HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, LLC, a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs, today announced its acquisition of Bill It Now. The deal 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 leading, 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 flexible, multi-channel payment solutions and receivable management services. Bill It Now 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.
“The Bill It Now acquisition adds powerful technology and services to our robust suite of core system solutions, enabling us to provide clients with faster, simpler, and more flexible billing and payment processing,” said Chris Lafond, CEO of Insurity. “The full-service features of Bill It Now will drastically reduce time, operational costs, and resources, especially for small and mid-sized insurers and MGAs. As Insurity helps clients meet the evolving needs of their customers and distribution partners, billing and payments will continue to be an important focus area.”
“Insurity’s large client base and well-established property and casualty market presence provides an opportunity to expose our billing and payments solution to more insurance carriers and MGAs,” said Chris Clark, managing partner of Bill It Now. “Additionally, Insurity’s mature and market-leading cloud technology and comprehensive core system solutions will extend the value of Bill It Now’s unique billing-as-a-service platform.”
The acquisition was completed on October 19, 2020. The terms of the acquisition were undisclosed.
Insurity is a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering clients to focus on their core businesses, optimize their operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property and casualty carriers in the US. For more information, visit www.insurity.com.
About Bill It Now
Bill It Now is a leading provider of hosted direct billing solutions and services for insurers, MGAs and program administrators. The company serves as a third-party, private-labeled billing administrator, providing an end-to-end suite of technologies and services that deliver comprehensive billing and payment capabilities to clients and a modern, streamlined user experience to their customers. For more information, visit www.billitnow.com.