TIA Technology – the software solutions specialist to the insurance industry – has opened a new office in Birmingham after posting a 31 per cent increase in earnings for its 2007 financial year.
The company, which notched up profits of £2 million, has seen a 25 per cent increase in new customers, enabling it to generate revenue of £8.4 million in 2007.
It says this growth has enabled TIA to further reinvest into its business – launching the office in Birmingham and increasing its sales team by 50 per cent, to support the longer-term business growth plans.
In addition, a new management team has been established to add strength and experience to the leadership of the company.
“These figures and the resulting reinvestment to the business follows a line of successes for TIA including winning the business of NFU Mutual subsidiary, Avon Insurance. TIA is continuing to work with many interested businesses across the industry to advise them on appropriate technology solutions,” the company said.
Morten Steiner, chief executive officer of TIA Technology, added: “We’re thrilled to report good results for 2007. Last year saw managerial changes take place, an increase in our customer base and also an expansion to the wider sales team, all of which are crucial to support the businesses’ growth. To report a 31 per cent increase in earnings is great news for the business and we are looking forward to another successful year in 2008.”
TIA Technology offers insurance businesses a scalable solution, which can accommodate different size insurance companies, so they can effectively track, trace and monitor all insurance contracts and data.
The company claims that with a longer life expectancy than most insurance information systems, its regular system updates allow for continual upgrades, which ensure the technology and functionality evolves.