Technology solutions provider Credit Clear says its revenue from the insurance sector is set to increase sharply this financial year after signing a two-year contract with IAG.

Insurance-related revenue is projected to more than double to $5.3 million from $2.2 million in the previous financial year, the listed business says in an investor update.

In January and February the business also signed contracts with 52 clients that were potentially worth $2.4 million in revenue.

Under the agreement with IAG, the business will provide its purpose-built digital workflow offering for third-party motor insurance claims to enable online payments by third parties.

“The insurance sector is a key strategic market vertical for us and we are progressively gaining traction in the Australian market, which we plan to both extend on and leverage in our future expansion plans,” Credit Clear CEO Andrew Smith said.

“The digitally led offering is being well received for its potential to improve margins and collections outcomes for our customers.”

Last month non-executive director Paul Dwyer, the co-founder and Deputy Chairman of PSC Insurance Group, was appointed Chairman. He replaced Hugh Robertson, who has stayed on as a non-executive director.