Wyde was founded in France in 1997 by two former employees of insurance giant AXA. Their initial success in the American market led them to base their headquarters there. However, development work and technical know-how remained in France where it continues to be improved.
The first version of its Wynsure software was launched in 2006. “We experienced our first big boom during 2007/2008 as analysts became aware of us and gave us favourable reviews,” says Managing Director Europe, Philippe Payet. “The greater visibility this brought us led in turn to our acquisition by Indian IT company Mphasis in 2011.”
The acquisition brought Wyde the means to push forward its international expansion and new customers in the shape of its new parent. Wyde’s clients include some very big names in the insurance sector but also some small to mid-sized insurance carriers.
It supports insurance life cycle processing for group life and voluntary benefits, individual insurance and credit protection. “We mainly target the life and health insurance market, although our Wynsure product is suitable for all insurance-related lines of bsuiness,” says Mr. Payet.
The software covers back office and front office tasks including underwriting, billing, policy services, claims, customer services, analytics and document management. It helps to streamline existing processes and workflows and optimize customer service.
It is also adapted to the various different legal frameworks in the different markets in which it is implemented. “We work to make the software as versatile as possible in line with our philosophy of ‘adopt not adapt’,” says Mr. Payet. “Individual adaptations increase maintenance costs further down the line which is why we have developed a standard that is widely applicable with minimal adaptation.”
Wyde recently launched Wynsure as a ‘software as a service’ solution to increase flexibility for its customers. A second development focus is on the digital transformation. “We make use of new technologies to design a user interface that is straightforward and user-friendly, basing it on internet standards pioneered by Facebook and Google,” says Mr. Payet. “We are constantly optimizing the software and want to develop new services that will offer customers a one-stop-shop.”
Wyde is currently working with partners editing, EDM, CRM and analytics in order to integrate these segments and offer an even broader, more comprehensive product.