October 1, 2023


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Colorado Springs insurance policies technological know-how company names new CEO | Small business

Insurance Technologies, a Colorado Springs corporation that develops and sells revenue automation program for the everyday living insurance coverage and annuities industries, has hired a veteran technological know-how government as its new CEO.

Laird Rixford will exchange longtime senior government David Fenimore, who will continue to be as organization chairman.

Fenimore, who joined Coverage Technologies in 1996 as a software engineer and was promoted many times right before turning out to be CEO in 2014, will focus on the company’s vision and legacy, although Rixford will choose above working day-to-day management with advancement as his prime priority. Rixford lives in Dallas and will commute to Colorado Springs location until he moves to the space.

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Rixford claimed Fenimore preferred to devote extra time with his spouse and children but will “remain an integral part of the business for a long time to occur.” Insurance coverage Systems employs 280 nationwide, including about 200 at its downtown Colorado Springs headquarters.

“My priority is to continue to broaden the business. It has developed properly lately and we look to carry on to improve in Colorado Springs. I see us increasing our workers one more 20% in the following couple of yrs,” Rixford explained. “Insurance Systems is focused on the annuity industry and now we are developing in the daily life insurance and wealth administration marketplaces. Prosperity administration is an forgotten component of the market.”

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A lot of the employee development will arrive in merchandise advancement, advertising and marketing and income, Rixford explained. Insurance plan Systems has 33 openings stated on its website with quite a few of the positions in computer software development. Whilst the corporation now enables employees to get the job done a hybrid schedule break up involving the workplace and remote work, considerably less than 5% of employees occur to the workplace on a typical basis, he stated.

Rixford experienced been CEO of the likewise named Insurance policies Systems Corp., a Dallas area company that develops computer software for the property and casualty insurance sector it was sold in 2020 to Zywave, a Wisconsin-based corporation that presents cloud-based software package companies to the coverage field.

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“What drew me to this task was the surroundings and tradition David had designed — it reminded me of my prior organization, which at the time of its sale was about the exact same size as this enterprise. It was slipping into a beloved pair of deck shoes,” Rixford explained. “This work is an chance to continue the vision, tradition and legacy that David established.”

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The Colorado Springs organization was bought by New York personal equity company NexPhase Money to Boston-primarily based private equity firm Thomas H. Lee Companions about a calendar year and a 50 % in the past. The offer was made to give Insurance coverage Technologies with much more monetary backing to additional establish its technology and make acquisitions that include to its technological innovation and market achieve.

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