Insurity strengthens billing and payments offerings with Bill It Now acquisition
Insurity , a provider of cloud-based core system solutions and data analytics for insurers, brokers, and MGAs, announced its acquisition of Bill It Now . The deal enhances Insurity’s ability to provide end-to-end billing and payment processing within its cloud-based core system solutions.
Bill It Now is a cloud-based billing-as-a-service solution (BaaS) for insurers, MGAs, and program administrators, offering payment plan management and policy premium issuance, as well as multi-channel payment solutions and receivable management services. Bill It Now also brings its own billing department that manages all aspects of the payments process including cash flow and customer support, further strengthening Insurity’s direct billing solutions.
“The Bill It Now acquisition adds powerful technology and services to our robust suite of core system solutions, enabling us to provide clients with faster, simpler, and more flexible billing and payment processing. The full-service features of Bill It Now will drastically reduce time, operational costs, and resources, especially for small and mid-sized insurers and MGAs. As Insurity helps clients meet the evolving needs of their customers and distribution partners, billing and payments will continue to be an important focus area.” – CEO of Insurity Chris Lafond.
“Insurity’s large client base and well-established property and casualty market presence provides an opportunity to expose our billing and payments solution to more insurance carriers and MGAs. Additionally, Insurity’s mature and market-leading cloud technology and comprehensive core system solutions will extend the value of Bill It Now’s unique billing-as-a-service platform.” – Managing Partner of Bill It Now, Chris Clark.
The acquisition was completed on October 19, 2020. The terms of the acquisition were undisclosed.