Insurity has acquired Instec in a combination of cloud-based policy admin software providers.
Providing core systems and analytics software to more than 300 P&C carriers, the new acquisition of Instec enables Insurity to expand into the $40 billion program business, and broadens its offerings for MGAs.
“This is a win for P&C carriers and MGAs as they are focused on rapidly introducing innovative insurance products. Instec’s strong experience and offerings, and Insurity’s proven solutions will empower insurers to cut the time to introduce new types of coverage across diverse risks. P&C carriers and MGAs will be able to introduce new products in half the time. Quickly offering coverage for new risks will accelerate innovation by providing insurance for a wide group of new and emerging businesses,” shared Chris Lafond, CEO of Insurity.
Ray Simon, CEO of Instec says, “Instec customers will benefit from Insurity’s comprehensive ecosystem, including its $100 billion data consortium, advanced analytics, and digital products, in addition to our shared focus on serving the MGA market. Further, Instec customers will also benefit from more than 1,100 team members at Insurity who are dedicated to innovating on behalf of P&C carriers. We are excited for this new chapter in Instec’s journey.”
