Verisk to acquire SuranceBay for $162.5 million to boost life and annuity offerings

(The Insurer) - Insurance industry-focused analytics and technology provider Verisk has signed a definitive agreement to acquire Florida-based SuranceBay, a producer of licensing and compliance solutions for the life and annuity industry, for $162.5 million in cash.

SuranceBay’s software aims to simplify insurance transactions by synchronizing with multiple data sources, allowing seamless licensing and contracting functions.

SuranceBay’s solutions, including its agency management software SureLC, will be integrated into Verisk’s FAST platform. This integration aims to reduce friction between carriers and distribution partners by enhancing efficiency, agility and scalability.

SuranceBay will join Verisk’s life solutions platform, which aims to modernize and scale operations for the life and annuity sector.