Ardonagh Signs Digital JV Deal With Mphasis

Mphasis, an Information Technology (IT) solutions provider specialising in cloud and cognitive services, in 2020 announced a deal with the Specialty Broking Segment of The Ardonagh Group (“Ardonagh”) – the UK’s largest independent insurance intermediary, to transform how they engage with clients, colleagues, carriers and regulators.  This project entailed digital transformation, data, automation and managing back- office Operations.

Expanding on this, in 2021, Mphasis and Ardonagh agreed to set up a shared services entity to service middle and back-office functions, while applying digital transformation. To execute on this, Mphasis and Ardonagh, recently signed a Business Venture Agreement wherein, Mphasis acquires 51% in Mrald Limited, a company incorporated and registered in England and Wales, with 49% of the equity remaining with Ardonagh. Mrald’s inaugural service is Application Development and Maintenance (ADM) functions, with the aim to expansion in two areas:

• Insurance operations and technology capabilities; and
• New clients across the Ardonagh and 3^rd party clients in the insurance intermediate market.

Mrald’s mission is to deliver innovation combined with operational, technological, and service excellence. Mrald is focused on enhancing broker – client relationships through data-driven insights while allowing brokers to scale for increased client engagement.  Benefits to clients include:

• Enhanced end customer experience and cost-efficiency.
• Best practices in systems, processes, management, offices, and work from home; and
• Reduced costs of operations by realising real economies of scale.

Mphasis holds a majority share (51%) with both operating control and full economic interest, as well as bringing their existing offshore expertise to constitute an extended global outsourcing & transformation proposition and capability that can be harnessed to personalise and to meet individual UK customer needs. 

“In Mphasis, we have found a partner with capital, expertise, and assets to accelerate our focus on enhancing our digital broking capabilities. This expansion of our existing and long-term relationship is an important step forward in accelerating our shared ambitions. said David Ross, Chief Executive Officer, Ardonagh Group.