InsurePay, a Nashville, TN-based provider of an Insuretech Property and Casualty (P&C) billing and payments platform, raised an undisclosed amount in Series B funding.
The round was led by Aquiline Technology Growth, Fintop Capital, and others.
Led by Adam Beck, chief executive officer, InsurePay offers a solution that enables insurance providers to offer a Pay-As-You-Go (PayGo) billing and payments solution for the P&C market including workers’ compensation insurance carriers and policyholders. Insurance providers can monitor each policyholder’s exact premiums for each pay cycle—all through the company’s secure, custom-branded portal with direct data connections to leading payroll companies.
The investment funded the acquisition of AcordPay, an insurance payment hub that automates digital payment types and reconciles receivables, payables and commissions for agents, carriers, MGAs and insurance technology providers. As part of the acquisition, the existing AcordPay and InsurePay teams will come together under the InsurePay brand with a united mission of delivering accurate, timely, data-driven insurance payments to the North American insurance market.