InvoiceCloud Adds Insurance Innovation Expert Michael Costonis to Board
InvoiceCloud, a provider of online billing and payment solutions, has appointed Michael Costonis, a veteran insurance innovation leader, to its board of directors. Costonis brings extensive experience from his previous roles at CNA Insurance and Accenture, where he focused on digital transformation and strategy in the insurance sector. His expertise will support InvoiceCloud's strategic growth and product development targeted at insurance carriers seeking to enhance digital customer engagement.
Costonis’s background includes leading digital innovation initiatives at a major U.S. commercial property and casualty insurer and advising top insurance companies globally on operational performance and customer experience improvements. This appointment aligns with InvoiceCloud’s goal to strengthen its market position by leveraging digital tools to improve policyholder interactions and payment processes.
The board addition was facilitated through Vista Equity Partners’ external board program, which identifies and appoints qualified candidates to drive strategic results across its portfolio companies. Vista Equity Partners is the majority investor in InvoiceCloud and focuses on enterprise software innovation.
InvoiceCloud services over 3,200 customers across utility, government, and insurance industries, offering software-as-a-service (SaaS) platforms that enhance electronic bill presentment and payment (EBPP). Its solutions help reduce operational costs, increase digital payment adoption, and improve overall customer satisfaction. Notable insurance clients include Georgia Farm Bureau Insurance, AFR Insurance, and EmPRO, showcasing InvoiceCloud’s established presence in the insurance vertical.
Michael Costonis’s role is expected to bolster InvoiceCloud’s industry insights and strategic initiatives, facilitating further advancements in insurer digital transformation and customer-centric payment solutions. This development highlights the continuing intersection of insurance and technology sectors focused on enhancing digital service delivery and operational efficiency.