CORE INSURANCE, RISK MANAGEMENT
Insurify | March 13, 2023
Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023.
This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand.
Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company.
Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market."
(Source – Business Wire)
Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity.
About Insurify
Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.
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CORE INSURANCE, COMPLIANCE
PRnewswire | April 21, 2023
BrokerTech Ventures (BTV), the industry's first broker-led convening platform and accelerator program, today announced the addition of its newest industry-leading insurance wholesaler partner, Jencap Group.
"We could not be more pleased to announce the addition of Jencap to our wholesaler community network. We view our carrier and wholesale partners as integral in terms of our overall strategy in building out BrokerTech Ventures — and specifically, our Innovation Tower," said Dan Keough, Holmes Murphy chairman and CEO and co-CEO of BTV. "Insurance companies are individually spending multi-millions of dollars each year in innovation, and we believe that BTV can be the convening platform to provide access into the unknowns, idea-sharing, investing, and distribution for the benefit of all."
The addition of these renowned insurance brands brings the BTV industry portfolio to 13 of the most sizable and innovative brokerage firms in North America and 16 of the most notable and respected insurance companies and wholesalers with both domestic and international presence.
"Jencap is committed to employing innovative technology solutions that improve our speed to market, operational efficiencies, data analytics, and the overall platform experience of our partners," said John LaCava, Jencap's Chief Operational Officer. "We look forward to collaborating with BTV members and insurtech companies to maintain our position in the marketplace as industry leaders."
In addition to its expansive broker and carrier partner portfolio, BTV now also represents 60 insurtech startups from around the world, inclusive of those in the U.S., Israeli, and Latin American accelerator programs, with investments and commercial engagements with many.
About BrokerTech Ventures
Based in the insurance nucleus of Des Moines, Iowa, BrokerTech Ventures (BTV) is the first broker-led convening platform and accelerator program focused on delivering innovation to the insurance broker industry. Founded in 2019, BTV provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. BTV invests in the research and testing for each of the chosen startups, provides access to veteran industry mentors, and helps scale the technology to market through broker distribution channels.
About Jencap Group
Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 20,000 independent agency partners.
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LIFE INSURANCE, HEALTH INSURANCE
PRnewswire | April 04, 2023
Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, today announced the launch of Sproutt SmartLife for Agencies and the acquisition of The Reder Agency, a full-service life insurance brokerage specializing in the traditional and senior markets. SmartLife for Agencies brings to market an AI-assisted first-of-its-kind platform for all aspects of agency business, while the acquisition of The Reder Agency will add over 400 agents nationwide to Sproutt's growing network of producers as part of its evolution toward becoming a full-service distribution ecosystem. The Reder Agency's principal owner, Ben Reder, will join Sproutt as the Senior Vice President of Distribution.
The acquisition of The Reder Agency greatly expands the adoption of Sproutt's SmartLife platform by introducing it to hundreds of experienced life insurance producers, cementing the company's evolved mission of serving as the digital home for the roughly 1.2 million insurance professionals in the U.S. With a shared vision to innovate and scale the insurance sales process, the Reder Agency acquisition enables Sproutt to accelerate growth and offer increased value to life insurance producers.
Sproutt's SmartLife platform allows agents, via the Agent Portal, to make real time decisions to effectively serve the needs of their clients. Within minutes, agents can offer tailored life insurance solutions with top rated carriers and a full spectrum of proprietary products, from term to whole life, with greater ease, speed, and efficiency.
"We are excited to announce our new offering for agencies, which supercharges organizations with the necessary AI tools and products to maximize their distribution, as well as the acquisition of The Reder Agency, which adds hundreds of proven life insurance producers onto the Sproutt platform. I am thrilled to have Ben joining the Sproutt team, as we share the belief that this acquisition will be a major step in Sproutt's commitment to be the platform of choice for insurance producers and brokers across the country" said Yoav Shaham, CEO and Co-Founder. "Within this data-driven industry, which evaluates risk based on consumer data, our unique contribution is that our platform leverages AI to maximize agent production, reduce friction in the sales journey and modernize traditional insurance processes for carriers" explains Shaham.
For Ben Reder, an insurance industry veteran and owner of The Reder Agency for over a decade, this move will allow him to have a bigger impact on the life insurance agents and agencies that he is currently working with, as well as provide incredible value for future partnerships. As Senior Vice President of Distribution, he will continue his focus on providing top tier services and support, while benefiting from the technology and resources that Sproutt provides. "Insurance distribution is moving towards a unified digital experience, for both the client and the agent. Being able to partner with Sproutt and bring our decade-plus of traditional brokerage distribution expertise to a fully digital platform represents an opportunity to merge best-in-class technology with award-winning production," said Reder.
About Sproutt
Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.
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