Jersey City-based Verisk on Thursday said it will acquire SuranceBay for $162.5 million. This acquisition underscores the data analytics and technology provider’s commitment to streamlining and automating the process of buying and selling insurance, and to supporting a robust life and annuity ecosystem with solutions that enhance workflows between carriers, general agencies, insurance agents and consumers.
With this acquisition, SuranceBay’s solutions, will become part of Verisk’s FAST, a leading life and annuity platform. Combined, the 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.
Upon closing, SuranceBay will become part of Verisk’s Life Solutions, a platform of software components designed to modernize, streamline and scale operations for the life and annuity industry.
SuranceBay develops and services software that simplifies and automates the process of buying and selling insurance. 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 seamlessly 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,” Saurabh Khemka, co-president of underwriting solutions at Verisk, said. “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.”
