InsurePay, a leading Insurtech Property and Casualty (P&C) billing and payments platform, including workers’ compensation insurance premium billing and payments, announced today that it has secured a Series B investment led by Aquiline Technology Growth with significant participation from FINTOP Capital and other strategic investors. InsurePay used part of the proceeds to acquire Split Limit Studios and its TRUPAY solution. As part of the acquisition, George Kostakos, chief executive officer of Split Limit Studios, has joined InsurePay as chief revenue officer. The combined company will operate under the InsurePay brand and InsurePay will continue to support both solutions in the near term as it transitions to a shared best-in-class offering. Financial details of the transaction were not disclosed.
“The investment brings together leaders in Insurtech billing and payments for workers’ compensation and establishes InsurePay as the industry leader in pay-as-you-go solutions,” said Adam Beck, chief executive officer of InsurePay. “The two solutions complement each other, and the acquisition unites experienced talent from both teams that will help InsurePay to serve customers and build upon its platform to offer the next generation of solutions.”
“This is a significant step for our two companies,” said Kostakos. “The Split Limit team is excited to combine our respective strengths and help InsurePay accelerate plans to deliver a complete experience to meet the whole spectrum of customer needs.”
InsurePay delivers world-class solutions, including its workers’ compensation Pay-As-You-Go (PayGo) platform that calculates workers’ compensation premiums based on actual payroll data rather than estimated annual payroll amounts, resulting in more accurate premium payments each pay cycle. It has streamlined the delivery of policyholder, payroll, and premium data, establishing the company as a leading provider of PayGo workers’ compensation billing. By utilizing a Software-as-a-Service (SaaS) model for many of the top insurance carriers in the industry, InsurePay provides a simple, accurate, and flexible approach to delivering this beneficial billing and payments option for insurance carriers, agents, payroll providers, and policyholders.
“InsurePay’s strategy of providing an end-to-end billing and payments platform for P&C insurers, along with its experience serving top-tier carrier customers, positions the company well to capture a growing segment of the market,” said Jeff Greenberg, chairman and chief executive officer of Aquiline Capital Partners. “We look forward to partnering with Adam and his team to provide our expertise and the requisite capital to accelerate the company’s penetration of the carrier market.”
Aquiline Growth Technology has committed to partnering with management to execute on the strategic vision of the company. Additionally, Michael Cichowski, head of Growth Equity at Aquiline Technology Growth, will join InsurePay’s board of directors.