As embedded insurance becomes more common, plus distribution platforms digitally separate the various elements of cover, payments systems are going to be more important for insurers, brokers, MGA – everyone in the chain. Payments are going to evolve as rapidly as insurtech has over the last five years, everything is going to be time-stamped, allocated, siloed and processed in real time. Instant inception means instant payment too, right?
OK, so IE is just thinking out loud, but others are taking action to build stuff. Latest acquisition announced by Insly;
Insly, the low/no-code insurance software platform, has acquired the insurance arm of TubaPay, an application enabling insurance agents to process premium payments via credit card and online. Tubapay is owned by Bacca, a Polish payments and financial services company.
The deal expands Insly’s service offering and forms part of the company’s strategic plan to provide MGAs, insurers, brokers, and agents with all the technology and services they need. The payment platform not only enhances convenience for customers but also brings synergies for agents and insurers by channeling funds directly into the accounts of specific insurance companies, based on the policies issued. The payment service operates in collaboration with Fiserv, a globally renowned payment service provider.
As part of the deal, Insly will acquire more than 800 current customer contracts, know-how, and the existing insurance payments team. The TubaPay brand is not part of the transaction, and Insly intends to further develop the service under its own brand, InslyPay, which it plans to integrate with its CRM system by the end of Q2 2024. It will also be offered as a standalone service.
Risto Rossar, CEO and Founder of Insly, commented: “Having established ourselves as a leading insurance software platform for MGAs, insurance companies, brokers, and agents, we are now looking to expand our offering further. Acquisitions play an important role in our future growth, to both expand our service offerings and our geographical footprint. Incorporating InslyPay will enable users to fully streamline their sales and administration processes, increase efficiency, and provide a seamless experience to customers.”
Founded by Risto Rossar in 2013, Insly enables insurers, MGAs, brokers, and underwriters to digitise and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, finance, and reinsurance. Insly’s no/low-code product is highly customisable and easily configurable, reducing the need for lengthy and costly development and implementation time.
In Poland, Insly is primarily known for its business dedicated to insurance agents, offering a subscription-based CRM system with premium comparison and policy issuance capabilities, as well as compliance support. With nearly 18,000 users, Insly is the most popular CRM system provider for agents and brokers in Poland. Polish operations account for more than 20 percent of Insly’s global revenues.
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