Business News: Mitchell and Coventry, One and Invenger, Sapiens and AssureSign

Mitchell | Genex has completed acquisition of Coventry Workers’ Comp Services from CVS Health, the San Diego-based cost-containment and disability management provider said in a press release.

“This combination builds on our cost containment technology and clinical service expertise in workers’ compensation and auto casualty and considerably expands our network offerings,” stated Peter Madeja, Mitchell’s president and CEO.

Based in Downers Grove, Illinois, Coventry had operated as a managed care organization for the workers’ compensation line for 35 years. The company will continue to be led by President and Chief Executive Officer Art Lynch and operate under its brand, Mitchell said in a press release.

The financial terms of the transaction were not disclosed.

One Inc., which provides digital payment platforms to insurance carriers, announced that it has acquired Invenger Technologies, including its flagship product, Invenger-Insurpay.

The Folsom, Calif.-based tech company said Invenger’s product is similar to its ClaimsPay digital disbursement product. Insurpay offers a choice of payment methods and enables insurers to pay policyholders, claimants, mortgagees, lien holders and vendors through one platform.

Christopher Ewing, president and chief executive officer, said with the acquisition of Inventor, One Inc.’s portfolio now includes 160 customers.

The announcement comes six months after the a recapitalization of One Inc. that was led by Great Hill Partners, a private equity firm.

Terms of the transaction were not revealed.

Insurance software provider Sapiens International Corp. has contracted with AssureSign to incorporate electronic signatures in its platform for workers’ compensation carriers, as well as for customer acquisitions and renewals.

Atlanta-based AssureSign said Sapiens is using its eSign Anywhere and eSign via text products to allow policyholders to sign documents on their smart phone, tablet or computer. The company said the COVID-19 pandemic has increased pressure on insurance carriers offer remote experiences to customers.

“Whether customers or agents are signing in an office setting, on a laptop from home, or from a mobile device via text message, they can provide a secure and legal signature for any document, anytime, anywhere,” AssureSign President and Chief Executive Officer David Brinkman said in a press release

Sapiens International, headquartered in Sandton, South Africa, provides policy administration, billing and claims, underwriting, reinsurance and decision-management software to the insurance industry.