Investment supports InsurePay's acquisition of AcordPay, creating an unrivaled Insuretech product suite for billing and payments
NASHVILLE, Tenn., April 12, 2022 /PRNewswire/ -- InsurePay, a leading Insuretech Property and Casualty (P&C) billing and payments platform, announced today that it has secured additional Series B funding from Aquiline Technology Growth, Fintop Capital and others. The investment funded the acquisition of AcordPay, an insurance payment hub that automates digital payment types and reconciles receivables, payables and commissions for agents, carriers, MGAs and insurance technology providers.
As part of the acquisition, the existing AcordPay and InsurePay teams will come together under the InsurePay brand with a united mission of delivering accurate, timely, data-driven insurance payments to the North American insurance market. Financial details of the transaction were not disclosed.
"Integrating AcordPay's payment methods with InsurePay's products will make it easier for policyholders, agents, and insurance carriers to manage their funds throughout the insurance policy lifecycle," said Adam Beck, chief executive officer of InsurePay. "The acquisition creates a broader offering for InsurePay and accelerates AcordPay's penetration into the US market."
With the AcordPay acquisition, InsurePay will offer an entire suite of insurance payment solutions for collecting premiums, settling with markets, and managing claims and refunds. InsurePay will now have a full suite of payment products that align insurance premium payments to risk and creates real-time accuracy, automation, error reduction, policyholder retention, and reduced friction and costs for Insurance Carriers and agents of all sizes.
"AcordPay has a broad suite of insurance solutions to bring into the US marketplace under the InsurePay brand," said Mike Senechal, CEO of AcordPay. "The combined companies are making the move to be the end-to-end billing and payments solution for the insurance industry."
"InsurePay's talented team has built an industry-leading platform of billing and payments solutions, and this additional funding will support the acquisition and continued development of the company's product roadmap," said Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners. "We look forward to supporting the innovation of InsurePay's offerings towards a unified suite of insurance payment products that will impact payments and payment processing, carrier payables, vendor payables, claims payables for the entire North American insurance market."
InsurePay® is an Insuretech billing and payments provider whose solution enables insurance providers to seamlessly offer a Pay-As-You-Go (PayGo) billing and payments solution for the P&C market including workers' compensation insurance carriers and policyholders whereby insurance providers can monitor each policyholder's exact premiums for each pay cycle—all through InsurePay's secure, custom-branded portal with direct data connections to leading payroll companies. Today, InsurePay processes more online PayGo billings than any other independent services company in the world. To learn more, visit www.insurepay.com or follow the company on LinkedIn.
About Aquiline Technology Growth
Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit http://www.aquiline.com.