Coleraine-based software company Covernet is to more than double its workforce from 20 people to 40 after investing £500,000 to upgrade its IT infrastructure.

The company has been developing specialist software for the insurance industry for 25 years, and has a client list that includes companies such as Axa, Allianz and RSA.

It says it has built more than 200 bespoke insurance products on its software-as-a-service platform ISMIS, with annual premiums in excess of £300m being processed.

The new jobs are aimed at skilled graduates, with roles in software development, quality assurance, business development and sales.

US private equity firm Capital Z Partners is backing the company’s growth plans for the coming years, as Covernet says it aims to expand in the UK before entering new markets in the US and Canada.

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Managing director Lee Stuart said:  “We are really proud to have been working in the area of innovative insurance product development for 25 years. Our clients are some of the leaders in the global insurance industry and our products deliver a real depth of functionality. 

“We are excited to continue to deliver this, enrich our platforms further, and expand into new markets with our recent significant investment.”

The firm says it will put more emphasis on R&D in the coming years, and plans to further develop its DevOps operational practices to add further automation to the development cycle, allowing faster production of software. 

Stuart added: “This is particularly beneficial in the insurance industry where speed to market with new products and reacting to risk are two hugely important factors.”

Photo: Lee Stuart (left) and Jim Campbell