8 Insurance Tech Deals that Changed the Landscape
Published June 23, 2016 11:44 AM
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Updated June 24, 2016 11:42 AM
1 Min Read
8 Insurance Tech Deals that Changed the Landscape
Core insurance systems vendors are consolidating at a rapid pace this year as startup technology firms enter the marketplace. Here are some of the biggest deals so far in 2016.
Vertafore
Vertafore acquired Canadian-based Keal Technology in February, expanding its customer base north of the border. Keal Technology is a provider of broker and commercial management systems.
Guidewire Software
Guidewire Software, Inc. purchased EagleEye Analytics in March. As part of the deal, EagleEyes predictive analytics offerings were renamed Guidewire Predictive Analytics. The company now provides the aforementioned products for the P&C industry, addressing insurers claims management and underwriting needs.
Accenture
Back in April, Accenture sold 60% of its stake in core systems vendor Duck Creek, which it acquired in 2011. The buyer was Apax Partners, whose financial backing will provide Duck Creek Technologies (newly named) more resources for its core mission, including a venture into cloud.
Bain Capital, Vista Equity
A few short months after buying Keal Technology, Vertafore was purchased by Bain Capital Private Equity and Vista Equity Partners. Its former parent company TPG Capital approved the sale.
Apax Partners
After buying stake in Duck Creek Technologies, Apax also acquired Agencyport, a provider of digital distribution technology in June. The private equity firm plans to combine Agencyport's distribution capabilities with Duck Creek's platform, it says.
Insurity
Also in June, Insurity agreed to terms with Tropics, a workers compensation software provider. The acquisition came one year after the vendor added Oceanwide to its company. An estimated 175 insurance companies are currently operating systems under the Insurity umbrella.
Sapiens
Joining the M&A party, Sapiens International Corporation announced its acquisition of Maximum Processing, Inc. just a few weeks ago. With the move, Sapiens added new offerings for fourth-and fifth-tier insurers. The deal is expected to close at months end, according to the companies.
Blue Hill Data Services
The latest deal, announced on June 22, involves Blue Hill Data Services and XyberNET. The purchase by Blue Hill hints to experts belief that insurers are growing more comfortable with cloud for core system offerings.