A Northern Ireland based software company is planning to more than double its workforce after investing £500,000 to upgrade its IT infrastructure to industry-leading levels. Covernet, which has been developing specialist software for the insurance industry for 25 years, has a client list which includes global leaders in this sector such as Axa, Allianz and RSA.
To date, the home grown company has built over 200 bespoke insurance products on its industry-leading Software-as-a-Service platform ISMIS, with annual premiums in excess of £300m being processed, and predicts an even brighter future.
Covernet currently employs 20 people at its Coleraine headquarters. However, the workforce is set to grow significantly as Covernet seeks to fill over 20 more positions. The new jobs are aimed at attracting highly skilled graduates who are seeking to embark on an exciting and rewarding career, with roles in software development, quality assurance, business development and sales.
US global private equity firm Capital Z Partners Management LLC will support the company in its ambitious growth plans for the coming years, as Covernet aim to expand in the UK before entering new markets in the US and Canada.
A critical element of Covernet’s growth strategy is investing even more heavily in Research and Development, continuing the tradition of innovation they have become known for in the industry, with further focus on the fields of AI and machine learning.
The company will also be investing in developing its cutting-edge DevOps operational practices, with emphasis on automation throughout the development lifecycle. DevOps is the combination of development philosophies, practices and tools to produce software faster and more reliably. This is particularly beneficial in the Insurance Industry where speed to market with new products and reacting to risk are two hugely important factors.
Covernet Managing Director, Lee Stuart said, “We are really proud to have been working in the area of innovative insurance product development for 25 years. Our clients are some of the leaders in the global insurance industry and our products deliver a real depth of functionality. We are excited to continue to deliver this, enrich our platforms further, and expand into new markets with our recent significant investment.”
The company also recently received Investors in People accreditation, a recognition of the continual investment Covernet have made in workplace culture and skills development.
Commenting on the award, Lee Stuart said, “The ability to attract great people to Covernet and help them develop their careers has underpinned our success to date. Investors in People accreditation will help us to enhance this further and commits us to strive towards continual improvement throughout our practices and culture.”