Insurtech Verisk, a global data analytics and technology company, has entered a definitive agreement to acquire SuranceBay, a provider of producer licensing, onboarding, appointment, and compliance software for the life and annuity sector, for $162.5mn in cash.
The acquisition will bring SuranceBay’s products, including its flagship contracting automation software SureLC™, into Verisk’s FAST platform, a leading solution for life and annuity insurers.
The integration aims to streamline and automate workflows across the insurance lifecycle, reducing friction between carriers, agencies, agents, and consumers.
SuranceBay’s SureLC™ software simplifies multi-carrier contracting and licensing by synchronizing with multiple data sources, allowing agencies and producers to handle compliance and onboarding tasks more efficiently.
The company will join Verisk’s Life Solutions business, which includes components designed to modernize and scale operations for life and annuity insurers.
This acquisition shows Verisk’s commitment to investing in the life and annuity space to improve efficiency across the ecosystem
Saurabh Khemka, co-president of underwriting solutions at Verisk
“The connection between carriers and distribution is more important than ever, and with SuranceBay, we are creating a scalable, future-ready ecosystem,” said Saurabh Khemk.
Anatole Tartakovsky, CEO of SuranceBay, said the partnership aligns with both companies’ vision: “Verisk and SuranceBay both aim to use technology to make insurance distribution faster, simpler, and more efficient. This combination delivers the end-to-end digital experience our clients need.”
Verisk’s FAST platform was recently recognized as a Leader for the fourth year in a row in ISG’s Provider Lens™ for Life and Retirement Platform Solutions.
Verisk Analytics (Nasdaq: VRSK) emerged in 1971 as Insurance Services Office (ISO), a rating bureau owned by insurers. It now stands as a global data analytics and technology provider focused on the insurance sector.
Verisk differs from typical insurtech startups—it is a large public firm that builds through acquisitions and organic growth rather than venture funding. Instead, it invests heavily in analytics and integrates acquired technology into its platforms, such as motor liability automation (AIS) and producer licensing systems (SuranceBay).
