Insurance Software Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE

Insurance Software: Value Splits by Business Model

The report shows where public valuations sit, how transaction markers compare and which operating choices strengthen market standing.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Insurance Software Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE

   Cover slide introducing the Insurance Software sector outlook as of September 25, 2026.

   We're opening this sector outlook on Insurance Software as of September 25, 2026, valued primarily on P/E for CY2027E consensus estimates. Over the next pages we show why this label covers more than one market, and where the pricing gap sits.

   Everything on this page

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INSURANCE SOFTWARE Insurance Software: Value Splits by Business Model The report shows where public valuations sit, how transaction markers compare and which operating choices strengthen market standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the five sections and appendix that make up the report.

   We've structured this report so the bottom line comes first — read section one and you have the whole story, then use the rest to go deeper on landscape, valuation, precedent deals and strategic implications. So what: a client can stop after page one or go as deep as they need.

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   CONTENTS What This Report Covers 01 The Bottom Line Carrier Workflow and Data Depth Define the Value Divide 02 The Landscape Four Models Compete for Different Parts of Carrier Spend 03 Valuation & Situations The Premium End Holds After Forecast Growth Is Credited 04 Precedent Transactions Precedent Transactions Show Continued Sponsor Interest 05 Strategic Implications Revenue Quality and Delivery Discipline Shape the Next Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Insurance Software Is Not One Market: Workbench and Rating Platforms Sit Well Above the Quote Marketplaces

   This slide states the report's core finding: workbench and rating platforms price well above quote marketplaces.

   We find Insurance Software is not one market: the middle of the group prices at 13.3x on 2027 earnings, with the top of the range at 25.5x and the bottom at 6.5x. Underwriting workbench and rating platforms trade near 13.1x, well above quote marketplaces at 7.9x, which we read as the market pricing entrenchment in the regulated workflow differently from paid customer acquisition. Sponsors have been the recurring buyers here, taking 5 of the 6 recorded transactions. So what: where a business sits in this range is tied to what it owns in the carrier's workflow, not just how fast it's growing.

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   01 · THE BOTTOM LINE Insurance Software Splits Between Carrier Workflow, Services, Data Delivery and Marketplaces The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 21%, 6 of 8 names with a meaningful EBITDA), so P / E leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Durability Separates the Two Ends of the Market The premium end stands at 24.8x forward P / E, with entrenched carrier workflows and data-rich delivery represented among its names. The discount end stands at 6.7x, and the forward lens already credits forecast earnings growth. 2 Workflow Depth Carries More Weight than Sector Labels Underwriting workbench and rating applications represent 38% of the approved set. Quote marketplaces and customer acquisition represent 25%, highlighting how different revenue quality and carrier integration can sit under Insurance Software. 3 Faster Growth Is Associated with a Modest Valuation Step-up Among the six names with a forward estimate, the three above the growth split stand at 13.3x. The three below it stand at 12.6x, so growth alone does not describe the full valuation range. 4 Whole-Company Transactions Provide Selective Reference Points Advent International acquired Sapiens International Corporation N.V. at a disclosed value of $2.4B. A separate announced Ebix Inc. transaction carried a 13.4x EV / EBITDA reference, showing that buyers have also used earnings-based benchmarks. 13.0x Sector median P/E CY2027E consensus · 6 rated of 8 companies 24.8x Premium end P/E vs 6.7x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 6 Transactions with disclosed terms 14 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the market map of four competing groups.

   We turn now to the four groups competing for the same carrier budget, and how the market prices each differently. So what: which group a company sits in explains much of the multiple it carries.

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   SECTION 02 02 THE LANDSCAPE Four Models Compete for Different Parts of Carrier Spend Workflow software, implementation services, data delivery and customer acquisition carry distinct economics. 02 of 06 Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Four Groups Sit Under One Sector Label, and the Pricing Gap Between Them Is Wide

   This slide groups the 8 approved companies into four business segments and shows the median P/E for each.

   We've grouped all 8 approved companies into four segments and priced each on median P/E for CY2027E. The gap between the highest and lowest segment median is wide, telling us the sector label hides real pricing differences underneath it. So what: a client benchmarking a target needs the segment median, not the sector median.

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   02 · MARKET MAP Carrier Workflow Holds the Center, While Services and Marketplaces Extend the Sector 8 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 UNDERWRITING WORKBENCH AND RATING APPLICATIONS 3 cos median 12.6x GWRE CCC HIT At 38% of the approved set, this group sits close to carrier decisions, regulatory content and core workflow. ADJACENT: INSURANCE QUOTE MARKETPLACES AND CUSTOMER ACQUISITION 2 cos 8.2x · 1 rated EVER CCG At 25% of the approved set, this group links insurance demand generation to different retention and margin economics. CORE SYSTEM IMPLEMENTATION AND MANAGED SERVICES FOR CARRIERS 2 cos 13.3x · 1 rated EXLS FORTY This group carries core replacement expertise, implementation backlog and the economics of partner-delivered work. CONFIGURATION, CONVERSION AND INTEGRATION DELIVERY 1 cos 19.3x · 1 rated VRSK This group addresses the conversion and data migration work that can shape the risk of a core system replacement.

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   02 · LANDSCAPE

   The Groups Closest to the Policy Record Carry the Higher Multiples Here

   This slide shows that groups closer to the policy record carry higher medians on 2027 earnings.

   The groups sitting closest to the policy record — the carrier's system of record — carry the higher multiples in this set. That pattern is consistent with the market rewarding entrenchment in the regulated workflow over more peripheral functions. So what: proximity to the policy record is a useful lens for reading where a business sits in the range.

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   02 · LANDSCAPE Business Model Matters More than a Shared Insurance Software Label Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Underwriting workbench and rating applications 3 38% 12.6x Guidewire Software, Inc. (GWRE) · CCC Intelligent Solutions Holdings Inc. (CCC) · +1 more Runs the carrier workflow. These vendors support underwriting and rating decisions where regulatory content, system entrenchment and module attach can deepen the carrier relationship. Adjacent: insurance quote marketplaces and customer acquisition 2 25% 8.2x n=1 EverQuote, Inc. (EVER) · Cheche Group Inc. (CCG) Feeds customer acquisition. These businesses connect insurance demand with carriers and distributors, creating economics tied more closely to acquisition efficiency, conversion and carrier demand. Core system implementation and managed services for carriers 2 25% 13.3x n=1 ExlService Holdings, Inc. (EXLS) · Formula Systems (1985) Ltd. (FORTY) Carries implementation risk. These providers support core system replacement and ongoing operations, with value shaped by backlog quality, time-to-go-live and the balance between services and recurring work. Configuration, conversion and integration delivery 1 13% 19.3x n=1 Verisk Analytics, Inc. (VRSK) Owns the hard handoffs. This work addresses configuration, conversion and data migration, where delivery discipline and reference go-lives can materially influence commercial standing.

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   SECTION 03

   03

   Divider introducing the valuation range across the eight approved names.

   We turn now to where each of the 8 approved names sits on 2027 earnings, and what separates the top of the range from the bottom. So what: the range is wide, and the top end has defended its premium.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Holds After Forecast Growth Is Credited Six of the eight approved companies support the forward P / E benchmark. 03 of 06 Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds Its Multiple Even After Forecast Growth Is Credited

   This slide ranks the 6 rated companies by P/E (CY2027E) against a sector median of 13.3x.

   We've sorted the 6 rated companies descending on P/E for CY2027E, against a sector median of 13.3x. The premium end holds its multiple even once next year's growth is already credited in the forward number, which points to earnings the market expects to repeat rather than one good year. So what: a premium that survives this test is a signal of durability, not a one-year story.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead on Forward Earnings P / E (CY2027E) · all 6 rated companies, sorted descending · sector median 13.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 21%, 6 of 8 names with a meaningful EBITDA), so P / E leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 24.8x CORE · median 13.0x DISCOUNT · median 6.7x Sector median 13.0x WHAT SEPARATES THE TWO ENDS The premium spans two models. The premium-end median is 24.8x forward P / E across Guidewire Software, Inc. (GWRE) and Verisk Analytics, Inc. (VRSK), pairing carrier workflow exposure with data and delivery capabilities. Forward pricing raises the test. A forward multiple already credits forecast earnings growth. A premium that remains after that credit is consistent with investor confidence in durability, retention and the quality of future earnings. Discount names face different questions. The discount-end median is 6.7x across EverQuote, Inc. (EVER) and Health In Tech, Inc. (HIT). Their positions point to different questions around margin structure, revenue mix and the repeatability of growth.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 19.4x Against 7.9x Below It

   This slide splits the rated names by revenue growth and by EBITDA margin, each cut at its covered median.

   When we split the rated set at the 24% EBITDA-margin line, names above it carry a median 19.4x against 7.9x below it. Margin appears to track with where a name sits in this range at least as closely as growth does — the data shows association, not causation. So what: margin discipline looks to matter as much as growth for how the market prices these businesses.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 19.3x Against 8.2x Below It Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 11% · EBITDA-margin split at 24% Growth Above the Split Is Associated with Higher Pricing Among the six names with a forward estimate, the three above 11% growth carry a 13.3x forward P / E, compared with 12.6x for the three below the split. Business Model Still Separates Companies Within the Set The range spans workflow software, data delivery, managed services and customer acquisition. Retention, subscription mix and services intensity therefore remain important when interpreting the growth split. Delivery Economics Sharpen the Operating Case Partner-delivered implementation, shorter time-to-go-live and disciplined conversion work can improve the balance between recurring software economics and labor-intensive services.

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    03 · SITUATION MAP

    Pricing and Margin Line up at the Top of the Range, and at the Bottom

    This slide cuts the rated names on P/E versus the sector median and EBITDA margin versus the covered median.

    Cutting the set on P/E against the 13.3x sector median and on margin against the 24% covered median, pricing and margin line up at both the top and the bottom of the range. These are observations on where names sit, not recommendations to buy or sell. So what: the alignment gives a working map for reading where a specific business is likely to sit.

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    03 · SITUATION MAP Two Names Pair Above-Middle Valuation with Above-Middle Profitability Cut on P / E vs the sector median (13.0x) (rows) and EBITDA margin vs the covered median (24%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Valuation and Margin Aligned Above-median multiple · above-median EBITDA margin 2 names Verisk Analytics, Inc. (VRSK) · Guidewire Software, Inc. (GWRE) Verisk Analytics, Inc. (VRSK) and Guidewire Software, Inc. (GWRE) sit above both 13.0x forward P / E and 24% EBITDA margin. Their position is consistent with confidence in durable earnings alongside established profitability. Valuation Ahead of Margin Above-median multiple · below-median EBITDA margin 1 names ExlService Holdings, Inc. (EXLS) ExlService Holdings, Inc. (EXLS) sits above the valuation marker and below the profitability marker. The operating question is whether mix, delivery leverage and recurring work can support the current standing. Margin Ahead of Valuation Below-median multiple · above-median EBITDA margin 1 names CCC Intelligent Solutions Holdings Inc. (CCC) CCC Intelligent Solutions Holdings Inc. (CCC) sits below the valuation marker and above the profitability marker. The opportunity is to pair established earnings with a clearer case for durable growth and module expansion. Both Measures Need Support Below-median multiple · below-median EBITDA margin 2 names EverQuote, Inc. (EVER) · Health In Tech, Inc. (HIT) EverQuote, Inc. (EVER) and Health In Tech, Inc. (HIT) sit below both markers. Their paths may differ, but both positions place greater weight on revenue quality, cost structure and repeatable operating progress.

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    03 · THE AGENDA

    Four Measurable Attributes Track the Distance Between the Top and the Bottom of the Valuation Range

    This slide sets out four measurable attributes the report uses to track distance between the top and bottom of the range.

    We frame four measurable attributes as the questions an owner or acquirer should resolve to understand distance from the top of this range. These are directional observations grounded in the cohort data already shown, not investment advice. So what: they give a concrete checklist for narrowing the gap.

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    03 · THE AGENDA Business Models Call for Different Build, Buy and Capital Allocation Choices NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Carrier Workflow Position Prioritize module attach across policy, billing, claims and underwriting where the installed base creates a credible path to broader carrier adoption. What changes the answer: The answer changes when retention, attach and implementation capacity support expansion without extending delivery risk. Shift More Delivery to Partners Use systems-integrator capacity for repeatable implementation work while retaining control of product architecture, conversion methods and customer outcomes. What changes the answer: The answer changes when partner delivery shortens go-lives and reduces services intensity without weakening reference quality. Complete the Subscription Transition Focus investment on moving the installed base from licence-and-maintenance economics to a cleaner recurring model with disciplined conversion execution. What changes the answer: The answer changes when renewal quality and cloud economics outweigh the near-term pressure from migration work. Choose Build Versus Buy by Workflow Allocate capital toward modules, regulatory content or data capabilities that reinforce an existing carrier position rather than adding disconnected products. What changes the answer: The answer changes when an adjacent capability offers faster carrier adoption than internal development.

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    SECTION 04

    04

    Divider introducing the six recorded precedent transactions.

    We move next to the transaction record: six recorded deals with disclosed terms, what buyers agreed to pay, and the status of each. So what: the pattern of who has been buying tells us which buyer pool has been active in this sector.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Continued Sponsor Interest The disclosed references span revenue and earnings lenses across insurance software assets. 04 of 06 Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Sponsors Have Been the Recurring Buyers of Listed Insurance Software Vendors

    This slide walks through the transactions with disclosed terms as case studies, using LTM multiples at announcement.

    We walk through the transactions with disclosed terms as case studies, including Vista Equity Partners Management, LLC's announced agreement for Duck Creek Technologies, Inc. and Advent International's completed acquisition of Sapiens International Corporation N.V. These multiples are LTM at announcement, not directly comparable to the CY2027E public basis, so we draw no spread between the two. So what: sponsors have been the recurring buyers of listed insurance software vendors, pointing to renewal predictability as an attribute buyers pay for.

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    04 · DEAL CASE STUDIES Sponsor Deals Set Benchmarks for Whole-Company Valuation 1 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 8 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jan-2023 $2.3B Vista Equity Partners Management, LLC Vista Equity Partners Management, LLC backed Duck Creek Technologies, Inc. at $2.3B. EV / LTM revenue 7.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests sponsor interest in software embedded in carrier workflows. It also fits the broader buyer focus on renewal economics, module expansion and the potential to shift implementation toward partners. HOW THE TARGET WAS VALUED The disclosed EV / revenue multiple was 7.7x. It sits toward the upper end of the disclosed revenue references in the transaction record.

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    SECTION 05

    05

    Divider introducing the operating levers available to owners.

    We close the analysis with the levers that move a business up this range, and the evidence that would change the read. So what: these are moves an owner can act on directly.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Revenue Quality and Delivery Discipline Shape the Next Move Owners can strengthen positioning through mix, retention, partner delivery and focused capital allocation. 05 of 06 Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Top of This Range Sits with Companies That Hold Growth and Margin Together

    This slide states that the top of the range sits with companies holding growth and margin together.

    The top of this range sits with companies that hold growth and margin together, not with growth or margin alone. These are directional views drawn from the analysis already shown, framed as questions for the next twelve months rather than recommendations. So what: pairing growth with margin is the target worth working toward.

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    05 · STRATEGIC IMPLICATIONS Operating Proof Matters More than a Broad Sector Story NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Concentrate on Recurring Economics Strengthen retention, subscription mix, premium-linked pricing and module attach. These measures make the revenue base easier to distinguish from implementation and one-time services. FOR MANAGEMENT TEAMS Reduce Delivery Friction Shorten time-to-go-live, standardize conversion work and expand partner-delivered implementation where customer outcomes remain protected. FOR BOARDS Direct Capital Toward Workflow Depth Test product investment and acquisitions against carrier adoption, regulatory content, data advantage and the ability to expand within the installed base.

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    SECTION 06

    06

    Divider introducing the appendix: full universe, methodology and sources.

    We close with the full universe, the methodology and the sources behind every figure in the body. So what: any figure in this deck can be traced back to where it came from.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    This slide lists all public comparables on P/E (CY2027E), grouped by valuation tier against the 13.3x sector median.

    This appendix sets the 6 rated companies against the 13.3x sector median, with 2 names not rated because no eligible P/E was available. So what: this is the full comparable set behind every multiple used earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (13.0x); amber marks below · 6 rated companies; 2 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.8x · median 24.8x · 2 companies Guidewire Software, Inc. GWRE Underwriting workbench and rating applications $11.6B 30.4x 18% 27% 45 Verisk Analytics, Inc. VRSK Configuration, conversion and integration delivery $26.1B 19.3x 7% 57% 64 CORE — 9.3x–17.8x · median 13.0x · 2 companies ExlService Holdings, Inc. EXLS Core system implementation and managed services for… $5.6B 13.3x 12% 21% 33 CCC Intelligent Solutions Holdings Inc. CCC Underwriting workbench and rating applications $5.2B 12.6x 9% 43% 52 DISCOUNT — <9.3x · median 6.7x · 2 companies EverQuote, Inc. EVER Adjacent: insurance quote marketplaces and customer… $481M 8.2x 10% 16% 26 Health In Tech, Inc. HIT Underwriting workbench and rating applications $42M 5.3x 67% 10% 78

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists the 6 transactions with disclosed terms, newest first, out of 14 recorded transactions.

    This appendix lists the 6 transactions with disclosed terms out of 14 recorded, newest first, with deal multiples on LTM financials at announcement. Eight recorded transactions with neither a disclosed value nor a multiple sit outside this list. So what: this is the complete disclosed-terms record behind the deal commentary earlier in the report.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (14 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 8 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Advent International → Sapiens International Corporation N.V. $2.4B n/a n/a Advent International acquired Sapiens International Corporation N.V. at a disclosed value of $2.4B. The transaction adds a sizeable marker for an insurance software platform. Jan-2023 Vista Equity Partners Management, LLC → Duck Creek Technologies, Inc. $2.3B 7.7x n/a Vista Equity Partners Management, LLC announced the acquisition of Duck Creek Technologies, Inc. at a disclosed value of $2.3B. The transaction shows sponsor interest in carrier-facing insurance software. Apr-2022 Kohlberg Kravis Roberts & Co. LP, Teslin Capital Management B.V. → Ebix Inc. n/a n/a 13.4x The announced acquisition of Ebix Inc. by Kohlberg Kravis Roberts & Co. LP, Teslin Capital Management B.V. carried a 13.4x EV / EBITDA reference. Jun-2020 Vista Outdoor → Ebix, Inc. n/a n/a 18.5x The announced transaction involving Vista Outdoor and Ebix, Inc. carried an 18.5x EV / EBITDA reference, broadening the range of observed earnings-based pricing. Sep-2015 Vista Equity Partners → Solera Holdings, Inc. n/a 4.6x 14.2x Vista Equity Partners announced the acquisition of Solera Holdings, Inc. at 4.6x EV / revenue and 14.2x EV / EBITDA. The two measures connect revenue quality with established earnings. n/a GI Partners → Insurity, Inc. n/a 7.7x n/a GI Partners announced the acquisition of Insurity, Inc. at 7.7x EV / revenue. The reference adds another marker for recurring insurance software revenue.

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    06 · REPORTED FIGURES AND THEIR FILINGS

    Every Reported Figure, Linked to the Filing It Was Taken From

    This slide shows each reported figure in the report linked to the SEC filing it came from.

    Each reported figure in this report links back to the SEC filing it was taken from, covering all 8 companies in the universe. Estimates are consensus figures rather than filed numbers, so they carry no filing link. So what: any reported number in this deck can be checked directly at the source.

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    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Insurance Software Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 21%, 6 of 8 names with a meaningful EBITDA), so P / E leads and EV / Revenue is the cross-check. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Insurance Software and it clears the coverage gate with 7 of 8 companies (88%). EV / EBITDA, EV / Revenue are carried as a cross-check. DATA QUALITY & EXCLUSIONS 7 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 286 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (285) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-25 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    The Premium Sits with Names Pairing Durable Earnings with Credible Operating Proof. NeuraCap AI — Insurance Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Insurance Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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    In Insurance Software, the Top of the Range Sits with Entrenched, Earning Businesses.

    Closing slide restating that the top of the range sits with entrenched, earning businesses.

    In insurance software, the top of the range sits with entrenched, earning businesses — those that hold growth and margin together. So what: that's the lens to bring to the next conversation about where a specific business sits.

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