InsurePay Receives Series B Funding


InsurePay, a Nashville, Tenn.-based Insuretech Property and Casualty (P&C) billing and payments platform, including workers’ compensation insurance premium billing and payments, secured a Series B funding.

The round was led by Aquiline Technology Growth with participation from FINTOP Capital and other strategic investors. Michael Cichowski, head of Growth Equity at Aquiline Technology Growth, will join InsurePay’s board of directors.

The company used part of the proceeds to acquire Split Limit Studios and its TRUPAY solution. As part of the acquisition, George Kostakos, chief executive officer of Split Limit Studios, has joined InsurePay as chief revenue officer. The combined company will operate under the InsurePay brand and InsurePay will continue to support both solutions in the near term. Financial details of the transaction were not disclosed.  

Led by Adam Beck, chief executive officer, InsurePay delivers solutions, including its workers’ compensation Pay-As-You-Go (PayGo) platform that calculates workers’ compensation premiums based on actual payroll data rather than estimated annual payroll amounts, resulting in more accurate premium payments each pay cycle. It has streamlined the delivery of policyholder, payroll, and premium data, establishing the company as a provider of PayGo workers’ compensation billing. By utilizing a Software-as-a-Service (SaaS) model for many of the top insurance carriers in the industry, the company provides an accurate, and flexible approach to delivering this beneficial billing and payments option for insurance carriers, agents, payroll providers, and policyholders.