InsurePay Secures Additional Series B Funding, Acquires AcordPay

The capital also funded the acquisition of AcordPay, an insurance payments technology provider that automates digital payments and settles receivables, payables and commissions for agents, carriers and InsurTech providers.

Funding for the deal came from Aquiline Technology Growth, Fintop Capital and others, and terms of the deal were not disclosed.

Per the release, the acquisition will put the AcordPay and InsurePay teams together under the InsurePay brand with one mission: to deliver accurate, timely and data-driven insurance payments to the North American insurance sector.

“Integrating AcordPay’s payment methods with InsurePay’s products will make it easier for policyholders, agents, and insurance carriers to manage their funds throughout the insurance policy lifecycle,” InsurePay CEO Adam Beck said in the announcement. “The acquisition creates a broader offering for InsurePay and accelerates AcordPay’s penetration into the US market.”

With the AcordPay purchase, InsurePay said it will offer insurance payment solutions for collecting premiums, settling with markets and managing claims and refunds. The combined firm will also offer payments products crafted to connect insurance premium payments to risk and create real-time accuracy, automation, error reduction and policyholder retention.

In an interview with PYMNTS last month, Michael Carus, chief operating officer at InsurePay, said that while real estate, credit cards and other expenses are paid monthly, workers’ compensation is paid upfront.

See also: Real-Time Data Makes Workers Comp Premium Payments Pay as You Go

With today’s technology, integrations and ability to share data, there’s an alternative: pay as you go. With this process, it’s paid coincident with payroll, Carus said.

“I look at it as practically everything else is in a monthly period in terms of payments, so why isn’t this one,” Carus said.