Insurity, a leading provider of cloud-based software for P&C carriers, brokers, and MGAs, backed by GI Partners, has completed the acquisition of Instec.
Already a proven leader in providing core systems and analytics software to more than 300 P&C carriers, the addition of Instec to the Insurity family enables Insurity to further increase in-depth ISO-support to mid-size P&C carriers, enables it to expand into the USD40 billion program business, and broadens its offerings for MGAs. Instec is a market leader in providing cloud-based software and enterprise solutions to mid-size P&C carriers, MGAs, and specialty writers. Instec’s unique 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.
Insurers realise that the program market is highly profitable, with specific risks known for each insured group. However, the program business is also highly competitive, with many P&C carriers competing each year to retain each risk group. The need to move quickly is further accelerated as new risks – such as cyber, shared economy, gig economy, etc. – dynamically emerge and create a need for coverage. Instec has the capability to flawlessly address the unique needs of the program business and enables P&C carriers to rapidly onboard new programs – often in just 45 days, half the time that is typically required.
Instec delivers mid-size P&C carriers a SaaS-based policy administration platform that P&C 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. 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.
“We are pleased to welcome Instec to Insurity,” says Chris Lafond, CEO of 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 of Instec. “Instec customers will benefit from Insurity’s comprehensive ecosystem, including its USD100 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.”
The acquisition was completed on 14 April, 2021. The terms of the acquisition have not been disclosed.