Verisk acquires SuranceBay
Verisk is acquiring SuranceBay , a provider of producer licensing, onboarding, appointment and compliance solutions for the life and annuity industry, for $162.5 million in cash.
With this acquisition, SuranceBay’s solutions, including its agency management software, SureLC™, will become part of Verisk’s FAST, a life and annuity platform. Together, these capabilities will cover all aspects of the insurance life cycle, from the buying experience through claims and the critical relationship between carriers and the distribution market. The integration is designed to enhance efficiency, agility and scalability to reduce friction between carriers and distribution partners.
SuranceBay develops and services software that simplifies and automates the process of buying and selling insurance. Its solutions provide an integrated experience for insurance companies, general agencies, insurance agents and consumers. Its flagship solution, SureLC™, is a multi-carrier contracting automation solution that is fully synchronized with multiple data sources, providing producers and agencies with the ability to perform functions related to licensing, contracting and appointing producers.
“Verisk is committed to investing in the life and annuity space to drive efficiencies in the ecosystem, and we know that the connection between carriers and distribution is crucial in an increasingly dynamic market. We’re excited to welcome the SuranceBay team to invest in industry solutions that will help our clients grow their business, enhance the customer experience and foster innovation. Together, we’re building a scalable, future-ready ecosystem the industry can rely on.” – Saurabh Khemka, co-president of underwriting solutions at Verisk.
“The Verisk and SuranceBay teams share a joint focus on our clients and technology that will help them streamline operations, making it simpler and faster to buy and sell insurance. We knew it was the right time to come together to deliver the efficiencies the life and annuity market needs.” – Anatole Tartakovsky, SuranceBay CEO.