Charles Taylor InsureTech has agreed to acquire Inworx, a Latin American based insurance-focused technology consultancy and software provider. Inworx delivers solutions to local, regional and global insurance corporates across Latin America.
The acquisition accelerates Charles Taylor InsureTech’s strategy to establish itself as a global insurance technology provider of choice. Inworx significantly broadens Charles Taylor InsureTech’s technology capabilities as well as its presence in Latin America. It adds 270 technology staff and multiple international and local insurance market clients in 15 Latin American countries.
The transaction underlines Charles Taylor InsureTech’s commitment to Latin America. It established a Technology Centre of Excellence in Mexico City in 2016 and has secured major contracts to implement core technology solutions for two of the region’s leading insurers across all lines of business and in multiple countries in the region.
On completion, Charles Taylor InsureTech will also become one of Latin America’s largest technology consultancy, business change and implementation providers with access to over 470 staff delivering owned software solutions to insurers, brokers and markets.
The deal includes Inworx’s market-leading insurance broking software, InBroker, which is a core broking system used by many of the world’s top-tier brokers in Latin America. These include Willis Towers Watson, Marsh and AJ Gallagher.
Charles Taylor InsureTech aims to transition Inworx to become a global insurance technology provider and for Inworx to accelerate Charles Taylor InsureTech’s growth in Latin America. The combined capabilities of the two businesses are expected to enable insurance corporates to reduce frictional costs and improve operational effectiveness. Insurance clients are also expected to gain greater insight from their data, which will enable them to better serve their customers.
Carlos Romeu, Charles Taylor InsureTech’s Client Delivery Director, will relocate to the region to become Managing Director of Charles Taylor InsureTech, LatinAmerica.
David Marock, Group Chief Executive Officer, Charles Taylor plc said:
“This acquisition marks another major step in delivering Charles Taylor’s growth strategy. I am looking forward to welcoming the team from Inworx to the Charles Taylor family.
“Technology is transforming the way that insurance is underwritten and transacted globally. The acquisition of Inworx is one of the largest we have undertaken as a Group. It demonstrates our commitment to growing our insurance technology capability, both as an enabler for the industry and to deliver the Group’s services. These support every stage of the insurance lifecycle and every aspect of the insurance operating model.”
Jason Sahota, Chief Executive Officer, Charles Taylor InsureTech said:
“This important acquisition demonstrates our commitment to grow Charles Taylor InsureTech as a market leading provider for the global insurance industry. This acquisition brings capabilities that expand our underlying platforms and positions to become a leading provider in Latin America. We will continue to build out both in Latin America and bring Inworx’s solutions to other markets.
“In two years, we have demonstrated a track record of growth by winning major insurance technology contracts and I am excited to welcome Inworx to the Charles Taylor InsureTech family. Together we will continue on this fantastic journey to drive change and bring real benefits to the insurance sector by using the latest technology.”
Leonardo Mato, Chief Executive Officer, Inworx, said:
“Inworx is already a provider of choice to many of the world’s leading insurance brokers in Latin America and has established relationships across the regional insurance market. Becoming part of Charles Taylor InsureTech gives us the perfect platform to internationalise our portfolio and provide solutions to brokers and insurance providers on a global basis.”