Colorado Springs-based Insurance Technologies is expanding its downtown office in response to customer demand.
The company, which creates and provides software for insurance and financial service firms, said this week that it has experienced a 30 percent increase in life and annuity customers in the past year, so it is expanding its office space by about one-third and adding employees.
President David Fenimore said the growth came from existing and new clients for the company's FireLight® software.
Fenimore, who joined Insurance Technologies in 1996 and was promoted to president in May, said the company has clients with firms such as MetLife, Nationwide Insurance and Prudential. A 20 percent revenue growth is projected for 2014, he said.
As part of the expansion, the firm filled empty offices with desks and chairs on a floor of the First Bank Building, and some employees have moved there.
A metal bridge was installed between the company's location at 2 S. Cascade Ave. No. 200 and the new office space to allow access between the buildings.
The company employees about 220 people, with about 150 in the Colorado Springs offices, Fenimore said. The remainder work remotely.
"We're really proud of being one of the major employers in the downtown area," he said.
Fenimore attributed the company's success to its software, which aims to ease the insurance process. Policies completed by hand can have inaccuracies and be illegible, so the company's automated software tries to create a better experience for those involved, including the agent, insurance company and the insurance purchaser, Fenimore said.
In 2012, the company added additional conference rooms and an employee lounge and improved its network.
Like many other technology companies, Fenimore said, Insurance Technologies started in a garage and had a small group of founding members from the Colorado Springs area. An early iteration of the company was in the Alamo Building before it moved to its current location in 1998.
Fenimore said the expansion was another example of the company's support for Colorado Springs.
"We just feel that it was a great place to be located," he said.
"We haven't had a hard time attracting other employees to come here," he said.
Contact Stephen Hobbs: 636-0275