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.
PATRIOT INSURANCE | June 10, 2022
Patriot Growth Insurance Services, LLC (Patriot), one of the nation's largest and fastest-growing insurance agencies, has announced a new partnership with New York-based NXG Insurance Agency Group (NXG). Patriot's reach in New York is expanded, while NXG's resources and capabilities are expanded to a national level because of this relationship.
NXG is a commercial property and casualty insurance company based in Kingston, New York, that also offers personal insurance. They also have a specialist loss control and risk management staff, as well as a professional construction crew.
"Our partnership with Patriot is exciting because we share the same core values, beliefs and desire to do what is best for our clients," said Joseph Davis, president of NXG. "Like Patriot, we're focused on growing our business and providing our clients with the best service, resources and products."
Susan Provost, Executive Vice President and Chief Operating Officer at NXG added, "We're looking forward to collaborating with Patriot's team and their partner agencies. We think it is a great fit that will help accelerate our growth goals while allowing us to stay focused on our clients and their needs like we have done for the past 40 years."
Patriot and NXG's alliance expand Patriot's property and casualty business division as well as its construction speciality.
Policygenius | June 27, 2022
Impact Partnership intends to use Policygenius Pro to enable its member firms to significantly reduce the time spent placing term life insurance while increasing overall profitability.
Policygenius and Impact Partnership are collaborating to bring the term life fulfillment platform Policygenius Pro to Impact's network of financial advisory and broker-dealer partners.
Policygenius Pro is a turnkey partnership platform that assists advisors in accelerating and streamlining life insurance sales. Advisors and agents can use this tool to refer their clients to Policygenius, who will walk them through the entire process, from policy selection to coverage implementation.
The change allows Impact's extensive partner network, including over 200 constituent firms and 2,000 advisors, to save significant time and energy while still providing a superior client experience. The time savings enables Impact to reduce its current costs of placing term life insurance while also capturing additional opportunity that advisors may have missed due to the time-consuming process of assisting clients in obtaining term life insurance. The partnership is one of many innovation partnerships. Impact has formed, furthering its position as a forward-thinking field marketing organization (FMO).
We're thrilled to be able to offer Policygenius Pro to Impact partners, Term life coverage has always been tricky for advisors due to its time-intensiveness, and Policygenius Pro is the leading solution for alleviating that pain point."
Clay Eschrich, Impact SVP of Life and Distribution.
This gives Impact advisors who use Policygenius Pro access to a wide range of insurers, coverage types, and policy options, including accelerated underwriting offerings that are only available on the Policygenius platform. Case management, underwriting, and product support are also provided by an expert staff of 200+ dedicated specialists.