Verisk, a global data analytics and technology provider, has agreed to acquire SuranceBay, a leading InsurTech firm specialising in licensing and compliance solutions for the life and annuity sector, for $162.5m in cash.
The strategic acquisition is designed to integrate SuranceBay’s automation tools, including its flagship SureLC™ software, into Verisk’s FAST platform, according to InsurTech Insights.
This move aims to streamline and automate key insurance lifecycle processes, reduce friction across industry stakeholders, and accelerate the digital transformation of the life and annuity sector.
Verisk, based in the US, delivers advanced data analytics and decision-support solutions to customers across insurance, energy, financial services and government. Its FAST platform is widely used by life and annuity insurers to modernise their technology infrastructure. SuranceBay, meanwhile, is known for its producer lifecycle management software, which includes onboarding, licensing and compliance features built specifically for insurance distribution channels.
The acquisition enables Verisk to strengthen its Life Solutions business by integrating SuranceBay’s tools into its platform, enhancing connectivity between carriers, agencies, agents, and consumers. The combined offering is expected to deliver a more seamless, automated experience to insurance professionals and ultimately improve operational efficiency.
SuranceBay’s SureLC™ platform simplifies the multi-carrier contracting process, pulling from multiple data sources to manage compliance and streamline onboarding. As part of Verisk, SuranceBay will help bolster end-to-end workflow automation and contribute to a more scalable distribution ecosystem.
The FAST platform was recently named a Leader in ISG’s Provider Lens™ for Life and Retirement Platform Solutions for the fourth consecutive year, reaffirming Verisk’s position as a major player in the InsurTech space. Verisk stated that additional financial details would be disclosed during its Q2 2025 earnings call.
Verisk co-president of underwriting solutions Saurabh Khemka said, “This acquisition underscores Verisk’s commitment to investing in the life and annuity space to drive efficiencies across the ecosystem. The connection between carriers and distribution is more important than ever, and together with SuranceBay, we’re creating a scalable, future-ready ecosystem.”
SuranceBay CEO Anatole Tartakovsky said, “Verisk and SuranceBay share a vision for using technology to make insurance distribution faster, simpler, and more efficient. This combination will deliver the end-to-end digital experience our clients need.”
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