Insurity, a Hartford, CT-based provider of cloud-based core system solutions and data analytics for large insurers, brokers, and MGAs, acquired Bill It Now, a provider of a cloud-based billing-as-a-service solution.
The terms of the acquisition were undisclosed.
The deal aims to further enhances Insurity’s ability to provide comprehensive, end-to-end billing and payment processing within its cloud-based core system solutions.
Bill It Now is a cloud-based billing-as-a-service solution (BaaS) for insurers, MGAs, and program administrators, offering payment plan management and policy premium issuance, as well as multi-channel payment solutions and receivable management services.
The company 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. These capabilities, combined with Insurity’s recent MGA-focused Epic-Premier and Virtual MGA acquisitions, enhance Insurity’s purpose-built MGA solutions, solidifying their leadership in the US and London MGA markets.
Led by Chris Lafond, CEO, Insurity is a provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, the company’s solutions are used by 15 of the top 25 property and casualty carriers in the US.
This marks the fourth acquisition Insurity has announced this year including SpatialKey (January), Epic-Premier (June) and Virtual MGA (July).