Insurity Adds Strategic Investment Partner, General Atlantic
Robert Regis Hyle | June 29, 2016
Insurity announces that General Atlantic, a global growth equity firm, has made a strategic growth investment in the insurance solution provider. Insurity provides a suite of software and analytics solutions spanning policy administration, claims, billing, reinsurance, and data integration to property and casualty insurers.
“We are delighted to have General Atlantic as an investor and partner,” says Jeffrey Glazer, CEO of Insurity (upper right photo). “General Atlantic’s deep sector expertise and experience partnering with high growth companies will enable us to further strengthen our leadership position in the insurance software market.”
And what does the influx of capital mean for the future of Insurity? “It provides us capital to invest organically in expanding our core products and continue to pursue strategic acquisitions,” he says.
Paul Stamas (lower right photo) is a principal with General Atlantic and focuses on investments in the Financial Services and Financial Technology sectors. He feels the insurance market is still in the early and middle stages of replacing legacy systems.
“We think the insurance technology market has a good growth tailwind and Insurity has established itself as a market leader in the P&C space, particularly in the commercial and specialty lines,” he says. Insurity is in production with over 175 insurers, including many of the largest carriers in the U.S.
When asked what attracted Insurity to General Atlantic, Glazer says, “We share a common belief that investing in our current customers is as important as additional acquisitions in our market.”
Insurity has expanded its product offering in recent years through strategic acquisitions that complement the company’s core products and services. Earlier this month, the company acquired Tropics Software Technologies, an insurance software firm that focuses on the workers’ compensation market for carriers, state, and self-insured funds as well as other specialty workers’ compensation organizations.
In 2015, Insurity acquired Oceanwide, a cloud-based solution provider that delivers core processing solutions that support commercial and specialty insurance line carriers and MGAs via a SaaS model.
Stamas believes General Atlantic brings more to Insurity than just capital. “We have a strong track record in technology investment across all industries, particularly in financial services,” he says. “More importantly, some of the things we hope to do are around organizational design to help Insurity optimize the sales and product process against the market opportunity. We also hope to be extra arms and legs around the table to help with internal initiatives and strategic direction.”
In the company’s next phase of growth, Insurity plans to expand its reach as a result of the acquisitions and to capitalize on recent internal product developments. In particular, the company has made significant investments in its core processing suite and has continued to develop and roll out Insurance Enterprise View (IEV), an enterprise data solution.
Stamas maintains Insurity has an exciting data product in the IEV solution. “It works across systems, not just with Insurity systems but any vendor’s solution,” he says. “On the M&A side, Insurity has been active in the market, most recently with the acquisition of Tropics Software Technologies, which we helped fund. The Tropics product is complementary to Insurity’s core solutions, which should expand the client base.”
Insurity has been a successful growth company and General Atlantic’s track record has been in global growth investments. “We look to partner with great management teams in great markets with great products and try to accelerate their growth trajectory,” says Stamas.
In addition to the technology solutions Insurity provides the market, Stamas wonders about the future role Insurity might play in a broader set of innovation in and around the insurance sector.
“There are potentially a few disruptions happening around insurance distribution, insurance underwriting, and insurance data, and one thing Insurity puts us in a position to do is to investigate and potentially invest in some of those trends through the Insurity platform,” says Stamas . “Insurity has robust and trusted carrier relationships. We are going to investigate the most innovative parts of the insurance technology sector alongside Insurity.”
General Atlantic joins TA Associates and Genstar Capital as investors in Insurity. Both investment partners expressed support for the addition of General Atlantic.
“Insurity has seen considerable success expanding its products and services to address the broad needs of its customer base through both key acquisitions and internal investment,” says Harry Taylor, a managing director at TA Associates. “We are pleased to continue to support Insurity, in partnership with General Atlantic and Genstar, as it builds upon its leadership position in the property and casualty insurance market.”
Ryan Clark, a managing director and president of Genstar Capital adds, “We are proud of the progress of Jeffrey and the Insurity team who have executed so well since our original investment. We see even a brighter future ahead for Insurity and welcome the addition of General Atlantic to the team."
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Desjardins General Insurance Group Deploys EIS Suite for Commercial Lines
- Acuity Modernizes Customer Communications Management with OpenText Exstream and ValueMomentum
- COUNTRY Financial Joins Roost’s Home Telematics Program
- Roost partners with The Weather Company
- Majesco Launches Majesco Digital1st Insurance, an Innovative Next Generation Platform Solution as the Foundation of a New Business Unit
- New Release of EIS Group’s ClaimCore System Delivers Dental Claims Management
- Westfield Streamlines Commercial Lines Underwriting Through New Verisk and Duck Creek Technologies Integration
- MADISON MUTUAL INSURANCE CHOOSES ROOST HOME TELEMATICS SOLUTIONS
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views