Insurtech giant Equisoft lands $125M investment, eyes acquisitions

News Summary

  • “AI can fill in the manual, repetitive and mundane labor gaps and allow insurance industry professionals to do other things that add the most value to policyholders.”Equisoft positions its software and services as disruptive, but — despite the recent downtrend — insurtech has been a red-hot industry.
  • Think automatically extracting key info from insurance contracts or algorithmically processing customer onboarding documents.“Equisoft’s offerings enable companies to undergo much-needed digital transformation,” Romero said, citing a McKinsey study that predicts automation will influence 25% of the insurance sector by 2025.
  • “We believed that there was a significant opportunity to continue to grow our customer base across the life insurance, wealth and asset management markets in the Americas and beyond.”Image Credits: EquisoftIt was a prescient move.
  • In 2018, in order to “accelerate growth” (as Romero puts it), Equisoft opened up to investors, securing around $17 million in its first round of funding.“Our reasoning back then was we wanted to invest in our core SaaS solutions and the specialized services surrounding them,” Romero said.
  • “This strategy is supported by our policy administration system and data migration services.”For example, Equisoft uses AI and machine learning to offer what it calls “data-driven predictions,” or “next best actions,” to promote efficiency and ideally reduce human error in insurance workflows.
  • And in 2022, Equisoft purchased CompuOffice (Equisoft’s eighth acquisition to date), a developer of life insurance analysis and research software.“Over the past two years we have more than doubled our revenue and now have over 900 employees,” Romero said.
Montrealbased Equisoft, an insurance and investment software developer, today announced that it raised $125 million in venture equity. Its a large amount made more significant by the fact that the [+5588 chars]