Hartford-based Insurity Inc., which sells core processing software and data integration products for insurance carriers, has appointed Jeffrey Glazer as executive chairman and Chris Giglio as chief executive officer, effective immediately.
Glazer, a founder of the original firm that changed ownership several times, returned as CEO in 2011 and has led the company through a period of growth that has included numerous new products and several acquisitions.
“We have built Insurity into an industry leader that is well positioned for long-term growth. It’s now time to bring on a new CEO and we are incredibly proud to welcome Chris to our team as I take on the role of chairman,” said Glazer.
Glazer has had a long and prominent career in insurance technology. He began his career with The Hartford Insurance Group in both personal and commercial lines insurance and technology. In 1985, he founded his own insurance software company. That company, Programming Resources Co. (which later became known as Insurity) was purchased by Equifax in 1994. At Equifax, Glazer served as vice president of the insurance division. After ChoicePoint spun off from Equifax in 1997, Glazer joined ChoicePoint’s insurance division. ChoicePoint was acquired by Reed Elsevier in 2008 and integrated into LexisNexis in 2011. At LexisNexis, Glazer was responsible for the insurance business, which included software as well as data, fraud and claims solutions and the Insurance Exchange, which LexisNexis closed down in February, 2013.
San Francisco-based private equity firm Genstar acquired the insurance software business from LexisNexis in 2011 and Glazer returned as president and chief executive officer to run the business under the band Insurity.
In 2014, Genstar sold a significant interest in Insurity to TA Associates, a Boston-based private equity firm. Glazer said the company achieved double-digit revenue growth and more than tripled its profitability under Genstar.
In May 2016, Insurity acquired Quebec-based insurance software firm Oceanwide to its portfolio. In December of last year, Insurity it bought Systema Software, a California-based developer of an insurance claims administration system known as SIMS Claims. Then in January of this year, Insurity acquired Valen Analytics, a Denver firm known for its InsureRight Platform and its predictive analytic products.
Giglio has 25 years of experience at software companies. For the past six years until January of this year, he has been CEO of Aderant, a software provider for law firms and other professional services firms. His resume also includes experience at Surgical Information Systems and McKesson Corp.