Reinsurance and Insurance Regulatory Compliance Products Both Showed Strong Growth
Paris, March 29, 2018 - Effisoft, publisher of software for insurance and reinsurance professionals, today announced that its global revenues increased 10 percent in 2017. Sales totaled €11.9 million ($14.6 million) up from €10.7 million ($13.2 million) in 2016.
Growth confirms the success of its strategic plan, which aims to transform the company by ensuring sustainable growth and maintaining profitability, according to Effisoft. Its regulatory compliance and reinsurance solutions both showed strong growth.
An independent debt-free company with sound fundamentals, Effisoft invested heavily for the future in 2017. It increased its R&D team by 20 percent and modernized its software laboratory. These investments, renewed for 2018, will benefit Effisoft customers
The board of directors also appointed a management committee charged with accelerating the transformation of the company to meet new technological challenges.
Last October, Effisoft sold its Webrisk product to Ventiv Technology as part of its strategic plan. The sale has given the company additional resources to invest in its reinsurance and regulatory compliance products.
"The ability of insurance companies to invest in new technologies and prepare for the future will make a crucial difference," said Julien Victor, general director of Effisoft. “We are helping to transform the management of reinsurance and the regulatory compliance and make that a strategic opportunity for insurers."
Effisoft USA Sales Up 22 Percent
Effisoft’s U.S. subsidiary, Effisoft USA, which offers ceded reinsurance systems, logged a 22 percent increase in sales in 2017. It added staff and moved to a new, larger office in Coral Gables, Florida.
Effisoft is hiring in both France and the United States, Victor said.