The insurer’s decision to move to Insurity’s cloud-based platform has yielded a 44 percent time improvement over the on-premise environment.
In a demonstration of gathering momentum of the interest of private equity firms in insurance software, General Atlantic joins TA Associates and Genstar Capital as investors in Insurity.
The new approach is directed towards creating speed to value, engaging with industry expertise and emerging a cloud technology leader, according to the vendor.
The deal exemplifies a hot M&A market driven by an abundance of private equity and venture capital flowing into the insurance technology space.
The acquisition gives Insurity an advantage in pursuing the $40 billion program business market and enables P&C carriers and MGAs to rapidly grow through bureau content-enabled software.
By offering both the Virtual MGA and Epic-Premier solutions within a single portfolio, Insurity seeks to address all aspects of an MGA’s front-office and back-office.
The acquisition enhances Insurity’s ability to provide comprehensive, end-to-end billing and payment processing within its cloud-based core system solutions.
The global insurer selected Insurity SIMS Claims, Oceanwide Bridge PAS and Billing, all delivered through the cloud.
Insurity’s technology, delivered into production within 12 months, will improve HAI Group’s insurer operations and deliver advanced reporting capabilities.
Oceanwide’s cloud-delivery options, configurability, portal capabilities and specialty lines focus complement Insurity’s traditional market strengths and its forward-looking data strategy exemplified by the Insurance Enterprise View offering.