Prima Solutions, a French software platform, has purchased Canadian life and health insurance software provider ICOD. Financial terms of the deal were not disclosed.
The deal is said to diversify Prima’s customer base and expand its platform for growth in Europe and North America.
Prima chairman Hugues Delannoy said: “This acquisition provides a unique opportunity to accelerate our growth strategy and gain scale both in France and internationally.
“The transaction offers immediate synergies and reinforces our plan to diversify our product offering to take advantage of the fast growing demand in the Life and Health insurance segment for a modern scalable platform.”
All 55 employees of ICOD will join the Prima Solutions group as part of the deal.
ICOD founding president Pascal Gosset said: “The combination of both organisations will allow clients continue to benefit from the same high level of quality service and expertise while also gaining access to increased product offerings through a single software provider.”
Both Prima and ICOD platforms are web-enabled, multilingual and available in SaaS mode. In addition, both platforms support the entire life cycle of an insurance policy. This includes distribution, underwriting, contract, claims, and financial management.
Prima’s platform is currently used by over 67 property and casualty insurers. Meanwhile, ICOD’s platform is used by more than 10 life and health insurers.