Insurance provider Sterling Insurance Group has set up a UK-based software subsidiary with the aim of providing systems for retail and commercial asset finance companies.

Operating from King’s Hill in Kent, the software company, Sterling Technologies, has been built on the group’s IT development and provision over the past three years, including for clients such as RBS, Barclays’ insurance division, and Lloyds TSB General Insurance and Commercial Banking.

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Sterling is aiming to use its experience in the financial sector to offer software services, hosting and IT support.

Tony Pritchard, director of Sterling Technologies, said clients had been pleased with the company’s ability to launch products and platforms faster than either in-house IT departments or traditional software houses “which might not have the insurance and regulatory understanding required”.

Pritchard explained Sterling Insurance already provides insurance products to both retail and commercial asset finance companies and said the Technologies subsidiary would therefore view those sectors as target markets.

“Our success to date has been based on helping a wide range of financial services clients to launch new insurance products quickly and this will be our main target market,” he said.

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Pritchard’s team has been providing IT services for the past four-to-five years to clients of Sterling Insurance Group and its administration company.

“Initially we approached our clients as we were looking to launch products quickly to drive our underwriting and reinsurance businesses and they were seeing challenges in delivering systems to meet the timeframes,” said Pritchard.

The team began working in an IT services capacity, designing and building systems for market, both business-to-business and business-to-client and including hosted services and packages.

Pritchard said the “excellent feedback on our capability” during a time when “the IT service area has grown organically” had led Sterling to focus on its IT provision.

richard.brown@timetric.com