InsurePay
InsurePay is a Nashville-based insuretech SaaS platform providing pay-as-you-go billing, premium payments, reconciliation, and disbursements for North American insurance carriers, agents, and MGAs.
- Company typePrivate
- Founded2003
- HeadquartersNashville, United States
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What InsurePay does
InsurePay is a Nashville-based insuretech SaaS platform founded in 2003 that provides payment, billing, and reconciliation infrastructure to the North American insurance industry. The platform serves insurance carriers (Travelers, The Hartford, CNA, The Beacon), agents/brokers (First Insurance, Merit Insurance), and managing general agents (MGAs), with policyholders and premium finance companies as secondary beneficiaries. Core products include Pay-as-you-go Workers' Comp Billing (automatic premium calculation from real-time payroll data each pay cycle), Premium Payments, Reconciliation, Claims, Commissions, Vendor Payments, Payables, Premium Refunds, Payment Links, Embedded Payments, and Premium Audit. The platform offers a robust API for custom integrations and pre-built accelerators for Duck Creek and Guidewire policy administration systems that enable carriers to implement in 7-10 days with no-code setup.
The technology stack is a cloud-based insurance payment and billing platform with API integrations, white-label branded portals, and real-time payment tracking and account history. InsurePay holds SOC compliance certification and operates a sales-led go-to-market motion targeting enterprise carriers, agents, and MGAs through direct sales, contact sales CTAs, and embedded distribution via Duck Creek/Guidewire partnerships. The company monetizes through a combination of transaction fees (processing premium payments, claims, commissions, and vendor payments) and subscription/platform fees, with services offered at zero cost to policyholders.
In 2022, InsurePay executed a Series B led by Aquiline Technology Growth with FINTOP Capital participation, using proceeds to acquire Split Limit Studios (TRUPAY solution) in January 2022 and AcordPay in April 2022 — both integrated under the InsurePay brand to expand pay-as-you-go and reconciliation capabilities. Leadership includes CEO Patrick Davis, Founder/President/CEO Adam Beck, Chairman Gex Richardson, COO/CFO Michael Carus, and EVP Payments Michael Senechal. The company has 51-100 employees and focuses exclusively on the North American market.
InsurePay firmographics
Firmographics- Name
- InsurePay
- Legal name
- InsurePay
- Website
- https://insurepay.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- InsurePay is a Nashville-based insuretech SaaS platform providing pay-as-you-go billing, premium payments, reconciliation, and disbursements for North American insurance carriers, agents, and MGAs.
- Ownership category
- akta.pro rank
InsurePay industry classification
Industry- Product category
- Insurance Payment Software
- NAICS
- Agencies, Brokerages, and Other Insurance Related Activities (5242), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Services-Prepackaged Software (7372), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Billing, Payments & Premium Finance Platforms (FSAGAGAI)
- akta.pro secondary industries
- Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), Recurring Billing & AutoPay Management (FSAMAJAE), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)
Keywords
Where InsurePay is headquartered
LocationHeadquarters
- HQ city
- Nashville
- HQ country
- United States
- HQ region
- North America
Markets served
InsurePay business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Payment Processing Fees: Fees generated from processing premium payments, claims, commissions, and vendor payments through the platform
- Subscription/Platform Fees: Ongoing platform access fees for carriers, agents, and MGAs using the payment and billing solutions
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
InsurePay product offering
Product offeringCore offering
InsurePay provides a cloud-based SaaS platform that automates premium collections, pay-as-you-go workers' compensation billing, reconciliation, claims, commission, and vendor payments for insurance carriers, agents, brokers, and MGAs. The platform offers API-based integrations, white-label branded portals, and flexible payment methods (credit cards, ACH, embedded payments, payment links) to streamline the insurance billing and payments lifecycle.
Product overview
InsurePay is an integrated insurance payment platform offering a comprehensive suite of billing and payments products for the North American insurance market. The platform serves Carriers, Agents, and MGAs with a unified platform architecture. Core products include Pay-as-you-go Workers' Comp Billing (which calculates and collects premiums based on real-time payroll data), Premium Payments (enabling flexible payment collection), Reconciliation (for automatic payment matching), Claims, Commissions, Vendor Payments, Premium Refunds, and Payables. The platform also offers integration accelerators for Duck Creek and Guidewire policy administration systems, and was expanded through acquisitions of Split Limit Studios (TRUPAY solution) in January 2022 and AcordPay (payment and reconciliation solutions) in April 2022.
Differentiator
Problem solved
Functional benefit
Products and services
- Pay-as-you-go Workers' Compensation Billing Automatically calculates and collects Workers' Comp premiums based on real-time payroll data each pay cycle, enabling policyholders to pay over time. Targeted at insurance carriers and agents serving payroll-driven workers' comp clients.
- Premium Payments Enables policyholders to make premium payments through payment links, embedded payments, and custom branded portals at zero cost. Used by carriers, agents, and MGAs to offer flexible premium collection experiences.
- Reconciliation Collects and automatically reconciles payments from agencies, streamlining premium collections and disbursements for insurance carriers.
- Claims Streamlines claims payments to policyholders, enabling faster and more accurate settlements. Used by insurance carriers.
- Commissions Automates commission payments to agency partners, streamlining outbound payments for carriers and MGAs.
- Vendor Payments Automates payments to vendor partners, streamlining outbound payment operations for insurance carriers.
- Premium Refunds Streamlines premium refunds to policyholders through a branded portal. Used by carriers and agents.
- Payables Streamlines payments to carriers and vendors for agents, and to carrier partners for MGAs.
- TRUPAY Pay-as-you-go payment solution for workers' compensation insurance, acquired through Split Limit Studios and integrated into the InsurePay platform.
- AcordPay Insurance payment and reconciliation solution provider acquired by InsurePay to broaden its billing and payments product suite.
Quantifiable outcome
- Reduce administrative tasks and minimize manual data entry
- +2 more outcomes
Companies that use InsurePay
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles3 records
InsurePay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature5 records
InsurePay partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- AcordPaycoreAcquired provider of insurance payment and reconciliation solutions as part of Series B. Acquisition aimed to expand InsurePay's insurance payment product suite and strengthen North American presence.
- Split Limit Studios (TRUPAY)coreAcquired by InsurePay as part of Series B proceeds. TRUPAY solution was integrated into the combined entity operating under InsurePay brand, strengthening pay-as-you-go capabilities.
- Duck CreekcorePre-built integration accelerator available for Duck Creek policy administration systems, enabling carriers to implement InsurePay in 7-10 days.
- GuidewirecorePre-built integration accelerator available for Guidewire insurance platforms, enabling carriers to implement InsurePay with existing policy admin systems.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
InsurePay competitors and assessment
Company assessmentOthers
- Plaid: Plaid is a financial data connectivity and account-to-account payment infrastructure provider. While not a direct competitor, Plaid's A2A payment rails are complementary to InsurePay's premium collection workflows and could enable or compete against portions of its ACH product.
Direct peers
- InvoiceCloud: InvoiceCloud provides electronic bill presentment and payment solutions with a meaningful insurance carrier vertical. It overlaps with InsurePay's premium payments, embedded payments, and reconciliation capabilities for insurance billers.
- One Inc: One Inc is a direct competitor in insurance digital payments, offering premium payments, claims payouts, and billing across P&C and life insurance. It serves many of the same carriers and MGAs as InsurePay and is the most direct comparable in the insurtech payments space.
- REPAY (previously BillingTree): REPAY/BillingTree provides integrated payment processing for insurance, healthcare, and other verticals, including premium collection and reconciliation. Its billingtree brand was an early insurtech payments competitor and overlaps with InsurePay's premium payments and reconciliation products.
- AP Intego: AP Intego is a payments and workflow platform focused on independent insurance agencies, providing premium financing integration and carrier payables. It competes directly with InsurePay in the agent/broker segment of insurance payments.
- Applied Pay (by Applied Systems): Applied Pay is the embedded payments offering from Applied Systems, the dominant agency management system vendor. It targets the same agency/carrier payment flows as InsurePay and benefits from Applied's incumbent position in independent insurance agencies.
Broad incumbents
- Stripe: Stripe is a broad incumbent payment processor increasingly serving insurance and SaaS verticals with embedded payments and reconciliation APIs. Its scale and developer mind-share pose a competitive threat to niche insurtech payment platforms like InsurePay.
- Guidewire Software: Guidewire is a major insurance core platform provider and InsurePay integration partner. Its enterprise P&C platform is the primary system of record for many InsurePay carrier customers, making it a powerful adjacent incumbent with potential to expand into payments.
- Duck Creek Technologies: Duck Creek is a leading insurance core platform vendor and an InsurePay integration partner. Its broader policy administration suite competes indirectly with InsurePay by owning the carrier's system-of-record relationships, and could expand into native payments.
Emerging players
- HealthCare.com / Vesta: Vesta is a payment processing and fraud-prevention platform that has expanded into insurance and adjacent verticals. Its transaction processing capabilities overlap with InsurePay's premium payment and reconciliation products.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
InsurePay social profiles
Digital presenceInsurePay compliance and trust
Trust signalCompliance1 record
InsurePay financial estimates
Financial estimateRevenue estimate
Valuation estimate
InsurePay leadership team
Management profileNumber of profiles
Profiles7 records
InsurePay subsidiaries and ownership
Company hierarchySubsidiaries2 records
InsurePay funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
InsurePay M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about InsurePay
What does InsurePay do?
InsurePay provides a cloud-based SaaS platform that automates premium collections, pay-as-you-go workers' compensation billing, reconciliation, claims, commission, and vendor payments for insurance carriers, agents, brokers, and MGAs. The platform offers API-based integrations, white-label branded portals, and flexible payment methods (credit cards, ACH, embedded payments, payment links) to streamline the insurance billing and payments lifecycle.
Is InsurePay a public or private company?
InsurePay is a private company. It is classified as venture growth investor backed and is currently operating.
When was InsurePay founded?
InsurePay was founded in 2003. It employs 51 to 100 people.
Where is InsurePay based?
InsurePay is headquartered in Nashville, United States, in the North America region.
How does InsurePay make money?
Two revenue lines are on record. Payment Processing Fees are the primary driver. The others are subscription/Platform Fees.
Who are InsurePay's main competitors?
Plaid is listed as an others. Direct peers are InvoiceCloud, One Inc, REPAY (previously BillingTree), AP Intego and Applied Pay (by Applied Systems). Broad incumbents are Stripe, Guidewire Software and Duck Creek Technologies. HealthCare.com / Vesta is listed as an emerging player.
Does InsurePay have an API?
Yes. InsurePay offers a robust API that enables custom payment solutions. The API supports custom integrations allowing organizations to build tailored payment solutions.
What industry is InsurePay in?
InsurePay's product category is Insurance Payment Software. Its primary akta.pro industry code is FSAGAGAI, Billing, Payments & Premium Finance Platforms, with a secondary code of BPAMAFAF, Bill Pay, Invoicing & Payables Platforms. Its NAICS code is 5242 and its SIC code is 7372.