(Image source: Bill It Now homepage.)
Insurity, LLC, the Hartford-based global provider of cloud-based core system solutions and data analytics for insurers, brokers, and MGAs, has announced its acquisition of Bill It Now (Westbrook, Conn.), a cloud-based billing-as-a-service solution (BaaS) for insurers, MGAs, and program administrators. Insurity characterizes the deal as further enhancing its ability to provide comprehensive, end-to-end billing and payment processing within its cloud-based core system solutions. The acquisition was completed on October 19, 2020. Insurity declined to disclose terms of the acquisition.
Bill It Now offers payment plan management and policy premium issuance, as well as flexible, multi-channel payment solutions and receivable management services, according to an Insurity statement on the acquisition. Bill It Now also brings its own billing department that manages all aspects of the payments process including cash flow and customer support, further strengthening Insurity’s direct billing solutions, the statement says. Insurity asserts that these capabilities, combined with its recent MGA-focused Epic-Premier and Virtual MGA acquisitions, enhance its purpose-built MGA solutions, solidifying the firm’s leadership in the US and London MGA markets.
Faster, Simpler, More Flexible
“The Bill It Now acquisition adds powerful technology and services to our robust suite of core system solutions, enabling us to provide clients with faster, simpler, and more flexible billing and payment processing,” comments Chris Lafond, CEO, Insurity. “The full-service features of Bill It Now will drastically reduce time, operational costs, and resources, especially for small and mid-sized insurers and MGAs. As Insurity helps clients meet the evolving needs of their customers and distribution partners, billing and payments will continue to be an important focus area.”
“Insurity’s large client base and well-established property and casualty market presence provides an opportunity to expose our billing and payments solution to more insurance carriers and MGAs,” comments Chris Clark, managing partner, Bill It Now. “Additionally, Insurity’s mature and market-leading cloud technology and comprehensive core system solutions will extend the value of Bill It Now’s unique billing-as-a-service platform.”