Naperville, IL , March 2, 2011 – Instec, a leading provider of software and services to the Commercial Property and Casualty insurance industry, announced today that 2010 had been a record year for the company. The company’s revenue and stock value increased, as did its headcount, office space footage, and infrastructure support.
Instec’s most significant accomplishment occurred in late 2010 with the release of its latest-generation policy administration software, quicksolver 3. Instec’s quicksolver 3 is the first and only policy administration system built as a Rich Internet Application, as opposed to a traditional web-based technology. The elegant user interface was professionally developed by a graphics design firm that specializes in user interface design to create a responsive, immersive user experience that translates into higher productivity. Instec dedicated 3 years to the design and development of quicksolver 3, including over 16,000 testing hours to ensure a functional and compatible product.
Instec is owned by employees through an Employee Stock Ownership Plan, or ESOP, which gives employees shares in Instec. The Instec stock price, determined by an independent valuation firm, was valued at 29% more than in 2009. This increase in valuation is due in part to attaining record revenue and four new noteworthy clients.
“Instec is a strong offering in the commercial P&C market when it comes to policy administration software solutions,” said Deb Smallwood, Founder of Strategy Meets Action, a Boston-based strategic advisory firm. “Last year was a banner year for Instec, and given the continuing upward trend in core system replacements, I see them positioned for another great year in 2011.”
To support this growth, Instec has increased full time employees by almost 20% during the year, most of whom came directly from the commercial P&C industry or high-technology field. Instec also increased its office space by 50% by expanding into additional suites in its existing building in early 2010 to better accommodate new employees and upgrade existing employee workspaces. The company also began the implementation a disaster recovery site at Sungard Availability Services to ensure business continuity for the company and for clients.
“Last year was absolutely incredible for Instec, in terms of adding new clients and retaining existing ones, in addition to reinforcing our infrastructure,” enthused Ray Simon, President and CEO for Instec. “We plan to keep the momentum going through 2011 by continuing our trend of delivering well-engineered and practical software.”
Instec is a leading provider of software and services to the Commercial Property and Casualty insurance industry. Founded in 1982, Instec’s flagship product, quicksolver, is a best-of-breed rating and policy administration solution that supports the full lifecycle for all major lines of business, in all 50 states, and with native bureau rate, rules, forms, and statistical content. As a Microsoft Gold Certified Partner, Instec delivers insurance software solutions that enable our clients to drive competitive advantages in rating, issuing, and reporting to maximize profitability. For more information, visit www.instec-corp.com.