|By Business Wire||
|June 9, 2014 08:01 AM EDT||
From the IASA Annual Educational Conference and Business Show, Insurance Global Operations (IGO), a solution provider of core processing systems for the P&C and Life insurance markets, today announced it has rebranded as zags. In addition to the new company name, zags is moving its company headquarters from Paris to New York to establish its identity as a U.S.-based company and to best service its target North American market.
The company has also received an infusion of $30 million in new funding, provided by the company’s existing and founding shareholders. With the strong commitment from its shareholders and healthy financial position, zags is poised to make significant investments in the continued research and development of its solutions, and its North American sales and marketing effort.
According to Olivier Jaillon, zags founder and chief executive officer, “We chose to rebrand the company as ‘zags’ because the name symbolizes taking a road that, at least as of today, is much less travelled. While every other core insurance solution provider zigs, our plan is to zag – to do things differently – whether it’s how we creatively apply technology, help insurers improve their businesses, or how we collaborate internally and externally throughout the industry.”
Jaillon continued, “We’ve learned a lot since introducing the company and our solution to the North American market at last year’s IASA. Most importantly, we validated that the insurance industry is open to a new approach to its core processes and systems – one that requires a combination of innovative thinking and technology, as well as an environment of close collaboration.”
In addition to the company name change, the IGO6 collaborative insurance administration platform has also been rebranded as zags. The zags solution is unique in that it is:
- Designed to reengineer insurance processes by embedding collaboration, business intelligence, and user experience capabilities.
- The industry’s only collaborative insurance administration platform.
- The first insurance core processing solution developed on a full Microsoft stack embedding Microsoft enterprise solutions.
Commenting on the new zags brand and the company’s prospects for the future, Chad Hersh, managing director of Novarica’s insurance practice, said, “The decision to move the company headquarters to the US, coupled with the renewed investment and the first US client win are key success factors for ongoing growth in the US market. Combined with the expansion into the group life space, zags looks poised for an exciting 2014.”
Since expanding its operation last year to include a focus in the North American insurance market, zags invested the past year in listening to, learning from, and collaborating with the North American insurance industry. Results include:
- An investment in primary research, validating zags’ market assumptions;
- Selection of zags by two early adopter U.S. insurer clients;
- 200% growth of the zags U.S. team; and
- Continued product development to best address the North American insurance market needs.
The address for the company’s new U.S.-based corporate headquarters is:
New York, NY 10007
zags (formerly Insurance Global Operations (IGO)) is a new breed of software provider delivering on its vision to change the status quo of insurance administration systems through the disruptive application of technology. zags designs and develops its insurance solutions with the goal of helping carriers face the growing P&L pressures from increasing regulations and little return on assets. zags understands that with these challenges comes the need for P&C and Life carriers to find a new way of processing that goes beyond claims, billing, and policy administration. zags is headquartered in New York with offices in Paris, Minneapolis and Tunis. For additional information on zags and zags solutions visit www.zags.info.
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