Worker’s Comp Platform InsurePay Buys Split Limit Studios

InsurePay, an insuretech property, casualty billing and payments platform, has received a Series B investment, the company announced Tuesday (Jan. 11).

“The investment brings together leaders in insuretech billing and payments for workers’ compensation and establishes InsurePay as the industry leader in pay-as-you-go solutions,” InsurePay CEO Adam Beck said in the release. “The two solutions complement each other, and the acquisition unites experienced talent from both teams that will help InsurePay to serve customers and build upon its platform to offer the next generation of solutions.”

The release says InsurePay has used part of the money to buy Split Limit Studios and its TRUPAY solutions, and the combined company will operate under the InsurePay brand.

George Kostakos, CEO of Split Limit Studios, said the move is “a significant step for our two companies.”

“The Split Limit team is excited to combine our respective strengths and help InsurePay accelerate plans to deliver a complete experience to meet the whole spectrum of customer needs,” Kostakos continued.

The release says InsurePay’s solutions include the Pay-As-You-Go program, which is a workers’ compensation program calculating premiums based on payroll data — a change from how things were with estimated annual payroll amounts before, making things more accurate.

In addition, the new solution should add more ways for customers to use Software-as-a-Service (SaaS) models for getting billing options for insurance carriers, agents, payroll providers and policyholders.

PYMNTS wrote that telehealth has seen more activity due to the pandemic lockdowns, which has seen in-person health visits becoming more rare.

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Hill Ferguson, CEO at Doctor On Demand, an integrated virtual care provider, said the biggest opportunity will be “to try to figure out ways to reform the payment models, such that providers are incentivized to keep patients out of the hospital, off medications and away from chronic diseases.”

The pandemic has posed numerous new healthcare challenges, which Forward co-founder Rob Sebastian said had the effect of messing up incentives and payments flows.