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February 18, 2021

Insurtech InsurePay raises fresh funds to spur growth

By Verdict Staff

US-based insurtech InsurePay, which offers Pay-As-You-Go (PayGo) workers’ compensation billing, has concluded a $5m Series A round financing to accelerate its growth.

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The round was led by Nashville-based venture capital firm FINTOP Capital, which was joined by several other strategic industry investors.

Founded in 2003, InsurePay provides a workers’ compensation administration and insurance premium billing platform for insurers.

The platform is claimed to offer more accurate premium payments in each pay cycle by calculating workers’ compensation premiums based on actual payroll data, rather than estimated annual payroll amounts.

Additionally, it streamlines the delivery of policyholder, payroll, and premium data, enabling Pay-As-You-Go (PayGo) workers’ compensation billing customers.

The company intends to use the new capital to expand its sales and marketing efforts, bolster its product investments, and support hiring efforts.

InsurePay president and CEO Adam Beck said: “FINTOP’s investment is well-timed to meet the rapidly increasing demand for our solution.

“We found a partner in FINTOP that shares our values, our passion for the space, and has a tremendous track record of building exceptional businesses. We are thrilled to have access to their resources and thought partnership as we begin our next chapter of growth.”

FINTOP Capital managing partner Joe Maxwell added: “We are excited to be partnering with the InsurePay team.

“When Adam and Gex Richardson shared their compelling vision for the company, we knew that our domain expertise made FINTOP a perfect fit. Our experience growing sales and marketing teams, driving product innovation, and executing M&A will be exactly what the team needs to accelerate and expand on their vision.”

As part of the financing, Maxwell and FINTOP Capital general partner Rick Holton will join the InsurePay board. InsurePay’s former chief administrative officer Richardson will remain with the company as the executive chairman of the board.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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