4th March 2025
Open GI, the general insurance technology partner, today reports growth in its latest financial year.
Sales increased by 5.1% to £61.7 million in the year to 31 May 2024 and Adjusted EBITDA grew by 3.6% to £29.1 million.
During the period Open GI added nine brokers and MGAs to its policy administration systems and brought 50 new insurer and third-party products to market.
It bought HugHub’s digital platform in April 2024, with the technology now integrated to allow brokers to use low-code portals and increase self-management capabilities.
It went on to roll out virtual assistant and a partnership with conversational AI specialists OpenDialog.
Open GI invested a total of £9.1 million in developing its digital offerings.
Open GI is used by 500 intermediaries representing a third of UK insurance transactions across commercial and specialist personal lines.
The software partner integrates brokers with close to 100 partners across insurers and MGAs, data enrichment specialists and other business services into its PAS systems Mobius, Core and V, in addition to providing bespoke customisations for its customers.
Simon Badley, Chief Executive Officer, said: “We are pleased with the progress we report today. Our growth is down to taking a partnership approach with our customers, investing in the technology and products that will help them to write more and better business.
“The unique configurability of our solutions really allows our partners to bring their own bespoke approaches to the market. More and more, we are known as the standout solution for providers that want far more than an off the shelf package.
“We look forward to continuing to innovate to support brokers and partners to drive both revenue and efficiency, bringing more insurance solutions to a broader range of customers.”
Open GI further announces the appointment of Mike Warren as CFO. Mike has led the finance function of several technology businesses and has an outstanding track record of supporting growth.
