Insurtech Vertafore has acquired Surefyre, a submission and underwriting workbench platform built to empower managing general agents (MGAs) and wholesalers.
By incorporating Surefyre’s AI-powered, low-code/no-code solution into Vertafore’s top-tier MGA ecosystem of solutions, this acquisition reinforces Vertafore’s position as an industry leader, the firm highlighted.
The addition of Surefyre’s solution, Vertafore MGA customers can access a modern agent portal, a powerful underwriting workbench, and flexible workflow automation.
These advancements help streamline the quoting process, significantly reducing the time required to issue a policy, leading to improved efficiency and cost savings for hours.
Surefyre’s technology platform offers a suite of tools to streamline the insurance process for agents and underwriters. Their agent portal allows for easy policy management and collaboration between agents and underwriters.
While its underwriter workbench enables MGAs to rate and quote specialty P&C business seamlessly across systems, driving efficiency and prioritising the most profitable opportunities.
Its AI-powered solutions provide automated agent portal configuration, enabling faster market speed to the market. Additionally, they incorporate AI-driven capabilities to optimise the submission and risk selection processes.
Amy Zupon, CEO of Vertafore: stated: “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.”
The MGA market has seen significant growth, with over 1,100 MGAs in the US generating more than $100 billion in annual premiums, according to a 2024 Conning Strategy Study.
Vertafore’s acquisition of Surefyre strengthens its ability to provide MGAs with cutting-edge automation and adaptable technology solutions, crucial for success in this dynamic market.
Alex Bautista, co-founder of Surefyre, said: “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. This acquisition creates exciting new opportunities for innovation and growth, allowing us to continue delivering best-in-class insurtech solutions together.”
