(Image source: Insurity.)
Insurity (Hartford, Conn.), a provider of cloud-based software for property/casualty carriers, brokers, and MGAs today announced that it has completed the acquisition of Instec (Naperville, Ill.) as of April 14. Insurity declined to disclose the terms of the acquisition.
Insurity says the acquisition will allow it to further increase in-depth ISO-support to mid-size property casualty carriers, to expand into the $40 billion insurance program business, and to broaden its offerings for MGAs. Instec provides cloud-based software and enterprise solutions to mid-size property/casualty carriers, MGAs, and specialty writers. Instec’s approach to insurance solutions enables mid-size P&C carriers and MGAs to migrate, launch, or expand complex commercial offerings from project initiation to first quote in as little as four weeks.
Instec offers a SaaS-based policy administration platform that both carriers and MGAs can leverage to build out new insurance products, refresh existing ones, or acquire new books of business. “Instec’s out-of-the-box ISO and NCCI content, delivered 90 to 120 days ahead of the effective date, enables P&C carriers to rate, quote, and issue policies faster than competitors,” the Insurity statement says. As a part of Insurity, Instec policy administration customers will now be able to access Insurity’s cloud-based billing, claims, data, and analytics solutions, the vendor says.
Insurity sees Instec’s capabilities and speed of deployment as key to addressing carriers needs to compete in program business, including being able to rapidly onboard new programs in as little as 45 days, or half the time typically required.
A Win for Innovation-Focused Carriers and MGAs
“We are pleased to welcome Instec to Insurity,” comments Chris Lafond, CEO, Insurity. “This is a win for P&C carriers and MGAs as they are focused on rapidly introducing innovative insurance products. Instec’s strong experience and offerings, and Insurity’s proven solutions will empower insurers to cut the time to introduce new types of coverage across diverse risks. P&C carriers and MGAs will be able to introduce new products in half the time. Quickly offering coverage for new risks will accelerate innovation by providing insurance for a wide group of new and emerging businesses.”
“We are thrilled to join a team who shares our values and are dedicated to innovation on behalf of P&C carriers,” says Ray Simon, CEO, Instec. “Instec customers will benefit from Insurity’s comprehensive ecosystem, including its $100 billion data consortium, advanced analytics, and digital products, in addition to our shared focus on serving the MGA market. Further, Instec customers will also benefit from more than 1,100 team members at Insurity who are dedicated to innovating on behalf of P&C carriers. We are excited for this new chapter in Instec’s journey.”