SOURCE: Oceanwide, Inc.

Oceanwide, Inc.

September 26, 2013 11:15 ET

Insurers Still Eager to Modernize Core Administration Systems

Oceanwide Experiencing Rapid Growth in Insurer Customer Base Due to Ease of Configurability and Speed-to-Market Advantages

OMAHA, NE and MONTREAL, QC--(Marketwired - Sep 26, 2013) - Oceanwide, Inc. (Oceanwide) today announced the insurance industry is still adopting new core administration systems at an increasingly rapid rate, as evidenced by the company's unprecedented growth in customers selecting Bridge, Oceanwide's cloud-based policy administration system for the global specialty and property & casualty (P&C) insurance industry. 

"Celent continues to see a high level of interest among carriers and intermediaries in modernizing legacy core systems," said Donald Light, director of Celent's Americas Property/Casualty Practice. "The payoff is a competitive advantage for those firms whose systems enable faster, smarter, and more agile operations."

Already this year, Oceanwide's insurance software solutions have been selected by five new clients across North America and Europe. Oceanwide solutions are now in use by over 46 insurers, MGAs, and brokers. Additionally, Oceanwide has seen tremendous growth in the adoption of its insurance software with over 75,000 total users logging in monthly.

"We saw an opportunity to really change the way insurance software is used," says Mitchell Wasserman, president, CEO, and co-founder of Oceanwide. "We saw many insurers replacing legacy systems, but really just trading old technology for new. They were still trapped in the old business model of custom programming, costly professional services fees, and multi-year, multi-million dollar implementations. Oceanwide built a system that empowers users to run their businesses without relying solely on external services and software providers. Our recent growth has validated the need for such a system in the marketplace, and we couldn't be more pleased."

To learn more about Bridge and Oceanwide, please visit www.oceanwide.com.

About Oceanwide, Inc. (Oceanwide)
Founded in 1996, Oceanwide has been at the forefront of delivering SaaS insurance software for 17 years. Bridge, the latest offering from Oceanwide, offers a new approach to insurance policy administration systems. Designed from the ground up to be fully configured without custom programming, Bridge empowers insurers, MGAs, and brokers to take creative new ideas to market in weeks, not years. For additional information, please visit the Oceanwide website at www.oceanwide.com, or call (888) 289-7744.

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