Insurity Poised for Continued Growth in 2024 Based on Achievements in Cloud-Based Solutions and Strong Market Performance, According to Analysts
January 18, 2024
Insurity’s strong financial performance, market position, and achievements in cloud technology underscores its readiness to lead the industry in the year ahead
HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, the leading provider of cloud software for insurance carriers, brokers, and MGAs, today announced that its significant cloud technology advancements, substantial revenue growth, and expansion of its customer base in 2023 has laid the foundation for continued growth in 2024. These accomplishments not only reinforce Insurity’s position as a key player in the P&C insurance technology space, but also set the stage for significant growth and innovation in the coming year.
“Insurity has quietly carved out a leadership position in the cloud, serving over 400 customers in the cloud with more than 330 of those in the public cloud (AWS or Azure),” said Peter Heckmann, Managing Director, D.A. Davidson & Co. “With the industry confronting the need to move away from legacy on-premises technology and onto cloud-based systems, Insurity has an impressive level of references for their capabilities for the P&C insurance space.”
In addition to Insurity’s position as the leading provider of cloud software for P&C insurance organizations, Insurity is the leader in providing regulatory services management to insurers through its offering of Circ. In its most recent briefing with industry and investment analysts, Insurity gave an in-depth look at its ability to respond to regulatory changes and customer needs, which is a driving force behind its strategy for 2024.
“Key highlights for me at the Insurity analyst day, were the broad scale of over 400 cloud customers, strong system integration and the InsurTech partner ecosystem. The dedicated offering to monitor, analyze, interpret, and implement regulatory changes, and the breadth of functionalities in their purpose-built solutions…was impressive,” said Ronak Doshi, Partner at Everest Group.
“With $330M+ in revenue and EBITDA margins north of 35%, Insurity is one of the largest and certainly the most profitable of the major P&C software providers out there,” said David Hynes, Managing Director, Canaccord Genuity. “We came away from the firm’s recent analyst briefing impressed by both momentum and scale of cloud efforts, and based on an ability to serve insurance carriers across tiers 1 through 5 as well as MGAs, this is a firm that should see many years of durable growth ahead.”
Insurity continues to stand out in the P&C insurance industry with its advanced product offerings and feature-rich functionality. With solutions designed to address the intricate and evolving needs of the market, Insurity’s suite of products offers unmatched scalability and flexibility to ensure that customers have the most effective and efficient tools available to succeed.
“Insurity offers purpose-built solutions that enable them to uniquely serve all segments of the P&C insurance market, including carriers in tiers 1 through 5 and MGAs,” said Tom Benton, Partner at ReSource Pro. “Insurity differentiates itself from others by providing its customers with solutions designed to serve their specific needs based on their size and segment of the market.”
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 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, 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.