Insurance management software company Earnix Ltd. has signed a multiyear contract with UK insurance provider Lloyds TSB Insurance, a division of Lloyds TSB Group. Sources close to the company say the deal is worth a few million dollars.
Earnix was founded in 2001 by former Direct Insurance - Financial Investments (TASE: DIFI) CEO Shai Fogel, Lightspeed Ventures partner Yoni Cheifetz, and former ClickSoftware Technologies Ltd. (Nasdaq: CKSW) executive VP markets & products David Schapiro, who is CEO.
Earnix develops optimization software solutions for revenue management, policy pricing, and services for the insurance industry. The company has raised $9.3 million so far from two investors - Jerusalem Venture Partners, and Formula Ventures. Earlier this week Earnix reported that it had secured a $3.5 million credit facility from Plenus Venture Lending Fund.
Lloyds TSB has purchased the Earnix Optimizer predictive analytics platform to help it determine customer pricing strategies.
Published by Globes [online], Israel business news - www.globes-online.com - on September 10, 2008
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