Connected Thinking

Acturis is about helping different players in the general insurance market succeed.

We do this through innovation – offering new technology to brokers and underwriters; creating unique solutions together with clients who are keen to improve their offer in the market; connecting different parties involved in the insurance process together.

The Challenge

The general insurance industry offers both enormous rewards and difficult challenges to participants.   The market is attractive because it is extremely large and many players make handsome profits through efficient and innovative underwriting and distribution of products.

However, at the same time the industry is incredibly challenging because it is inefficient. For example, multiple hand-offs, duplication, manual processes, errors, rework and incompatible systems result in overheads absorbing 34% of all premiums. In other words, more than one third of a commercial customers' premium does not go towards risk transfer, but is consumed in cost. This inefficiency results in low (or no) profitability and is compounded by poor customer service.

The players in this segment need to seriously improve their service levels and reduce their costs or risk, over time, being replaced by alternatives. These cost inefficiencies are too great for customers to ignore.

Product Range

Acturis offers several related products to solve these industry problems:

Acturis for Intermediaries
To meet the challenges of today's insurance environment, Acturis has developed an innovative broker trading system, which significantly improves broker efficiency, service, and broker-insurer interaction. This platform is the only system a broker needs and is supplemented by an array of innovative products and services aimed at increasing brokers' revenue and providing growth opportunities.

Acturis for Underwriters
As the distinction between broker and underwriter increasingly blurs, Acturis has developed a leading wholesale and underwriting module that facilitates underwriting agencies and MGAs, as well as brokers that sub-broke business.

Acturis for Healthcare
The healthcare market suffers from little integration between broker and underwriter, and Acturis has developed its core system to meet the demands of the healthcare market through the creation of healthcare specific products and the development of integrated trading.

Acturis for eCommerce
Acturis offers a feature-rich eCommerce solution that allows web and business integration layers to facilitate and drive forward seamless eCommerce via:

• the provision of web trading and web service capabilities to users of - and integrators to – the system
• the provision of real time electronic messaging capabilities via multiple formats

Acturis Achievements

Acturis has reached some significant industry firsts in its short existence:

• The first to develop XML integration with a commercial insurer, to allow straight through processing in the SME sector
• The first to develop a live integration with a commercial insurer for complex non-autorated business
• The first to integrate on a real-time XML basis with a premium finance provider
• The first to integrate and trade in real-time with the Polaris imarket panel of insurers

As a result, Acturis has been nominated for an industry award in every year from 2004-2011, and was fortunate enough to be awarded Service Provider of the Year in 2006, 2007, 2009 and 2010. In 2011, together with one of our clients, Acturis and Willis were jointly awarded the Technology Award. In 2009 and 2010 Acturis has been profiled in the Sunday Times Tech Track 100 Survey and in 2011 Acturis were profiled in the Telegraph 1000 survey for Britain's Brightest Businesses.

Board of Directors

Theo Duchen
Theo Duchen is co-CEO of Acturis. He was previously a partner at McKinsey & Company, having joined McKinsey in 1991 and becoming a partner in 1997. He led McKinsey's general insurance practice in the UK, was a member of McKinsey's European insurance leadership group, and has worked extensively with both insurers and major international brokers over a period of several years. Theo is an actuary by training.

David McDonald
David McDonald is co-CEO of Acturis. He was previously a partner at McKinsey & Company, having joined McKinsey in 1990 and being elected to partner in 1996. He co-led McKinsey's e-Commerce practice in the UK and has extensive experience of B-to-B e-commerce. David has worked across a number of industries and was first involved in e-Commerce in 1993 while working in the US. Before joining McKinsey, David qualified as a CA and received an MBA from INSEAD, France.

Simon Ronaldson
Simon has over 20 years experience in the Insurance Industry, having worked for Commercial Union and Norwich Union, as well as Datamonitor in its Financial Services Division. He is also ACII qualified and an MBA from Warwick University. Simon is the Sales and Marketing Director within Acturis, and fronts many of the high profile customer relationships.

Shay Bhatia
Shay is the IT and Operations Director at Acturis. He is responsible for all aspects of IT Infrastructure and day-to-day Operations for the Acturis System. Shay has over 15 years experience in the IT industry having worked as a Senior Consultant for Cap Gemini and for Logica within the Finance sector. Prior to joining Acturis, Shay worked as Senior Oracle Architect at British Airways. Shay is a Computer Science graduate.

Tony Goddard
Tony is Development Director of Acturis. He joined the company in 2001 shortly after graduating from Durham University with a 1st class Masters of Engineering. He is responsible for the development of the Acturis system and also heads up the document, reporting, and web service work streams.

Company History

Acturis was established in late 2000 by Theo Duchen and David McDonald, two former McKinsey partners, and the late Sir Brian Pitman, the former CEO and Chairman of Lloyds TSB.

The company's total focus is on using technology and process innovation to help brokers and insurers in the general insurance industry to achieve radically improved levels of efficiency, productivity and client service.   The first brokers traded on the Acturis system in July 2002 and since then more and more brokers and underwriters have moved from UK legacy systems to enjoy the efficiency savings offered by the Acturis system.

Acturis has an exceptional team of industry experts, professionals and ex-consultants from leading strategic and technology firms. Acturis has an entrepreneurial and energetic culture, centred on a vision of revolutionising an industry through knowledge, teamwork and enthusiasm. Each member of the Acturis team is engaged in shaping and driving the company.

Innovation drives development of the Acturis system and guided by our User Group we have introduced many new ideas for solving old problems. Acturis has developed an enviable reputation for delivering change on time and to budget.

Key Dates in the history of Acturis:

• Jul 2002 – first users go-live on Acturis
• Jul 2004 – Acturis hits 1000 users
• Sep 2005 – Acturis becomes cashflow positive on an annual basis
• Apr 2006 – Acturis hits 2000 users
• Sep 2006 – Acturis generates first operating profit on an annual basis
• Apr 2007 – Acturis hits 3000 users
• Nov 2007 – Acturis hits 4000 users
• Sep 2008 – Acturis exceeds annual turnover of £10m
• Oct 2008 – Acturis hits 5000 users
• Nov 2009 – Acturis hits 6000 users
• May 2010 – Acturis hits 7000 users
• Apr 2011 - Acturis hits 8000 users