PCMI Corporation, Equality Asset Management | January 21, 2021
PCMI (Policy Claims Management International), a main supplier of administration software for the automotive, consumer and industrial warranty and service management markets reported its first equity investment from Boston-based growth equity firm, Equality Asset Management, and Chicago-based, First Analysis. Financial terms were not revealed.
PCMI offers a cutting edge set-up of software answers for policy administration, claims management, risk management and the financial management of insurance products. PCMI's clients incorporate driving unique hardware makers, outsider heads, self-overseers and guarantors who offer and oversee warranties, service contracts and other account and insurance products. Since beginning, PCMI's software has been utilized to direct in excess of 50 million strategies and cycle in excess of 23 million claims.
"In 2012, I saw the opportunity to introduce a modern, purpose-built software to a market that was underserved. Since then, we have worked tirelessly on our mission to build the most comprehensive administration platform in the market. Our passion for technology and commitment to continuous improvement has led us to become a leader in our industry," said Mark Nagelvoort, President & CEO of PCMI. "Equality Asset Management has a track record of investing in SaaS based companies within high growth markets and can provide operational expertise that will allow us to accelerate our growth initiatives. Their support will be invaluable as we continue to make innovations on our platform and expand product capabilities to meet the evolving business needs of our customers. I'm thrilled we have them as a trusted partner as we enter this exciting new phase of our journey."
"Mark and the leadership team and employees of PCMI have built a remarkable company. Their focus on product, deep understanding of their customers and markets and culture of innovation have been core to their success," said Jeff Del Papa, Co-Founder and Managing Director at Equality Asset Management. "The market for warranty administration software is in an attractive upgrade cycle and PCMI is very well positioned with a complete, modern platform. We're excited to work alongside this experienced team and to support PCMI's expansion."
"PCMI is the demonstrated category leader, consistently delivering essential, high value solutions to customers. As consumer demands evolve, the need for flexible software will continue to increase across the F&I value chain," added Oscar Loynaz, Vice President at Equality.
With this investment, PCMI will proceed with its emphasis on item extension and client acquisition in North America and internationally.
About PCMI Corporation
PCMI offers a modular package of software solutions for the administration of F&I Products, Service Contracts, and Extended Warranties. PCMI's SaaS platform, Policy Claim and Reporting Solutions™ (PCRS), supports and automates the full lifecycle of all aftermarket products and provides the most flexible environment for administrators, insurers, OEM's, agents, and dealers to launch new products. Our global team enables continuous around-the-clock innovation and customer-focused support.
About Equality Asset Management
Equality Asset Management is a growth-focused private equity firm. Equality provides equity capital and strategic and operating support to companies with long-term growth potential in the technology and tech-enabled healthcare sectors. With decades of investment experience and operating experience, the firm has earned a reputation for value-creation, serving as steadfast partners to Founders and CEOs. Equality is based in Boston.
First Analysis went about as the elite financial advisor to PCMI for the exchange. Winston and Strawn LLP went about as legal advisor to PCMI. Goodwin Procter LLP went about as legal advisor to Equality Asset Management.
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.
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.
Cision PR Newswire | October 20, 2020
Life.io, a subsidiary of SE2 and a leading customer engagement solution for the insurance and financial services industries, today announced a strategic partnership with Unqork, the leading enterprise no-code platform, to bring next-generation insurance solutions to the market. Leveraging Unqork's unique no-code platform, and Life.io's expertise in engagement, UX/UI, and behavioral-design, we are offering insurers a highly intuitive digital purchasing platform that reduces friction for clients and advisors.