Insly, a leading low/no-code insurance software platform, announced its acquisition of the insurance arm of TubaPay, a popular application that enables insurance agents to process premium payments via credit card and online. The strategic move expands Insly’s service offering and aligns with the company’s long-term plan to provide managing general agents (MGAs), insurers, brokers, and agents with all the technology and services they need to thrive in the digital age.
Enhanced Convenience for Customers and Synergies for Agents and Insurers
The newly acquired 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. This streamlined payment process not only improves cash flow management for insurers but also provides a seamless experience for policyholders.
Acquiring Customer Contracts, Expertise, and Talent
As part of the deal, Insly will gain over 800 current customer contracts, valuable know-how from the team at TubaPay, and the existing insurance payments team. This acquisition strengthens Insly’s position in the market by expanding its customer base and tapping into the expertise of experienced professionals in the insurance payments domain.
Insly Rebrands and Develops the Service
Although the TubaPay brand is not part of the transaction, Insly intends to develop the service under its own brand, InslyPay. By integrating InslyPay with its existing Customer Relationship Management (CRM) system, Insly aims to provide a comprehensive solution that streamlines sales and administration processes for insurance agents, brokers, and underwriters. This integration is expected to be completed by the end of Q2 2024.
CEO’s Vision: Expanding Insly’s Offerings
Risto Rossar, the CEO and Founder of Insly, expressed his excitement about the acquisition. He stated, “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.” Rossar emphasized the company’s commitment to continually enhance its services to meet the evolving needs of the insurance industry.
Streamlining Sales and Administration Processes
The incorporation of InslyPay into Insly’s software ecosystem will enable users to fully streamline their sales and administration processes. By digitizing and automating mid and back-office operations, including distribution, policy administration, underwriting, claims, finance, and reinsurance, Insly aims to increase efficiency and provide a seamless experience to customers.
Insly’s Impressive Track Record
Since its inception in 2013, Insly has been empowering insurers, MGAs, brokers, and underwriters to digitize and automate their operations. With a comprehensive suite of software solutions, Insly addresses various aspects of the insurance value chain. Their offerings include distribution management, policy administration, underwriting support, claims processing, finance management, and reinsurance assistance.
Insly’s Positive Presence in Poland
In Poland, Insly has become renowned for its business dedicated to insurance agents. The company offers a subscription-based CRM system, complete with premium comparison and policy issuance capabilities, as well as compliance support. The Polish operations contribute significantly to Insly’s global revenues, accounting for over 20% of the company’s total income.
With the acquisition of TubaPay’s insurance arm, Insly is well-positioned to solidify its position as a leading provider of insurance software solutions. The expanded service offering, combined with its robust technology and expertise, positions Insly as a strategic partner for MGAs, insurers, brokers, and agents seeking to optimize their operations and enhance their customer experiences. As the insurance industry continues its digital transformation, Insly remains committed to innovating and evolving its offerings to meet the evolving needs of its clients and the industry as a whole.