Oceanwide

Oceanwide operates in the technology sector, focusing on delivering advanced software solutions that enhance operational efficiency and streamline processes for various industries. Founded in 1996, Oceanwide is headquartered in Montreal, Canada, and specializes in software solutions. The company was acquired by Insurity, a portfolio company of TA Associates, in May 2015, although financial terms were not disclosed. The acquisition marked a significant pivot in their operational strategy, aligning with Insurity's vision for cloud-based insurance software solutions.

Oceanwide, now part of Insurity, specializes in providing cloud-based software solutions tailored for the property and casualty (P&C) insurance sector. Their primary offerings include policy administration, billing, claims processing, and analytics, designed to streamline operations and enhance efficiency for insurers. These solutions are particularly beneficial for managing large and complex policies involving multiple locations or vehicles, and they are built to adapt to regulatory changes through automated updates from bureau circulars. The client base consists of over 500 insurance carriers, managing general agents (MGAs), self-insured entities, and risk pools, primarily servicing markets in North America.

Oceanwide generates revenue through a subscription-based model, offering its software solutions to a diverse range of clients within the insurance industry. The company partners with over 25 system integrators, enabling collaborative implementation of its offerings across various institutions, including 18 of the world’s leading insurers. Each transaction typically involves a tailored agreement based on specific services utilized, which may encompass access to flagship products like Insurity Premium Audit and Insurity Analytics. These products facilitate operational efficiency and provide valuable insights through proprietary data analytics, allowing Oceanwide to maintain a steady revenue stream while offering scalable solutions that grow alongside clients' needs.

In the wake of its acquisition by Insurity, Oceanwide plans to leverage recent funding to further develop new software products targeted at enhancing their cloud solutions for the insurance sector. Specific targets for expansion into new geographic markets have not been publicly disclosed, but ongoing efforts are focused on solidifying their presence in North America and exploring potential opportunities in international markets. The strategic direction stemming from the acquisition is aimed at facilitating broader product offerings and accelerating market penetration.