrepreneurial spirit in South Africa to build a truly world-class insurance platform and deliver even better services and products to help our clients provide insurance solutions that make a real difference to their clients.”
According to Symes, the partnership will help accelerate Genasys’ next phase of growth.
“They have bought into our model of building sustainable growth and are genuine in their desire to add real value to our business,” he commented, referring to Frog Capital. “We love their ‘rolled-up sleeves’ approach with their operating partners and scale-up methodology and believe that we have found exactly the right partner to help us as we scale up our business.”
Concurring, Olivier said: “We’re truly excited to partner with the team at Frog who we believe will make a massive contribution towards helping us achieve our goals.”
