Gamma Location Intelligence, the leading location intelligence services provider in Ireland, today announces that it is launching its Perilfinder™ software platform in the UK and projects the move to generate €3 million in new export revenue over the next three years.
As well as additional revenue, driven through direct sales and new partnerships, Gamma Location Intelligence will open a new office in Manchester in 2020 as part of its expansion. It is also planning to increase its headcount by 15 to support this growth.
The organisation is also planning to invest a further €1 million over the next two years on further developing its technology and has agreed a partnership with JBA Risk Management to deliver European flood data through its Perilfinder™ platform. This will allow Gamma Location Intelligence to roll this solution out to insurance companies across Europe, the Middle East and Africa as well.
Perilfinder™, which enables insurance companies to reduce their risk portfolio by better managing accumulation of polices, has been central to the growth plans of the company as a whole. Since the beginning of 2017, Perilfinder™ has generated significant new business wins and has been a success in the Irish market, helping Gamma Location Intelligence to double its recurring revenue over the same period.
The technology, which can be integrated into customers’ own systems or provided as a web service, allows insurance companies and local government to make more informed decisions around location risk and to lower operational costs. Integrated environmental risk models include those for flood, subsidence, crime and fire.
Furthermore, seven of the largest 10 non-life insurance companies in Ireland currently use Gamma Location Intelligence solutions and more than two thirds (67%) of direct property insurance in Ireland goes through the company.
Feargal O’Neill, CEO, Gamma Location Intelligence, said: “Over the past two years, we have enjoyed sustained business growth and Perilfinder™ has played a pivotal role in this. We hope to continue its success in Ireland whilst capitalising on the vast opportunities in international markets.
“Our aim is to provide game-changing insights to insurance companies and underwriters across the UK and further afield which enable them to make better decisions around location risk. By visualising high-quality data and collating it with other sources of information, we can help to support their business and operational objectives.”
Simon Waller, Managing Director, JBA Risk Management, said: “As global leaders in flood risk management, we’re delighted to be contributing to Gamma’s world-class Perilfinder™ insurance platform. At JBA, we’re passionate about making leading science useable. Perilfinder™ enables just that – providing insurers easy access to our market leading European flood risk intelligence.”