Xchanging to invest a further $200m in insurance services

Outsourcing firm Xchanging plans to invest a further $200m in insurance solutions.

Executive director of Xchanging Global Insurance Services Adrian Guttridge announced the fresh investment at the Monte Carlo Rendez-Vous today while outlining the progress the company has made on its five-year strategy for global growth in the insurance market.

Xchanging unveiled its five-year plan in 2013.

Guttridge said: “Last year I outlined our plans to expand Xchanging’s insurance operations and develop a strengthened offering, by building upon our existing individual services. The success of this strategy has helped us to secure our position at the heart of the London market, while expanding into new markets around the world.

“This is a hugely exciting time for both our business and the market as a whole, with demand for innovative solutions at an all-time high. The market is changing at a rapid pace and with this comes some challenges, but also many opportunities. We are capitalising on our pivotal position in the London insurance market, and channeling our experience and expertise into a strong global offering. 

He added: “Furthermore, we continue to invest in our business, with more than $200m being applied to securing and further developing market leading IP in our insurance technology and BPO capabilities globally to bring benefits to existing customers and prospective leads; for example through the recent acquisition of Agencyport Europe and Total Objects, the latter pending approval from the CMA.”