Azentio Software | July 02, 2021
Azentio Software, a Singapore-based software products company owned by Apax Funds, is pleased to announce the signing of a binding agreement to acquire Beyontec, a leading insurance technology company. The acquisition is conditional to the obtaining of all relevant regulatory approvals.
Beyontec employs over 300 people and serves over 65 customers in the United States, the Middle East, and Africa. The company provides a complete set of cloud-based accelerator tools and a core multi-line insurance administration system, and digital platform-based ecosystem solutions for the insurance sector.
Azentio's customer base and product suite will be expanded as part of the acquisition to become the leading banking, financial services, and insurance-led technology product business in high-growth markets. Azentio and Beyontec have significant synergies, enabling Azentio to provide a complete insurance product and end-to-end insurtech solutions for General, Health, Life, and Commercial insurance. In addition, the acquisition enables significant scale benefits and investments in next-generation insurance technology solutions.
In this transaction, Houlihan Lokey served as Beyontec's only financial advisor. Beyontec's legal advice was Katten Muchin Rosenman LLP. The company's legal counsel was Kirkland & Ellis LLP.
Azentio Software is a newly formed company in 2020 formed out from 3i Infotech, a global information technology company. Azentio Software offers mission-critical, vertical-specific software products to customers in the banking, financial services, and insurance industries, including critical products such as Kastle (universal banking platform), AMLOCK (compliance software suite), Premia Astra (core insurance software), Orion (enterprise resource planning software), and MFund Plus (asset management platform). Azentio has over 700 clients in more than 48 countries and a strong team of over 1,600 people spread throughout 9 locations worldwide.
Beyontec Solutions is an insurance solution provider specializing in general insurance, takaful, life insurance, medical insurance, and insurance broking. Beyontec's varied insurance expertise and knowledge have allowed it to develop transformational solutions that combine the best insurance practices worldwide. These include the Beyontec Suite, a core insurance administration solution, specialized accelerator tools, and a set of industry platform solutions.
Alacrity Solutions, Fourseventy Claim | February 02, 2021
Alacrity Solutions Group, LLC ("Alacrity Solutions"), a perceived innovator in providing insurance claims management services in North America, today reported the securing of Fourseventy Claim Management ("Fourseventy Claims"). Monetary terms of the exchange were not uncovered.
Established in 2011, Fourseventy Claims set up itself as a claims management pioneer with a sharp spotlight on advancement and innovation enablement. With a cross country organization of field and work area agents talented in providing services across the private and business property, setback and risk markets. Fourseventy Claims likewise offers a full-administration Third-Party Administration Program, providing start to finish claims dealing with solutions to a significant number of the main insurance carriers in North America.
“Fourseventy Claims has established a solid reputation in delivering exceptional service to their clients. Their leadership team possesses years of industry experience, which serves as a key driver in the strong and long-lasting relationships they have been able to develop and continue to grow over the years. We are really excited to partner with Matt Fatheree, Rob Beller and the Fourseventy Claims team,” said Jim Pearl, CEO of Alacrity Solutions. “This acquisition further positions Alacrity Solutions as one of the leading claims management providers and expands our scale and expertise in North America.”
Matt Fatheree, founder and CEO of Fourseventy, stated, “We are excited to become a part of the Alacrity Solutions enterprise. Their full-service offerings, commitment to superior service and strong reputation across the industry are just a few of the traits that align strongly with Fourseventy Claims. Additionally, we share a common approach to our principles and how we conduct business in placing a priority on people, partnership and an overall passion for this business. We look forward to continuing our track record of success and growth as part of the Alacrity Solutions enterprise moving forward.”
The exchange with Fourseventy Claims is Alacrity's 10th procurement since 2015. Alacrity has an engaged methodology of cooperating with and obtaining remarkable new stage and vital extra organizations to more readily serve the insurance claims industry as a solitary source specialist co-op.
About Alacrity Solutions
Alacrity Solutions, based in Fishers, Indiana, is one of the largest independent providers of insurance claims management services in North America. Alacrity provides property, auto, casualty claims adjustment services, and staffing solutions, as well as a nationwide managed repair network to national and regional insurance companies, MGAs, TPAs, self-insured corporations, and clients in the federal/state government sector. Kohlberg & Company acquired a majority stake in Alacrity in 2019.
About Fourseventy Claims
Fourseventy Claim Management is an independent insurance adjusting firm that provides services in all fifty states with over eight hundred adjusters, servicing losses in the residential and commercial property markets. While exhibiting core values of innovation and versatility, Fourseventy passionately explores what the future might entail for the insurance claims industry. Fourseventy takes great strides in working with insurtech companies to build a more efficient and consumer-friendly experience for its clients. Managed by an executive team with over 200 years of industry experience, Fourseventy collaborates with its customers to take the best approach surrounding what is possible for process and outcome improvement.
Bindable | November 19, 2020
Bindable, the insurance technology pioneer for elective dissemination, today declared the dispatch of its Agent Wholesale Platform, an advanced software solution that empowers autonomous agents to dispatch their own virtual offices and to flawlessly access and sell insurance items on the web, via telephone, or face to face.
The Agent Wholesale Platform is a white name insurance marketplace that permits agents and transporters to offer auxiliary items, for example, pet, lawful, and home guarantee through a virtual organization without disturbing their present auto and home stream. Locales can be custom marked and incorporate a changed rendition of Policy Crusher®, Bindable's restrictive SaaS platform and CRM. Utilization of the Agent Wholesale Platform will bring about higher commissions and improved strategically pitching capacities for agents, just as better help for their clients. Strategically pitching auxiliary items is significant for agents since it assists with forestalling center auto and home clients from buying these items somewhere else and possibly exchanging over their auto and home insurance also.
“Our focus has always been to continuously drive innovation in the insurtech industry. We’re proud to have created digital tools so that agents and their carrier partners can achieve more growth and better customer retention through product diversification,” says Bill Suneson, CEO and co-founder of Bindable. “With a virtual agency, they can do just that, and initiate more efficient transactions with consumers online or over the phone.”
Coronavirus has quickened digitization, expecting agents to turn out to be more tech forward in their strategic approaches. As the quantity of purchasers finishing exchanges online versus in-person keeps on climbing, the desire for advanced admittance to insurance contributions has just expanded. Examination from Bindable shows that 93% of free agents were in understanding that with regards to buying insurance items, client desires are evolving. Furthermore, 76% announced that client desires around cycles, for example, cases and installments being robotized has expanded, flagging a more prominent longing for computerized exchanges.
Bindable's Agent Wholesale Platform is right now accessible in every one of the 50 states.
Bindable is the insurance technology leader for alternative distribution. Its proprietary platform brings together software, a digital wholesale marketplace, and a full suite of support services to offer flexible, market-ready solutions that connect insurance providers, trusted brands, and consumers. The company is headquartered in Boston, Massachusetts.