Cloud-Native Software Products Drive Insurity’s Revenue above $300 Million in 2022, Placing It in the Top 2 Market Positions among Insurance Software Providers
November 16, 2022
HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, announced in its recent analyst briefing its continued momentum and growth in 2022, with more than $300 million in total revenue in the last twelve month period. Insurity serves more than 500 customers, including 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the U.S., solidifying itself in the top 2 market positions for insurance software providers. Insurity’s broad suite of products include policy, billing, claims and analytics software that power all parts of the policy lifecycle.
“Insurity is now a significant player in the insurance software space. We serve more than 500 customers and over 400 of them are already in the cloud. Not only are we one of the two largest insurance software providers, but we are the largest cloud-based insurance software provider in the market,” said Chris Lafond, Chief Executive Officer at Insurity. “The momentum we’re seeing is a result of our focus on delivering cloud-native software and highly targeted acquisitions in growth markets, such as MGAs and analytics. Insurity is committed to accelerating its product roadmap, executing against its vision, and delivering significant value to customers through continuously enhancing its products, platforms, and partnerships. Our success in the market and with our customers is now being recognized by industry and investment analysts.”
“Insurity allows P&C insurance organizations to quickly implement technology solutions that provide scale and flexibility as their business evolves and grows,” said Stuart Rose, Senior Strategic Advisor at Aite-Novarica, a leading insurance industry analyst. “Insurity has significantly grown over the past two years, with a rapidly expanding product portfolio, ecosystem partnership program, and SI implementation network, enabling insurers the ability to deploy software solutions across all lines of P&C business.”
“Insurity being private, we did not have access to its financials,” said Anup Agarwal, Managing Director at D.A. Davidson, who recently attended Insurity’s Analyst Day. “But with the recent briefing, it seems like Insurity is one of the most profitable companies in its space with EBITDA margins greater than 30% and this is even more impressive given that ARR bookings are forecasted to grow over 30% this year.”
“We believe through product innovation and a targeted acquisition approach, Insurity has established itself as a cloud-based software provider to the global property and casualty industry that can help insurance carriers in their transition to cloud technology and away from complex legacy systems,” said Mayank Tandon, Managing Director at Needham and Company.
“Insurity remains committed to helping our customers be nimble enough to quickly respond to a competitive market environment where the pace of change is accelerating every day,” said Lafond. “Our strategic direction is firmly grounded in our mission to deliver the world’s most configurable, cloud-native, easy-to-use, and intuitively analytical solutions that drive our customers’ success.”
To learn more about how Insurity’s cloud-native solutions can benefit your organization, please reach out to Elizabeth.Hutchinson@insurity.com.
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.