Research Note: Insurity
Executive Summary
Insurity has established itself as a leading provider of cloud-based core insurance software solutions for property and casualty (P&C) insurers, offering a comprehensive digital platform that enables insurers to modernize their operations, drive innovation, and enhance customer experiences. The company's flagship offering, the Insurity Platform, provides integrated policy administration, billing, claims management, and analytics capabilities designed to support diverse lines of business across the P&C insurance spectrum. Insurity distinguishes itself through its cloud leadership, with over 400 of its 500+ customers successfully deployed in the cloud, including 330 deployments on AWS and Azure. The platform's architecture emphasizes configurability, API-first integration capabilities, and advanced analytics, allowing insurers to rapidly implement changes, launch new products, and deliver exceptional experiences to policyholders and agents. This research note provides a comprehensive analysis of Insurity's market position, product capabilities, and strategic direction for CEOs and CIOs considering core system modernization as part of their digital transformation initiatives.
Corporate Overview
Insurity is headquartered in Hartford, Connecticut at 120 Huyshope Avenue, Suite 300, Hartford, CT 06106, where it has established itself as a leading provider of cloud-based software for insurance carriers, brokers, and managing general agents (MGAs). The company has built a strong presence in the P&C insurance market, with a client base that includes 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the United States. Insurity's leadership team, headed by CEO Chris Lafond, brings extensive industry experience and a clear vision for driving technological innovation in the insurance sector. The company's executive team includes Sylvester Mathis, who was recently appointed as Chief Revenue Officer after 19 years with the organization, demonstrating Insurity's commitment to leadership continuity and deep industry expertise.
Insurity's financial status shows solid growth momentum, though specific revenue figures are not publicly disclosed. The company has expanded both organically and through strategic acquisitions, including the 2020 acquisitions of CodeObjects, which enhanced its personal lines capabilities, and Virtual MGA, which strengthened its offering for the MGA market. In 2023, Insurity acquired AuSuM Systems to enhance its loss control software solutions, further demonstrating its strategy of targeted acquisitions to expand platform capabilities. These acquisitions, combined with significant investments in research and development, have allowed Insurity to build a comprehensive suite of solutions that address diverse needs across the P&C insurance value chain.
Insurity has achieved significant industry recognition, with its products consistently ranked among the top performers in independent analyst evaluations. The company's underwriting solution was ranked in the top quadrant in Celent's Underwriting Workbench report, and Insurity was named a "best-in-class" vendor in the Aite Matrix for U.S. P&C Core Systems. Additionally, Insurity was recognized as a Major Player in the IDC MarketScape for P&C Intelligent Underwriting Workbench. This consistent recognition validates Insurity's technological capabilities and market leadership in the P&C insurance software space.
The company has implemented its cloud-based platform across numerous clients, with over 400 successful cloud deployments, including 330 on AWS and Azure public cloud. Insurity's client base spans across various insurance segments, with particular strength in specialty lines, personal lines, and commercial insurance. The company completed 52 go-lives on its cloud-based platform in 2021 alone, demonstrating its implementation capabilities and growing market adoption. Strategic partnerships with firms like EY, LTIMindtree, and Glia enhance Insurity's ecosystem and implementation capabilities, ensuring successful integration of the platform within clients' existing environments and workflows.
Market Analysis
The global P&C insurance platform market that Insurity targets is experiencing significant growth, valued at approximately $7.8 billion in 2023 and projected to reach $14.3 billion by 2030, growing at a CAGR of 8% during the forecast period. Insurity operates in the SaaS P&C Insurance Core Platforms segment, competing with players such as Guidewire, Duck Creek Technologies, EIS, Majesco, BriteCore, InsureMO, and others. The company differentiates itself through its cloud leadership, with over 400 cloud-based deployments, making it the largest provider of P&C cloud software in the industry. This cloud-first approach aligns with the growing market preference for scalable, flexible technology solutions that enable faster innovation cycles and reduce total cost of ownership.
Industry analysts report that insurers are increasingly prioritizing digital transformation initiatives, with core system modernization representing a critical foundation for broader technology and business model innovation. Key market trends driving demand for solutions like Insurity's platform include increasing pressure for operational efficiency, growing customer expectations for seamless digital experiences, and the need for greater business agility to respond to market changes and opportunities. Additionally, the rise of embedded insurance models, advanced analytics capabilities, and AI-driven automation are creating new requirements for insurance platforms, which Insurity is addressing through continuous innovation and strategic partnerships.
Insurity's primary target customers span across various segments of the P&C insurance market, including traditional carriers, specialty insurers, MGAs, and brokers. The company serves 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the United States, demonstrating its appeal to both large enterprises and specialized market players. This diverse client base provides Insurity with exposure to different market segments and use cases, allowing the company to develop solutions that address a wide range of insurance business models and operational requirements. Insurity has completed numerous successful implementations across multiple insurance lines, with 52 go-lives on its cloud-based platform in 2021 alone, showcasing its implementation capabilities and growing market adoption.
The insurance platform market is expected to continue evolving toward more configurable, API-enabled architectures that support ecosystem integration, embedded insurance models, and artificial intelligence capabilities. Insurity appears well-positioned to capitalize on these trends given its focus on cloud deployment, API-first architecture, and advanced analytics capabilities. With the integration of generative AI through partnerships with companies like Glia, Insurity is addressing the growing demand for intelligent automation and enhanced digital customer experiences. As competition intensifies and customer expectations continue to evolve, platform providers like Insurity are increasingly focusing on implementation speed, business user empowerment, and seamless ecosystem integration to deliver differentiated value to their insurance clients.
Product Analysis
Insurity's core offering, the Insurity Platform, provides a comprehensive approach to P&C insurance operations through an integrated set of applications covering policy administration, billing, claims processing, and analytics. The platform is built on a modern, cloud-native architecture that leverages microservices, APIs, and containerization to deliver scalability, flexibility, and integration capabilities. This architectural approach enables insurers to adapt quickly to changing market requirements, integrate with external systems and partners, and deliver exceptional customer experiences across channels. The platform supports diverse insurance products across personal, commercial, and specialty lines, enabling insurers to manage multiple lines of business, product variations, and regulatory requirements through a single unified system.
The Insurity Platform emphasizes configurability and business user empowerment, allowing insurers to create and modify products, workflows, and business rules without extensive IT involvement or coding. This low-code/no-code approach accelerates time to market for new products and enables insurers to respond quickly to changing market opportunities and regulatory requirements. The platform's API-first architecture provides extensive integration capabilities, with a comprehensive set of RESTful APIs that enable seamless connections with external systems, data sources, and ecosystem partners. Insurity Connect, a low-code integration platform, further enhances these capabilities by supporting the orchestration of workflows across Insurity products, customer applications, and third-party services.
Insurity's analytics capabilities represent a significant differentiator, with a comprehensive suite of solutions including Business Intelligence, Predictive Analytics, Data Depot, and SpatialKey. These tools provide insurers with real-time insights into performance metrics, customer behavior, and operational efficiency, supporting data-driven decision-making across the insurance lifecycle. Insurity Analytics is built on a proprietary Data Hub that leverages the $109 billion in premium Valen Data Consortium, providing a rich source of industry data for benchmarking and predictive modeling. SpatialKey delivers geospatial analytics capabilities that enable insurers to visualize and analyze location-based risks, supporting underwriting, pricing, and catastrophe management functions.
The platform includes robust AI capabilities, with recent innovations including an AI Virtual Assistant that resolves up to 75% of policyholder needs without a live agent, setting a new standard for automated customer support in the P&C insurance industry. Through partnerships with companies like Glia and OIP Robotics, Insurity continues to enhance its AI and automation capabilities, addressing growing demand for intelligent workflows and personalized customer experiences. The company's Claims Payments solution, built in partnership with Dream Payments and powered by AWS, enables insurers to pay claims in as little as 30 seconds, dramatically improving the customer experience while reducing operational costs. These capabilities, combined with Insurity's deep domain expertise and cloud-native architecture, create a compelling value proposition for insurers seeking to modernize their operations and enhance customer experiences.
Technical Architecture
Insurity's platform is built on a modern, cloud-native architecture that leverages microservices, containerization, and API-first design principles to deliver scalability, flexibility, and integration capabilities. The architecture employs a multi-tenant approach with independent customer environments, where each environment stack is independently deployed and maintained, has its own lifecycle, and has dedicated API routes. This architecture enables Insurity to deliver frequent updates and enhancements while maintaining system stability and security for each client. The platform's technical foundation emphasizes configurability and integration, with a comprehensive API gateway that handles communication between client systems and Insurity applications over secure HTTPS connections.
Security is handled through a comprehensive approach that includes data encryption, role-based access controls, audit trails, and regular security assessments. Insurity's ClaimsXPress system, built on AWS, provides a redundant, secure, multi-region architecture that ensures high availability and resilience for critical claims operations. The platform's technical architecture accommodates integration with existing carrier systems while minimizing technical debt through modern API approaches, loose coupling, and standardized integration patterns. This approach enables insurers to leverage their existing technology investments while transitioning to more modern core capabilities, reducing implementation risk and accelerating time to value.
Insurity's integration architecture leverages RESTful APIs, webhooks, and event-driven patterns to enable seamless information flow between the platform and external systems, creating a unified ecosystem for insurance operations. The Insurity Digital Platform Overview describes a comprehensive API strategy that supports both internal system integration and external connectivity with third-party services and customer applications. Insurity Connect, the company's low-code integration platform, further enhances these capabilities by enabling non-technical users to build and orchestrate workflows across systems without relying on IT resources, accelerating integration timelines and reducing implementation costs.
The platform's analytics architecture is built on a modern data platform powered by Snowflake, providing insurers with a central source of truth for their data. Insurity Data Depot accepts data from any policy, billing, claims, reinsurance, or MGA/TPA source applications, creating a comprehensive data repository that supports advanced analytics and reporting capabilities. This open data architecture, combined with Insurity's partnership with Snowflake, enables insurers to leverage the full potential of their data assets for business intelligence, predictive modeling, and operational optimization. The platform's cloud-native design provides significant advantages in terms of scalability, resilience, and continuous delivery capabilities, enabling carriers to respond rapidly to changing market demands and business requirements.
Strengths
Insurity's position as the largest provider of P&C cloud software represents a significant competitive advantage, with over 400 customers successfully deployed in the cloud, including 330 on AWS and Azure. This cloud leadership demonstrates both technical expertise and market validation, providing prospective clients with confidence in Insurity's ability to deliver successful cloud implementations. The company's extensive client base, which includes 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the United States, provides further evidence of its market acceptance and solution effectiveness across various insurance segments. This diverse and extensive client portfolio also contributes to Insurity's industry knowledge and product refinement, as the company can leverage insights and feedback from a wide range of implementation scenarios.
The platform's comprehensive functionality across policy, billing, claims, and analytics provides a unified solution for P&C insurers that reduces integration complexity and improves operational consistency. This end-to-end capability allows insurers to consolidate multiple legacy systems onto a single platform, eliminating data silos and providing a consistent view of customers and operations across the insurance lifecycle. Insurity's API-first architecture and low-code integration capabilities enable seamless connections with external systems and partners, creating a connected insurance ecosystem that extends core capabilities and enhances customer experiences. Insurity Connect, the company's low-code integration platform, allows non-technical users to build workflows without relying on IT resources, accelerating integration timelines and reducing implementation costs.
Insurity's analytics capabilities represent a significant differentiator, with a comprehensive suite of solutions that leverage the company's proprietary data assets and advanced analytical techniques. Insurity Analytics, built on a proprietary Data Hub that utilizes the $109 billion in premium Valen Data Consortium, provides insurers with unparalleled insights into market trends, risk factors, and performance benchmarks. SpatialKey delivers sophisticated geospatial analytics capabilities that enable insurers to visualize and analyze location-based risks, supporting underwriting, pricing, and catastrophe management functions. These advanced analytics capabilities, combined with the platform's integrated business intelligence tools, provide insurers with the data-driven insights needed to optimize operations, improve underwriting accuracy, and enhance customer experiences.
Client implementations have demonstrated the platform's ability to handle diverse insurance operations across personal, commercial, and specialty lines, with successful deployments for carriers, MGAs, and brokers of various sizes. The company completed 52 go-lives on its cloud-based platform in 2021 alone, showcasing its implementation capabilities and growing market adoption. Insurity's strategic partnerships with firms like EY, LTIMindtree, Glia, and other technology providers enhance its ecosystem and implementation capabilities, ensuring successful integration of the platform within clients' existing environments and workflows. These partnerships, combined with Insurity's deep domain expertise and cloud leadership, create a compelling value proposition for insurers seeking to modernize their operations and enhance customer experiences through digital transformation.
Weaknesses
While Insurity has established a strong position in the P&C insurance software market, it faces intense competition from both established players like Guidewire and Duck Creek Technologies and emerging cloud-native providers. This competitive pressure requires continuous innovation and investment to maintain differentiation and market share. Some client feedback suggests that while the platform provides comprehensive functionality, certain advanced capabilities may require customization or additional configuration to fully meet specific business requirements. This implementation complexity could potentially extend project timelines and increase costs for some clients, particularly those with highly specialized or unique business models.
Insurity's rapid growth through acquisitions, while expanding its product portfolio and market reach, may create integration challenges and potential inconsistencies across different platform components. The company has acquired multiple companies in recent years, including CodeObjects, Virtual MGA, and AuSuM Systems, which may result in varying levels of integration and user experience across different modules. While Insurity has made significant progress in harmonizing these acquired capabilities, some clients may experience differences in functionality, user interface, or technical architecture depending on which platform components they implement.
The company's transition to a cloud-first strategy, while aligned with market trends, may create challenges for clients with specific regulatory, compliance, or technical requirements that necessitate on-premises or hybrid deployment models. While Insurity supports these deployment options, its primary focus on cloud delivery may result in slower enhancement cycles or fewer advanced features for non-cloud deployments. Additionally, some clients may face challenges in justifying the transition costs and organizational changes required to fully leverage Insurity's cloud capabilities, particularly if they have substantial investments in existing systems or limited experience with cloud technologies.
Insurity's focus on providing comprehensive end-to-end solutions may create challenges for clients seeking best-of-breed approaches for specific functions or those looking to implement only selected components of the platform. While the company's modular architecture supports component-based implementations, the platform's full value proposition is best realized through broader adoption of its integrated capabilities. This approach may limit Insurity's appeal to clients with specific tactical needs or those following a gradual modernization strategy that prioritizes incremental improvement of individual functions rather than comprehensive platform replacement.
Client Voice
Insurance carriers implementing Insurity's platform have reported significant results, with clients highlighting the system's intuitive interface and comprehensive functionality that effectively addresses their needs for policy administration, claims processing, and billing operations. Zurich North America is one notable success story, winning the "Digital Experience Champion" award at the Excellence in Insurance Innovation conference for its successful cloud migration from legacy systems using Insurity's platform. TT Club, a global marine insurer, selected Insurity's Oceanwide Marine Suite to accelerate its digital strategy, gaining a modern platform with functionality to provide immediate coverage and fulfill the trading needs of their members. BETA Healthcare Group enhanced its claims management capabilities by adding Insurity Claims Payments processing, describing it as a "must-have when creating the experience our injured workers and providers expect."
Client feedback consistently emphasizes Insurity's responsive support and customer-centric approach, with multiple clients highlighting the company's willingness to understand their needs and leverage expertise and technical innovation to address them. Implementation experiences have been generally positive, with Insurity completing 52 successful go-lives in 2021 alone, demonstrating its ability to deliver successful implementations across diverse client environments. Clients appreciate the platform's integration capabilities, specifically mentioning the low-code integration platform Insurity Connect, which enables them to build workflows without relying on IT resources, accelerating integration timelines and reducing implementation costs.
Regarding ongoing operations, clients report that Insurity's cloud-based platform significantly reduces administrative overhead, with effective automation of routine processes and comprehensive self-service capabilities that improve both operational efficiency and customer satisfaction. Security First Insurance noted that Insurity helped them "define a technology strategy that allowed us to differentiate the experience we offer and create a sustainable, long-term competitive advantage." Clients in regulated industries give positive feedback on Insurity's compliance capabilities, with the platform's flexibility in addressing varied regulatory requirements across different markets and insurance lines.
Clients consistently mention the value of Insurity's insurance industry knowledge and implementation approach, with several organizations citing the company's expertise as a critical factor in their implementation success. One client specifically mentioned that "what really differentiated Insurity is they [understand our needs]," highlighting the importance of domain expertise in successful implementations. The platform's functional breadth receives positive feedback, with clients appreciating the ability to manage policy, claims, billing, and customer engagement through a unified system rather than disparate point solutions. Clients also value Insurity's innovative capabilities, particularly in areas like AI-driven automation, advanced analytics, and digital customer engagement, which help them improve operational efficiency while delivering enhanced customer experiences.
Bottom Line
Insurity represents a compelling option for P&C insurers, MGAs, and brokers seeking comprehensive core system modernization with a cloud-first approach. As the largest provider of P&C cloud software, with over 400 customers successfully deployed in the cloud, Insurity offers a proven path to digital transformation with reduced implementation risk. The company's comprehensive platform provides integrated policy administration, billing, claims management, and analytics capabilities, enabling insurers to consolidate multiple legacy systems onto a single platform while gaining the agility needed to respond to changing market demands. Insurity is best characterized as a cloud leader in the P&C insurance platform space, combining deep industry expertise with modern technology capabilities that address the specific needs of diverse insurance business models.
P&C insurers with a cloud-first strategy and a focus on digital transformation would be best suited for the Insurity platform, which excels at providing scalable, configurable solutions that support diverse insurance products and distribution models. The platform is particularly well-suited for carriers, MGAs, and brokers looking to leverage advanced analytics, AI capabilities, and seamless integration with ecosystem partners to enhance customer experiences and operational efficiency. Insurity has demonstrated the strongest domain expertise in specialty insurance, personal lines, and commercial insurance, where the platform's capabilities effectively address complex rating, underwriting, and policy administration requirements while supporting diverse distribution models.
The decision to select Insurity should be guided by factors including cloud readiness, integration requirements with existing systems, analytical capabilities needed, and overall digital transformation strategy. Organizations seeking best-of-breed solutions for specific functions or those with significant constraints on cloud adoption may find Insurity's comprehensive, cloud-first approach less aligned with their needs. A minimum viable Insurity implementation typically requires a dedicated team including business stakeholders, IT resources, and change management expertise, with implementation timelines varying based on scope, complexity, and organizational readiness for change.
Insurity's approach to client relationships demonstrates a strong partnership orientation, with collaborative implementation methodologies, responsive support, and customer success programs that ensure long-term value realization. The company's Excellence in Insurance Innovation conference and other industry events provide opportunities for knowledge sharing and community building among clients, further enhancing the value of the Insurity ecosystem. For P&C insurers seeking core system modernization with a focus on cloud deployment, advanced analytics, and digital customer experiences, Insurity's comprehensive platform represents a strong contender worthy of serious consideration.
Strategic Planning Assumptions
Because Insurity has successfully deployed over 400 clients in the cloud, including 330 on AWS and Azure public cloud, combined with growing industry recognition of cloud benefits, by 2027 over 70% of P&C insurers will have transitioned to cloud-based core systems, achieving 25-35% reductions in IT infrastructure costs while gaining significant business agility and innovation capabilities. (Probability: 0.85)
Because Insurity's API-first architecture and low-code integration capabilities with Insurity Connect enable seamless ecosystem connectivity, supported by growing demand for integrated insurance experiences, by 2028 the average P&C insurer will maintain active integrations with more than 30 external partners and services, creating richly connected ecosystem experiences that extend beyond traditional insurance boundaries. (Probability: 0.80)
Because Insurity's AI Virtual Assistant already resolves 75% of policyholder needs without a live agent, combined with advancing AI capabilities and increasing customer expectations for immediate service, by 2026 at least 60% of routine policyholder interactions will be handled through AI-driven automation, dramatically improving customer satisfaction while reducing service costs by 30-40%. (Probability: 0.75)
Because Insurity's Claims Payments solution enables insurers to pay claims in as little as 30 seconds and this capability addresses a critical moment of truth in the customer experience, by 2027 real-time digital claims payments will become standard across the P&C industry, with over 80% of eligible claims settled within minutes rather than days or weeks. (Probability: 0.70)
Because Insurity's analytics capabilities leverage the $109 billion in premium Valen Data Consortium and growing recognition of data as a strategic asset, by 2026 P&C insurers will derive at least 40% of their competitive advantage from advanced analytics capabilities, with particular focus on pricing precision, risk selection, and customer experience optimization. (Probability: 0.85)
Because Insurity's platform architecture increasingly incorporates AI capabilities for underwriting, claims, and customer service, by 2027 insurance carriers will achieve straight-through processing rates exceeding 70% for standard transactions, dramatically improving operational efficiency while maintaining or improving customer satisfaction metrics. (Probability: 0.75)
Because Insurity continues to expand its MGA-focused capabilities and serves 7 of the top 10 U.S. MGAs, combined with the growing importance of MGAs in insurance distribution, by 2028 at least 30% of specialty insurance premium will be underwritten by MGAs leveraging modern digital platforms, creating new distribution models and specialized market offerings. (Probability: 0.80)
Because Insurity's partnership with Glia and other customer experience-focused providers addresses growing expectations for personalized digital engagement, by 2026 P&C insurers will deliver omnichannel customer experiences that seamlessly integrate self-service, AI-assisted, and human-supported interactions, increasing customer satisfaction scores by 25-35% while reducing service costs. (Probability: 0.70)
Because Insurity's platform architecture supports integrated customer experiences across insurance lines, combined with growing consumer expectations for unified engagement, by 2028 at least 50% of P&C carriers will consolidate multiple legacy systems onto unified platforms, providing 360-degree customer views and seamless cross-line experiences that significantly enhance customer satisfaction and retention while reducing operational complexity. (Probability: 0.75)
Because Insurity's partnership with Coherent to modernize insurance product management addresses the growing need for business agility, by 2027, 65% of product changes and enhancements will be implemented by business teams rather than IT staff, reducing time-to-market for new insurance products by 50-60% and enabling carriers to respond rapidly to market opportunities. (Probability: 0.80)