Insurity, Inc. Strengths, Domain Expertise, and Key Differentiators
Insurity offers cloud-based software solutions tailored for insurance carriers, brokers, and MGAs. With a client base that includes 22 of the leading P&C carriers and 7 of the top 10 MGAs in the US, along with over 400 cloud-based deployments, Insurity is recognized as a trusted industry leader. Leveraging its digital platform, extensive industry expertise, and robust analytics capabilities, Insurity provides unparalleled value, enabling customers to streamline their operations, enhance policyholder experiences, and focus on their core business priorities. Insurity is backed by investment firms GI Partners and TA Associates.
Insurity, Inc. Recent Developments
In April 2023, Insurity launched Sure Underwriting Workbench in the London market to enhance underwriting efficiency. The low-code, configurable rules engine streamlines routine tasks for carriers, MGAs, syndicates, and brokers, allowing them to focus on risk assessment. This addresses challenges in the London market, including complex risk assessment and compliance with regulatory requirements such as Blueprint Two. Sure Underwriting Workbench automates decision-making, consolidating data and documents into a single platform. It integrates seamlessly with any rating system and API-enabled system, reducing the number of underwriting tools required by 50%.
In September 2021, Insurity unveiled its Regulatory Competency Center (RCC) in anticipation of the forthcoming ISO roadmap's impact on insurance carriers and partners. This investment aims to expand capabilities and deliver enhanced solutions to address regulatory challenges.
Insurity, Inc. Mergers and Acquisitions (M&A) Activities
In October 2021, Insurity, a company specializing in cloud-based software solutions for property and casualty (P&C) carriers, brokers, and MGAs, finalized its acquisition of Maprisk. Maprisk offers geospatial data and analytics software, empowering underwriting automation and enabling P&C carriers and MGAs to strategically anticipate and effectively address natural disasters.
In July 2020, Insurity completed its acquisition of Virtual MGA, enhancing Insurity's portfolio of cloud-based core systems tailored for the managing general agent (MGA) and broker sectors.
In June 2020, Insurity finalized its acquisition of Epic-Premier Insurance Solutions, Inc., a Florida-based company. This strategic move bolsters Insurity's standing in the expanding managing general agent (MGA) market.
Insurity, Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Insurity, Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Insurity, Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Insurity’s Insurance Decisions Suite, customers.
Insurity, Inc. Overview
120 Huyshope Avenue Suite 300
Hartford, CT, 6106, United States
1 860-616-7721
https://www.insurity.com/
Ownership: - x
Number of Employees: 1500
Functional Markets: Analytics and BI, ERP Financial, ERP Services and Operations,
Key Verticals: Life Insurance, P&C Insurance, Specialty Insurance,
Insurity, Inc. Key Enterprise and Cloud Applications
Insurity’s Insurance Decisions Suite,
Insurity, Inc. Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Insurity, Inc. Revenue Breakdown By Type, $M:
Insurity, Inc. Enterprise Applications Revenues By Functional Markets, $M:
Insurity, Inc. Enterprise Applications Revenues By Verticals, $M:
Insurity, Inc. Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Insurity, Inc. Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Insurity, Inc. Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Insurity, Inc. Customers
No. of Insurity, Inc. Customers: 500
No. of Insurity, Inc. Enterprise Applications Customers: 500
No. of Insurity, Inc. Cloud Customers: 400
No. of Insurity, Inc. Cloud Subscribers: x
With over two decades of expertise in cloud-native software, Insurity is in the industry with more than 400 of their 500+ customers in the cloud.
Among Insurity customers are: American Modern Insurance Group, FCCI Insurance Group, Sompo Japan Insurance Company, Connecticut Interlocal Risk Management Agency, Adventist Risk Management, American Resources Insurance Company, Sparta Insurance, Columbia Insurance, PMA Insurance Group, American Hardware Mutual Insurance Co. , Glatfelter Insurance, Sompo Japan Insurance, American Resources Insurance Co. , and many others.
Insurity customers from the AQS customer base include Canal Insurance Co., Capital Insurance Group, GuideOne Insurance, The Main Street America Group, Philadelphia Insurance Cos., Preferred Mutual Insurance Co. and others.
Insurity, Inc. Market Opportunities, M&A and Geo Expansions
In January 2023, Insurity introduced Sure Premium Audit Analytics, an enhancement to its Sure Premium Audit solution. Leveraging predictive analytics from Insurity Predict, the new product optimizes premiums and operational efficiency by up to 15%. Sure Premium Audit Analytics addresses challenges in premium auditing processes by utilizing robust predictive models and machine learning. It allows carriers to predict audit results before ordering, streamlining workflows and enhancing efficiency. Integrated seamlessly into the Sure Premium Audit platform, Insurity Predict enables quick adoption for P&C carriers and existing Sure Premium Audit customers, offering customizable predictive models on a low-code, configurable interface.
Insurity, Inc. Risks and Challenges
The insurance industry is heavily regulated, with compliance requirements varying by region and jurisdiction. Ensuring that cloud-based software meets all regulatory standards and requirements, such as HIPAA for healthcare data or PCI DSS for payment card information, is essential to avoid legal penalties and fines.
Insurity, Inc. Ecosystem, Partners, Resellers and SI
In September 2023, Glia partnered with Insurity, integrating Glia’s Customer Interaction Platform into its solution offerings. This collaboration aims to enhance the customer experience while facilitating smoother business transactions for brokers and agents. Glia's technology revolutionizes the way insurance providers engage with customers and agents by providing seamless experiences across various channels, including chat, voice, video, and Co-Browsing. Additionally, Insurity's AI-powered chatbot is seamlessly incorporated into the Glia framework, accelerating processes and streamlining interactions through automated support.
In August 2020, Insurity collaborated with WorkersCompensation.com, the foremost source of regulatory and compliance information in the workers' compensation industry, to enhance the management of jurisdictional forms and disability rates within Insurity's Workers’ CompXPress Suite. This suite, which integrates policy, billing, and claims administration functionalities, holds the largest market share among monoline workers’ compensation insurance clients in the United States.
Insurity has a strategic partnership with: Microsoft, IBM, LexisNexis, Google, Wolters Kluwer ad others.
Insurity, Inc. Cloud Infrastructure Insights
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- Insurity, Inc. Public Cloud and Infrastructure (IaaS)
- Insurity, Inc. Platform (PaaS)
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- Insurity, Inc. Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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