Verisk, a global data analytics and technology provider, has agreed to acquire SuranceBay, a provider of producer licensing and compliance solutions for the life and annuity industry, for $162.5 million in cash.
This deal reflects Verisk’s commitment to automating the insurance buying and selling process while enhancing workflows among carriers, general agencies, insurance agents, and consumers. SuranceBay’s solutions, including its leading agency management software, SureLC, will integrate with Verisk’s FAST platform, addressing all aspects of the insurance lifecycle from purchasing to claims.
SureLC streamlines licensing, contracting, and appointing producers by synchronizing with multiple data sources, offering an integrated experience for all participants in the insurance market. With this acquisition, SuranceBay will enhance Verisk’s Life Solutions platform, which aims to modernize and scale operations in the industry. Verisk’s FAST platform recently achieved its fourth consecutive Leader ranking in ISG’s 2024 evaluation for Life and Retirement Platform Solutions.
KEY QUOTES:
“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. 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.”
Saurabh Khemka, co-president of underwriting solutions at Verisk
“The Verisk and SuranceBay teams share a joint focus on our clients and technology that will help them streamline operations, making it simpler and faster to buy and sell insurance. We knew it was the right time to come together to deliver the efficiencies the life and annuity market needs.”
Anatole Tartakovsky, SuranceBay CEO
