Milestone Partners | May 27, 2022
Milestone Partners announces the formation of specialty auto insurance holding company Drive Assurance Holdings LLC ("Drive Assurance"). It also announces the acquisition of GoAuto, LLC ("GoAuto") and its technology platform, Adaptive Information Technologies, LLC ("Adaptive Information Technologies") ("AIT").
GoAuto is a vertically integrated, tech-focused personal auto insurance platform that offers low-limit plans via its managing general agent and insurance carrier subsidiaries. GoAuto, which was founded in 2009 and distributes insurance directly to consumers online and through 70 captive shops, has traditionally achieved lower loss ratios and higher profitability than its industry counterparts by employing AIT's unique data analytics and underwriting technology. The dedicated balance sheet capacity of GoAuto's insurance carrier enables for better value chain capture, which is enhanced by reinsurance arrangements that enable an asset light approach and lower retained risk.
GoAuto's speciality market area is expanding, highly fragmented, and anticipated to account for nearly 22% of total personal vehicle insurance premiums of $260 billion. GoAuto is Louisiana's third largest personal auto insurance, with operations expanding into Texas, Nevada, and Ohio. At GoAuto, Milestone intends to implement policies in the areas of environmental, social, and governance, as well as diversity, equity, and inclusion.
GoAuto's proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader. We look forward to working with the management team on executing their strategic initiatives."
Adam Curtin, Partner at Milestone.
Greg Tramontin, CEO and Founder of GoAuto, shared that they are looking forward to working with Milestone as they enter the next phase of their development. They are certain that, together, they will continue to provide best-in-class vehicle protection products and customer support to their loyal customers, given their specialized sector emphasis on financial technology companies and extensive experience in automotive finance services.
Coherent, Duck Creek Technologies | July 13, 2022
Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy.
Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately.
“Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies.
“Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.”
Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry.
Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.”
Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.”
To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent.
Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/.
About Duck Creek Technologies
Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.
Nuula | August 08, 2022
Nuula, a fintech company focused on providing small businesses the tools and the capital they need to succeed, today announced a new Term Life Insurance feature that provides small business owners and entrepreneurs with coverage options from a network of top carriers, powered by Even Financial ("Even"), a leading embedded finance marketplace platform, and independent subsidiary of MoneyLion Inc. Through the Nuula app, users will now be able to shop, compare and buy Term Life Insurance, with policies up to $5MM in coverage and terms of 10-40 years.
The policies in Nuula's new Term Life Insurance feature are generated and serviced by LeapLife, an insurtech platform and licensed life insurance agency, that is owned and operated by Even.
"While small business owners and entrepreneurs are investing in their business, they also need to more easily invest in themselves and in the security of their loved ones, Adding Term Life Insurance further expands the range of services we are delivering to meet the diverse needs of today's small business owner."
-Mark Ruddock, CEO at Nuula
Policyholders want a simpler way to shop around, compare policies and prices, and find a policy that is right for them, By partnering with Even, Nuula's small businesses are provided with a curated network of carriers rated A- and above by AM Best, world-class customer support and a search feature that matches people with the right policies and lowest available prices when and where they need it,said Andrew Naoum, SVP of Sales at Even.
Today's news follows the launch of a new personal loan search feature aimed towards early-stage small businesses, powered by Even.
Nuula is building the future of small business performance. Launched in 2021, Nuula is a financial services and technology company focused on serving the small to medium-sized business community. Nuula provides real-time data and analytics, allowing businesses to manage their finances, monitor their credit ratings and user reviews, and more. Nuula is an advocate of financial inclusivity and a proud partner to Kiva to create economic and social good.
About Even Financial and LeapLife
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. ("MoneyLion") (NYSE: ML). MoneyLion is the go-to destination for personalized financial management, content, offerings and advice. As part of MoneyLion's enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.
LeapLife is a licensed life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes, available in all 50 states. LeapLife was acquired by Even Financial (Even) in early 2020.