FTV Capital made the funding as a part of a recapitalization. The corporate is a sector-focused fairness agency with near 25 years of expertise investing in expertise enabled companies.
The California-based firm has developed course of administration services and products for the insurance coverage worth chain. A workforce of insurance coverage consultants delivers the companies backed by expertise, corresponding to its PatraOne platform. The objective of the corporate is to scale back the burden and price of administrative and operational duties by doing them faster and with extra accuracy.
Patra, launched in 2005, touts greater than 235 clients in 650 workplaces throughout the US and Canada. They’re primarily prime businesses and wholesalers.
Enhance Insurance coverage
A veteran Allianz government and enterprise investor is becoming a member of Enhance as chief underwriting officer.
Enhance is a licensed MGA targeted on an insurance coverage infrastructure platform.
Emy Donavan was most lately at Fin Capital as a enterprise accomplice main the insurance coverage phase in a number of funds. Earlier than Fin, she developed expertise as a senior underwriting government over 20 years, together with as the worldwide head and CUO of cyber, expertise and media at Allianz International Company & Specialty.
In her new job, Donavan will oversee Enhance’s program underwriting, product improvement and portfolio administration in collaboration with the corporate’s insurtech and embedded companions. She’ll additionally concentrate on improvement and execution of Enhance’s reinsurance and danger capital markets technique.
Accelerant named Pete Horst as its chief expertise officer, and he’ll lead the corporate’s international platform technique and improvement.
Accelerant is an Atlanta-based insurtech that launched in 2018 and writes small and medium-sized industrial enterprise. The corporate focuses on a rigorously chosen and managed community of members within the managing normal underwriter and program administrator area throughout the US, UK and Europe.
Beforehand, Horst was vice chairman of engineering for enterprise analytics platform Qlik, the place he introduced their platform to the cloud as an enterprise SaaS providing. Earlier than that, he held software program improvement and engineering roles at IBM and Cognos.
In his new job, he’ll lead capabilities overlaying Accelerant’s proprietary knowledge and expertise platform. The software program is designed to assist members higher perceive danger, profit from insights, and deal with operational and regulatory complexity.
Socotra, maker of a platform for technology-driven insurers, launched a brand new on-line market.
The Socotra App MarketPlace is out of the gate with 30 app publishers. It’s constructed on a platform that’s cloud-native and propelled by APIs, with a objective of serving to insurers immediately hook up with apps that enhance the insurance coverage worth chain. These areas embrace knowledge suppliers and platforms, ranking, doc, cost processing, claims person interfaces, buyer communications, e-signatures and third-party app publishers.
Collaborating corporations embrace Betterview, Earnix, Experian and Relativity6, amongst others.
“App marketplaces are one of the best engine for software program innovation,” Socotra founder and CEO Dan Woods stated in ready remarks. “In the present day marks the very starting of the rapid-connection age in insurance coverage IT.”
InsurTech Hartford stated it’s now accepting entries for its annual Innovation Problem through its web site.
The Connecticut-based group helps propel innovation and the expansion of latest corporations within the business. Its membership contains startups, brokers and brokers, insurers, service suppliers and investor constituents.
InsurTech Hartford’s innovation problem is designed to focus on groundbreaking concepts from entrepreneurs, college students and skilled professionals from the broader insurance coverage business.
The group invitations innovators to submit insurtechs for consideration by a panel of consultants. Then comes an eight-week technique of gathering and reviewing submissions. Candidates will even take part in pitch periods in entrance of a panel of judges.
Finalists current to a world viewers on Nov. 10 throughout a digital awards ceremony, at which the group will introduce problem winners in a number of totally different classes.
Winners in every class get money prizes as much as $10,000. As well as, insurers, brokers and different business stakeholders can take part by sponsoring customizable prize funds, which lets them tailor a profitable innovation to unravel particular enterprise wants in addition to for the broader insurance coverage business.
The insurtech ProNavigator has raised $10 million in new progress financing that may assist speed up US and Canadian gross sales and product improvement. Plans additionally name for extra hiring.
Graphite Ventures and former investor Luge Capital co-led the spherical. EDC, Tactico and CIBC Innovation Banking additionally participated.
The corporate developed a administration platform targeted on the insurance coverage business designed to assist purchasers handle and use their paperwork that sit exterior coverage administration techniques or AMS’s. It depends on synthetic intelligence and pure language processing to immediately, mechanically and precisely retrieve vital insurance coverage info.