InsurePay is following the Utilant playbook: going hard after a sleepy but potentially enormous market
Pat Davis is among Buffalo’s most successful tech entrepreneurs as the founder and former CEO of Utilant.
Now he’s back at the helm of a high-growth software company, InsurePay.
And once again he sees a major market opportunity.
“This is a very similar playbook to Utilant where you find an underserved market and you go after it hard,” said Davis, who joined InsurePay in September 2025. “We’re shifting gears to be heavily product and technology-led because this industry is a huge market on the payments side.”
InsurePay, which closed on a Series B round of venture capital in 2022, has developed a product suite that uses AI and connected data to become a holistic solution in the worker's compensation industry.
The company is technically headquartered in Nashville but historically had a remote workforce.
Since Davis was appointed, he established a Buffalo-based office off Elmwood Avenue (in space once occupied by Utilant), from which approximately 15 local employees work. That office will be a hub of activity for the company at large.
About half of the company’s employees work out of Buffalo, Rochester or Ontario. A high concentration of the Buffalo-based employees formerly worked at Utilant, including Rob Mikulec, who is now chief revenue officer at InsurePay.
Davis said that Buffalo and Rochester are hubs of talent in the payroll space, partially because of the presence of large corporations such as Paychex and ADP. Buffalo also has a strong concentration of tech companies in the insurance space, including:
Majesco, the company which acquired Utilant and has continued to grow its business, which retains a strong base of employees in Buffalo. Following the acquisition, Davis led Majesco’s data and AI practice, which grew quickly within the larger company.
OneBridge Benefits, the fast-growing health benefits tech company in downtown Buffalo’s Crosby Building.
HelixIntel, another Buffalo-headquartered software firm which is growing quickly, with a PropertyOS(™) platform for maintenance teams where insurance companies are both the customer and distributor. HelixIntel is based at the 500 Seneca building in Larkinville.
Centivo, which builds self-funded healthcare plans, has raised more than $200 million, has more than 100 local employees and moved recently into the Fairmont Creamery building in downtown Buffalo.
Davis said that he maintains strong connections with Majesco, enjoyed his time there and believes the company’s future is strong. But he’s looking forward to investing in the growth journey of a smaller, high-potential company like InsurePay.
Utilant grew from a handful of early employees to about 80 at the time of its $7.5 million Series A raise in 2019, which it used to grow even faster. The company was at around 130 local employees when it was acquired by Majesco in 2021. The terms of the deal were not disclosed, but Davis said it was a successful exit from a VC perspective, meaning healthy multiples on its previous valuation.
As a product and technology CEO, he’s looking forward to the ride upward. He took two weeks off last year between Majesco and his new job, then jumped into it.
“We’re already subject matter experts in bringing software to highly regulated and complex markets,” he said. “We already have a ton of real deal clients and real revenue. We’re going to focus on bringing more products and services to this market and just crush it.”
