Global insurtech group, Prima Solutions, which enables the digital transformation of re/insurance carriers and brokers announces the opening of a UK office in Minster Court, London EC3, cementing its commitment to the London market and Lloyd’s specialty reinsurers, together with the appointment of Tim Spencer, an experienced market practitioner, as UK & Ireland Head of Sales.
With a strong focus on meeting Lloyd’s and London Market specific requirements, the Prima XL cloud-based platform automates and centralises the ceding process for all reinsurance contracts including claims data, and enables sophisticated accounting capability for insurers, reinsurers and brokers. Beazley and QBE are already London-based clients for Prima XL while global clients include Axa, Fortitude, Covea, FBL, State Auto, Thelem, AMP and Weston Insurance Company.
Tim Spencer (pictured) will lead sales for the new office and help grow the local team, specifically focusing on the Prima XL Reinsurance platform in the UK and Ireland. Tim has worked in the Re/Insurance industry for over 20 years, recently for global broker Marsh. Prior to that he was employed in the market with Axiom Consulting (a former division of Aon, now Charles Taylor) and developing business in software for Re/Insurance Exposure Management. Tim has had extensive experience in providing integrated risk management solutions including management controls for Cyber Risk, Third Party Risk, Enterprise/Operational Risk and Compliance.
Julien Victor, Chief Executive Officer of Prima Solutions, said:
“We are focused on being an integral part of the ongoing movement to digitize and streamline the way business is done in the Lloyd’s and London Market. The opening of our new office and the appointment of Tim reinforce our commitment to participate in the industry efforts to improve its overall operational efficiency.
Our already successful US campaign showcases how our product can meet new market requirements thanks to our modular approach. We have started to accelerate our Research & Development efforts to add new core functions that are fully aligned with the London Market requirements. This allows us to play an active part in digitizing the local market.”
Tim Spencer, Head of Sales UK & Ireland Prima Solutions, added:
”Prima XL is a cloud-based, powerful and intuitive software that collects, centralises, and analyses all data for insurers, reinsurers, and brokers. Prima XL is designed with interoperability firmly in mind, interfacing with existing London Market and Lloyd’s and carrier systems through open API design. It is also compatible with ACORD standards. I am delighted to be working with such a forward thinking and progressive company as Prima Solutions. With Prima XL, I have the opportunity to highlight how all reinsurance policies, claims, and all associated technical and accounting data can benefit from a dedicated and proven solution.”