Patriot National Inc., provider of outsourcing solutions to insurers, has acquired InsureLinx, provider of technology services for workers' compensation administration and insurance premium billing.
This is the company's ninth acquisition this year, continuing a trend in increased insurance technology vendor M&A.
InsureLinx enables businesses to pay premiums based on actual payroll, rather than generated estimates, through a cloud-based SaaS platform. That approach reduces operational costs, InsureLinx said, for insurers and policyholders, and benefits agents with a competitive product. Policyholders benefit from real-time processing, which InsureLinx said eliminates or reduces large down payments and helps avoid year-end audit discrepancies. Insurers can eliminate billing, collections and auditing costs.
"The acquisition of InsureLinx is consistent with our growth strategy to expand Patriot National's value-driven end-to-end service offerings to the insurance industry," said Steven Mariano, CEO of Patriot National. "We expect InsureLinx's Pay As You Go and Payroll Deducted billing solutions will be major disruptors in the workers' compensation marketplace. By eliminating large down payments, streamlining cash flows and paying premium via ACH, this technology will change the way that policyholders pay for workers' compensation and other lines of insurance. In addition, Jeff Harris and his team have developed a network of outstanding relationships with top carriers, leading payroll software firms and payroll providers that will enhance our competitive edge in delivering technology efficiencies to our clients and creating new opportunities for growth."
InsureLinx will become part of Patriot Technology Services, and CEO Jeff Harris will assume the role of executive vice president of business development, reporting to Mariano.
"We are very excited to join Patriot National. Steven Mariano is a leader who fully understands the vital role that technology will continue to play in the insurance industry. Beyond expanding our ability to serve a broader network of clients, we will also be part of an incredible technology team dedicated to developing new and innovative solutions for the insurance industry," said Jeff Harris, InsureLinx CEO.
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