Insurtech Consolidation Intensifies Amid MGA Growth

After a decade of rapid expansion that saw venture capital investment reach US$22.6bn in 2021, the insurance technology sector is shifting towards integration of existing capabilities rather than creation of new platforms.

Insurance distribution has become increasingly sophisticated, particularly in specialist lines where managing general agents (MGAs) have emerged as a link between traditional carriers and emerging risks. According to a 2024 Conning Strategy Study, these specialist intermediaries now handle more than US$100bn in annual premium volumes across the US market, up from US$50bn in 2016.

MGAs have become central to innovation in insurance, enabling carriers to expand into complex areas such as cyber risk, parametric climate coverage and digital asset protection without developing in-house expertise. This expansion has created demand for technology that can process sophisticated risks while maintaining underwriting discipline.

Against this backdrop, Vertafore, a Denver-based insurance technology provider that processes more than $200bn in annual premiums, has acquired Surefyre, a San Francisco company that develops artificial intelligence platforms for insurance underwriting.

Amy Zupon, Chief Executive Officer of Vertafore, says: “We are intensely focused on empowering MGAs and wholesalers through technology. With the addition of Surefyre’s platform, we are setting a new standard for speed to market, operational efficiency and growth in the MGA space.

“This acquisition builds on the successful acquisition of MGA Systems two years ago and is a continuation of our deep commitment to supporting MGAs with technology that enables and powers their success.”

Technology reduces friction

Insurance technology providers have focused on reducing friction in insurance transactions by automating manual processes. MGAs traditionally relied on email and spreadsheets to process submissions from insurance agents, leading to delays in providing quotes and binding coverage.

Surefyre’s platform enables MGAs to automate their underwriting processes through a low-code interface that requires minimal technical expertise. The technology aims to reduce the time MGAs spend processing policy applications by automating parts of the underwriting process that traditionally required manual review.

The platform includes an agent portal that handles policy administration and a workbench that enables MGAs to generate quotes for specialty property and casualty insurance. These tools enable agents and underwriters to collaborate on complex risks through a single interface, reducing the need for email communication.

The deal follows Vertafore's purchase of MGA Systems in 2022, reflecting a broader trend of consolidation as technology providers seek to build end-to-end platforms. Surefyre’s artificial intelligence capabilities enable MGAs to configure their agent portals without manual intervention and automate parts of their risk selection process.

Surefyre's technology platform includes:

• A modern, fully configurable agent-facing portal that supports the complete policy lifecycle and enhances collaboration between agents and underwriters.
• An underwriter workbench that enables MGAs to rate and quote specialty P&C business seamlessly across systems, driving efficiency and prioritising the most profitable opportunities.
• AI-powered solutions, including automated agent portal configuration to accelerate speed to market and additional AI-driven features to streamline the submission and risk selection process.

Alex Bautista, co-founder of Surefyre, says: “Surefyre’s mission is to push the insurance industry forward with great technology. We're proud of our team and the impact the platform has had on our customers. Joining forces with Vertafore, an industry leader that shares our vision, is a perfect next step for our product and people.”

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