INSURANCE TECHNOLOGY

Accel-KKR Completes Sale of Insurance Technologies Corporation (ITC)

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.

About Accel-KKR
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.

About ITC
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.

Spotlight

New expectations, innovations, and competition are emerging due to inter-related forces of change in People, Technology and Market Boundaries. These forces have evolved over the Industrial and Information Ages, but are now revolutionary due to the intensity and acceleration at the start of the Digital Age, creating a seismic shift. In the Digital Age, customer expectations are being set by digital leaders outside and inside the insurance industry, filling the most vulnerable gap a simplified, engaging customer journey.

Spotlight

New expectations, innovations, and competition are emerging due to inter-related forces of change in People, Technology and Market Boundaries. These forces have evolved over the Industrial and Information Ages, but are now revolutionary due to the intensity and acceleration at the start of the Digital Age, creating a seismic shift. In the Digital Age, customer expectations are being set by digital leaders outside and inside the insurance industry, filling the most vulnerable gap a simplified, engaging customer journey.

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ANNUITIES

Luma and Insurance Technologies Partner to Bring Annuities Solution

Luma Financial Technologies, Insurance Technologies | February 24, 2021

Luma Financial Technologies ("Luma"), a free, multi-issuer structured products and annuities platform, reported today that they have chosen Insurance Technologies, LLC, supplier of FireLight®, a multi-transporter start to finish insurance and retirement deals platform, as its most recent accomplice to bring their annuities solution, "Luma Annuities," to market. The Luma platform, which is sponsored by three of the world's biggest banks, was worked to improve on the structured item venture measure. After solidly setting up itself as the worldwide fintech market leader in the structured products space, Luma is currently presenting an unequaled annuities solution that gives improved customer worth and helps consultants in battling their customers retirement saving difficulties, which are being driven by increasing market unpredictability and a low interest rate climate. Luma Annuities is a turn-key annuity deals and lifecycle management solution that straightforwardly addresses the greatest difficulties confronting counselors selling annuities today. The solution works on all parts of getting the hang of, executing, arranging, and overseeing annuities for venture firms and guides, allowing them to unquestionably offer their customers a more extensive scope of income-generating products. “Our mission has always been to simplify product complexities and give advisors smart solutions that they can believe in,” said Jay Charles, Director of Annuities at Luma Financial Technologies. “By partnering with Insurance Technologies and leveraging the FireLight platform’s embedded API capabilities, we bring a seamless order entry experience to financial professionals around the world. It is through our scale that we’re able to provide advisors with this unmatched experience, allowing them to offer their clients a wider-range of solutions to potentially put them on a path to a more secure retirement.” The new solution offers best in class innovation modules that are worked by guides, for counselors. It was intended to offer top tier instructive substance just as highlight broad information across a merchant seller's whole annuity item rack so guides can look at rates, riders, and item includes. Additionally included are prescient investigation and transporter delineation includes that enable consultants to introduce the best, most secure item solutions to their customers. Independently, the solution additionally allows guides to track and screen the presentation of the products they sold through the Luma platform, just as products in their past book of business. By inserting the Insurance Technologies FireLight solution inside the Luma platform, clients get a durable deals insight, allowing them to oversee products and rules in one incorporated area. Since 1995, Insurance Technologies has been altering the insurance and financial services industry to enable financial experts and counsels to all the more likely serve their customers. Their solutions have for some time been executed inside industry-driving insurance transporters and wholesaler firms. “We’re extremely excited to partner with a company that is adding tremendous value to the annuity category at a time when Americans need guaranteed income options more than ever,” said Doug Massey, EVP of Sales and Relationship Management, Insurance Technologies. “The ability for Luma to utilize the FireLight sales platform to access e-application and illustration data demonstrates the power of FireLight to allow carriers to build product rules once and re-use anywhere, seamlessly offering products in various user interfaces and effective solutions such as Luma Annuities. The transparency, efficiency, objectivity, and easy-to-manage tools that Luma provides financial professionals are simply powerful. We look forward to working with them to enhance the annuity investment experience provided to their customers.” About Luma Financial Technologies Luma Financial Technologies is the creator of Luma, a fully customizable, independent, buy-side platform that helps financial teams more efficiently learn, create, order and manage market-linked investments such as structured products, structured annuities and more. Launched in 2011, Luma is one of the largest and longest-tenured structured product platforms in the U.S. market and is used by broker/dealer firms, RIA offices and private banks to automate and optimize the full process cycle for offering and transacting in market-linked investments. This includes education and certification; creation and pricing of custom structures; order entry; and post-trade actions. Luma is multi-issuer, multi-wholesaler and multi-product, thus providing teams with an extensive breadth of market-linked investments to best meet clients’ specific portfolio needs. About Insurance Technologies Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Offering a suite of integrated sales solutions, from pre-sale functions to quoting and illustrations through e-application and e-delivery to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across all lines of insurance, retirement and investment products. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.

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INSURANCE TECHNOLOGY

DealerPolicy Appoints Insurance Industry Veteran Tom Super as Head of Agency Solutions

DealerPolicy | December 23, 2021

DealerPolicy, the leading insurance marketplace for automotive retail, has appointed Tom Super as the company's Head of Agency Solutions. In this role, Tom will report directly to DealerPolicy Co-Founder and CEO Travis Fitzgerald and oversee the company's insurance sales and service business, which includes DealerPolicy's growing network of local agencies. Super's appointment to expand insurance operations comes as DealerPolicy enters its next phase of accelerated growth. In 2021, DealerPolicy announced a $110 million Series C funding round led by Goldman Sachs Asset Management, and Fitzgerald was recognized as one of Travelers' 2021 Agents of the Year. The company has grown in headcount by 50% over the past year and now supports over 1,200 dealerships nationwide, with more joining each month. A recognized insurance industry veteran, Super brings 15 years of experience in strategy, general management and leadership to DealerPolicy, having previously held positions at Farmers Insurance Group, Booz & Company, AT&T and The White House. Most recently, Super served as Head of P&C Insurance for J.D. Power and Associates, where he led the expansion of the company's insurance practice and oversaw its vast data-driven research and analysis on insurance consumers. While at Farmers, he helped to establish the company as a national brand while serving in strategy and consumer research areas during his tenure. He holds a master's degree in public administration from the American University School of Public Affairs and received his bachelor's degree in business from Robert Morris University. "We're thrilled to have Tom join us. In addition to being an established expert who people turn to for all matters related to property and casualty insurance, Tom is a passionate and dedicated leader, His track record in establishing J.D. Power and Associates and Farmers as authorities in the industry makes for a tremendous addition to our team. Very few have more insight on insurance customers than Tom, and his expertise on the needs of modern insurance consumers is invaluable to DealerPolicy's mission of delivering a better, more seamless car buying experience for dealers and consumers alike." -Travis Fitzgerald, Co-Founder and CEO of DealerPolicy. About DealerPolicy DealerPolicy is the most trusted and complete digital insurance marketplace for automotive retailers and their valued customers. The company's innovative mobile technology enables car-buyers to view multiple insurance quotes and immediately purchase online and/or connect with licensed insurance agents to complete the process. With an exclusive combination of partnerships among premier automotive retailers and data providers, an industry-best insurance carrier network, and access to DealerPolicy Insurance licensed agents, DealerPolicy is recognized for its place at the forefront of Insurtech. DealerPolicy Insurance is a licensed insurance agency, with licenses to operate in the lower 48 states.

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INSURANCE TECHNOLOGY

Sedgwick acquires Managed Care Advisors

Sedgwick | September 24, 2021

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, today announced it has acquired Managed Care Advisors, Inc. (MCA), a Bethesda, Maryland-based government contracting firm and leading provider of workers' compensation and specialty health plan products and services to the U.S. federal government. Managed Care Advisors' expertise includes a comprehensive, outsourced federal agency workers' compensation case and claims management solution, anchored by the full functionality of its technology platform. MCA's federally compliant solutions and established performance record will broaden Sedgwick's access to a wide range of public sector opportunities. The acquisition will also enable MCA to expand its breadth and depth of offerings to the government to include a broad array of world-class risk management and claims solutions that Sedgwick currently delivers in the commercial sector. Sedgwick and Managed Care Advisors have a shared focus on delivering excellence and taking care of people. We are well aligned to optimize outcomes for our clients and look forward to bringing our combination of value-added services to the employees of federal government agencies. - Elizabeth Demaret, Sedgwick president, specialty. MCA will operate as a wholly owned subsidiary of Sedgwick Public Sector, a Sedgwick holding company dedicated to delivering claims services to government entities. Joining forces with Sedgwick opens the door to new opportunities for bringing the public sector an even higher level of industry best practices and expertise. I'm excited for what lies ahead in our next chapter with Sedgwick. - Lisa Firestone, Managed Care Advisors president and CEO. About Sedgwick Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to our clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of more than 27,000 colleagues across 65 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact the bottom line. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders. About Managed Care Advisors Established in 1997, Managed Care Advisors specializes in workers' compensation, case and claims management, disability and absence management, analytics, technology solutions, specialty health plan management and employee benefits. Based in Bethesda, Maryland, Managed Care Advisors services customers throughout the United States and all U.S. territories. Since 2005, MCA has provided a comprehensive suite of products and services to the federal market to support federal agencies in improving outcomes, reducing costs, and avoiding unnecessary medical and vocational disability resulting from work-related injuries and illnesses.

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