This acquisition will enable P&C carriers to automate the entire premium audit and loss control process and seamlessly integrate it with their policy, underwriting, and claims workflow
HARTFORD, Conn., September 29, 2021--(BUSINESS WIRE)--Insurity, a leading provider of cloud-based software for property and casualty (P&C) carriers, brokers, and MGAs today announced that it has completed the acquisition of AuSuM Systems. AuSuM Systems, which stands for "Audit and Survey Management," provides fully integrated, cloud-native software for P&C carriers. AuSuM’s solutions empower insurers to automate their entire premium audit and loss control processes and significantly improve efficiency and profitability. Leveraging over 26 million past audits and surveys completed, AuSuM is the only vendor that provides both premium audit and loss control software. This acquisition also accelerates Insurity’s cloud leadership and furthers its vision of empowering P&C insurers by delivering the world’s most configurable, easy-to-use, and intuitively analytical software suite.
AuSuM’s Premium Audit software uses proprietary AI-based analytics to pinpoint specific elements in each policy where premiums may need to be optimized. This is a significant shift from legacy auditing processes and a game-changer for the insurance industry. Time and resource constraints often limit the number of audits P&C carriers can complete. AuSuM removes the constraints, allowing P&C carriers to increase their volume of premium audits at a significantly reduced cost through predictive analytics.
Insurity’s acquisition will expand the reach of AuSuM’s Loss Control solutions. Utilizing data aggregated over 20 years, AuSuM has created powerful capabilities to identify areas that have a propensity for loss. Leveraging AuSuM’s Loss Control software, P&C carriers can efficiently manage surveys and mitigate risk at different workplaces.
"We are very excited to welcome AuSuM Systems to Insurity," said Chris Lafond, CEO, Insurity. "Many P&C carriers do not automate all or a portion of the audit and loss control processes. Even fewer integrate it with their underwriting and policy administration processes. This can cause inaccurate risk assessments and premiums. AuSuM Systems’ field-tested, industry-leading solutions combined with Insurity’s configurable software platform will help P&C insurers assess risk."
"We are thrilled to join the Insurity family," said Montgomery Roach, CEO, AuSuM Systems. "Our clients will benefit from broader access to Insurity’s comprehensive data and analytics solutions, out-of-the-box integration features, and a deep bench of world-class talent. Insurity’s customers will immediately benefit from being able to rapidly deploy our software across multiple lines of business in addition to accelerating the use of data analytics for better decision making at an individual policy level and for the entire portfolio."
For more information, please contact Laura Krause at Laura.Krause@Insurity.com.
Insurity is a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C Carriers in the US and has over 275 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners. For more information, visit www.insurity.com.
About AuSuM Systems
AuSuM Systems™ is a fully-integrated platform that enables P&C carriers to dramatically reduce the time and cost associated with data gathering and analysis, while cost-effectively expanding both the frequency of inspections and the amount of data collected. Its field-tested solutions have been in use by auditors and inspection agents in the field for nearly 20 years, processing more than 26 million audits and surveys to date. AuSuM holds 28% market share of the Top 25 largest property and casualty (P&C) insurance carriers in the US, including 6 of the 25 P&C carriers on the 2021 Fortune 500 list. 13 of the Top 50 US Workers Compensation carriers are also currently utilizing AuSuM Systems.
One of the first platforms to automate the entire auditing process end-to-end, AuSuM Systems™ connects all your players into a powerful team, allowing you to control the content and performance from entry to delivery online and in real-time.
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