TrueMotion, Guidewire | February 10, 2021
Guidewire Software, Inc. the platform P&C insurers trust to draw in, advance, and develop efficiently, today announced that TrueMotion, Inc., a main platform for smartphone telematics, has joined Guidewire PartnerConnect as a Solution partner to offer a claims accelerator powered by smartphone telematics data. The companies likewise announced that TrueMotion's new Ready for Guidewire approved accelerator is presently accessible to insurers in the Guidewire Marketplace.
TrueMotion's Ready for Guidewire telematics accelerator flawlessly connects TrueMotion's platform to Guidewire ClaimCenter, empowering agents to access crash-scene telematics data directly inside ClaimCenter. At the point when a crash occurs, data like location, time, speed of impact, and climate is automatically accessible for agents to check with the insured at First Notice of Loss (FNOL), smoothing out the claims data collection process for all included.
TrueMotion pinpoints the crash location and driving occasions when a crash for coverage examination. Agents can review the crash location with a completely coordinated Google Street and Map view with a collision indicator. With TrueMotion's telematics data, agents can likewise check whether the insured visited a hospital following the crash. This data helps agents ask policyholders the correct inquiries and decide the correct injury group to contact if necessary.
With TrueMotion’s telematics accelerator for ClaimCenter, adjusters can:
Save time and administrative burden because telematics and crash data are automatically pre-filled with the click of a button;
Quickly understand the details of a car crash through an automatically generated, fact-based description of what happened during the incident; and
Verify claims information and handle claims faster and more efficiently to improve the claims experience overall for the insured.
According to a J.D. Power study, “satisfaction with the claims experience affects customer retention and referrals”, among satisfied claimants, over 80 percent said they “definitely will” renew their policy and recommend their insurer, contributing to as much as 30% higher profitability. Making the claims experience simple and positive for insureds can help considerably with customer retention and loyalty.
“We are proud to partner with Guidewire to offer a claims accelerator powered by smartphone telematics data,” said Cornelius Young, Vice President, Claims, TrueMotion. “We’re excited to offer our shared customers the ability to access telematics data directly in ClaimCenter, boosting their efficiency and simplifying their workflows. Adjusters will be able to eliminate redundant tasks, reduce manual entry, and focus on the customer’s needs to get them back on the road sooner.”
“We are delighted to welcome TrueMotion as our latest Guidewire PartnerConnect Solution partner and collaborate in helping our joint customers leverage telematics to transform the claims experience,” said Neil Betteridge, Vice President, Strategy, Guidewire Software. “TrueMotion’s integration can help improve the speed and quality of auto claims handling for both adjusters and policyholders.”
About TrueMotion, Inc.
TrueMotion provides the world’s leading smartphone driving data platform. Powered by machine learning, the platform determines when a person is driving, reveals their behaviors behind the wheel, and detects crashes. Insurers, automakers, app developers, telcos, and fleets use TrueMotion data to fuel their pricing, claims, safety, acquisition, and retention programs. Nine of the top 20 US insurers and leading insurers in Canada and Europe rely on TrueMotion technology. TrueMotion is based in Boston with offices in Budapest.
About Guidewire PartnerConnect ecosystem and Ready for Guidewire
Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. As of the end of our fiscal year 2019, more than 380 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
Aquiline Capital Partners | November 01, 2021
Ripe Thinking Limited ("Ripe"), a UK-based digital underwriting and insurance distribution platform, is pleased to announce that it has entered into a definitive agreement for Aquiline Capital Partners LLC ("Aquiline") to acquire a majority stake in the company. Aquiline is a private investment firm based in New York and London with $6.9 billion in assets under management, specialising in investments at the intersection of technology and finance. Financial terms of the transaction were not disclosed.
Since its founding in 1997, Ripe has grown rapidly serving a variety of customers across both personal and small commercial lines. Today, Ripe is a leading insurtech business with more than 280,000 policyholders, protecting their specialised needs across golf, boats, caravans, and cycles, as well as providing insurance to small business owners such as personal trainers, musicians, and photographers. Ripe's proprietary technology enables customers to "build their own policy", providing tailored solutions in an optimised online journey. Its first-class customer service and innovation in insurtech have seen the business win multiple industry awards and achieve continuous and impressive growth. Over the past 12 months, it saw revenue grow by 27 percent.
Following this investment, Aquiline will work closely with the company's management team to continue and accelerate the build of a market-leading digital insurance distribution platform. Ripe's management team will continue to be led by CEO Paul Williams and Founder & Managing Director John Woosey, who will retain a significant equity stake, and Marketing Director Sarah Jones.
"The way people buy insurance is changing. As more individuals turn to online platforms to purchase insurance, Ripe offers a simple process for buying policies online while still ensuring quality coverage at a good value. We believe that John, Paul, and their team have built a high-quality and scalable digital platform that can identify customer demands, and design and distribute products to address these efficiently. We are excited to partner with them through the next phase of their journey."
- Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline
"We are excited to partner with Aquiline, whose deep understanding of the UK and global insurance markets, and their track record of supporting technology-enabled businesses will allow us to further develop our offerings to our customers and continue to build out our underwriting and distribution capabilities. This partnership is a testament to the work of our incredible team who have delivered our strong and consistent growth year after year. The investment will allow us to accelerate our ambitions for international growth while still effectively and efficiently serving our customers across the UK."
- John Woosey, Founder and Managing Director of Ripe
Closing of the investment is subject to parties obtaining relevant regulatory approval.
Houlihan Lokey provided corporate finance advice and Norton Rose Fulbright provided legal advice to Aquiline. Due diligence was performed by Deloitte (financial, tax and regulatory) and Crosslake Technologies (technology).
Keefe Bruyette & Woods provided corporate finance advice and Ernst & Young provided legal advice to Ripe. Vendor due diligence was performed by Oliver Wyman (commercial) and KPMG (financial, tax, technology, operations and regulatory).
Ripe is one of the UK's largest specialist insurtech companies and brings together a rare mix of insurance, digital marketing and tech expertise. It creates ultra-targeted insurance products, where customers choose what they need rather than being forced to take out a pre-bundled policy. All of its products are growing and include Golf Care, Cycleplan, Insure4Boats, Insure4Sport and Ripe Caravans. Multi-award winning, Ripe won the Insurance Times Personal Lines Broker of the Year award in both 2019 and 2020 and has recently been named in the top 100 fastest growing UK tech companies in the North.
About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The firm had $6.9 billion in assets under management as of June 30, 2021.
Insurance Technologies Corporation (ITC), Accel-KKR, Zywave | December 28, 2020
Accel-KKR, a leading technology-focused investment firm with over $10 billion in capital responsibilities, today declared that it has finished the offer of Insurance Technologies Corporation, a leading supplier of marketing, rating, and management software and services to the insurance industry, to Zywave, Inc.
Accel-KKR originally invested in ITC in April 2018 when the firm obtained a greater part interest in the organization from its originator. Through ensuing investment in natural and inorganic development methodologies, ITC changed itself from an independent venture with an innovative item into a scaled business with huge topline development and operating proficiency.
"The ITC success story is yet another example of our over twenty-year history of working with entrepreneurial management teams of software companies to help them reach their full potential," said Tom Barnds, Co-Managing Partner of Accel-KKR. "We bring strategic, operational and financial resources to help companies grow faster and achieve market leadership. We are so pleased to have partnered with the ITC team on scaling the company and achieving their vision."
During Accel-KKR's holding period, ITC made a progression of vital acquisitions to expand its item suite and geographic inclusion. In November 2018, ITC procured AccuAgency to strength its situation as a relative rating arrangement supplier. In August 2019, ITC procured SmartHarbor to expand its offering in insurance office marketing arrangements. Finally, in January 2020 ITC procured AgencyMatrix to reinforce its office management software offering.
"Under our ownership, ITC grew revenues by nearly 3x and margins by over 9x," said Phil Cunningham, Operating Executive at Accel-KKR and Board Member of ITC. "We enabled a smooth founder transition, backed a smart, ambitious management team with capital and strategic assistance and helped them become an award-winning player in their field." ITC has been named a Top Technology Provider by Insurance Business America for four consecutive years.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to "PE 50 – The Best Private Equity Firms for Entrepreneurs", its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
Insurance Technologies Corporation (ITC), founded in 1983, provides websites, agency marketing, comparative rating, and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC is the largest provider of insurance agency websites in the United States and powers more than two million monthly auto and home quotes through its comparative rater TurboRater. Currently, ITC serves more than 250 insurance companies and more than 9,000 agencies.