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.
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.
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.
Sentry Insurance | August 30, 2021
Sentry Insurance has launched Sentry Risk Factor, its proprietary risk management tool. By gathering detailed information through quality conversations with dealers, the tool helps evaluate, identify, and measure a dealership's potential risks that could lead to a large loss, and potentially, temporary business closure.
"We know how hard dealerships work to build their business and reputation, and we want to do our part by actively helping them reduce their risks," said John Hyland, president of direct writer at Sentry Insurance. "With Sentry Risk Factor we can help a business measure risks, including the ones that are less obvious and often unforeseen, to help prevent devastating loss at a dealership."
The first, and most important, step in the process is to have an in-depth conversation with a Sentry representative to discuss current operations and the safety culture at a dealership. The conversation allows a Sentry representative to identify risks across five different categories: safety culture, auto risk, building and inventory risks, service practices, and premises observations. Based on information gathered during this initial conversation, Sentry representatives use Sentry Risk Factor to assign a dealership one of three rankings—best in class, average, or red flag.
Based on the overall rankings, Sentry Risk Factor generates a report that details the results and proposes steps to help a dealership mitigate risk. An additional benefit for customers includes recommended safety resources that dealerships can access via their online accounts. Sentry Risk Factor is available for current and prospective customers.
Sentry is a leading provider of commercial insurance programs to more than 3,000 dealers throughout the country. Sentry is also endorsed by John Deere and Harley-Davidson as the preferred provider of commercial insurance for their dealerships. Visit the Sentry Risk Factor page to learn more.
Sentry Insurance is a part of one of the largest and most financially secure mutual insurance groups in the United States, holding a Financial Strength Rating of A+ (superior) from AM Best, current as of June 2021. See ambest.com/ratings/guide.pdf for rating information. Sentry and its subsidiaries and affiliates sell property and casualty insurance, life insurance, annuities, and retirement programs for business and individuals throughout the country. Headquartered in Stevens Point, Wisconsin, Sentry employs more than 4,300 associates across the country.
Innoveo | February 11, 2022
Innoveo, a global technology firm and a pioneer in enterprise no-code solutions today announced that Emirates Insurance has selected Innoveo Skye® to create a digital experience for its brokers that sell their personal lines of insurance, starting initially with motor insurance before expanding into other lines.
After its founding in 1982, Emirates Insurance has grown their commercial and individual insurance business, making them now the 5th largest insurance company in the UAE based on Gross Written Premiums. To keep pace with the ever-changing demands of its consumers in the fast-growing UAE economy, they turned to no-code to rapidly expand their digital presence, automate manual processes, and improve efficiencies throughout the policy lifecycle.
"We selected Innoveo Skye® to deploy this new customer experience across all our distribution channels. It allows our whole network to better serve customers, providing a quicker, more intuitive sales and endorsement experience, Our investment in no code digital technologies emphasizes our commitment to providing a modern digital experience, and we'll continue to innovate across all lines of insurance as our business transforms."
-Jason Light, Chief Executive Officer at Emirates Insurance
"We're excited that Emirates Insurance has selected Innoveo Skye® for their digital transformation journey, Innoveo Skye® is now used by five leading Middle East enterprises across insurance and banking which is a testimony to our understanding of the nuances of that market and its customer demands. Innoveo continues to grow exponentially as enterprises around the globe turn to no-code to solve some of their biggest business and technology opportunities."
-Vinod Kachroo, CEO at Innoveo
About Emirates Insurance
One of the pioneering insurance companies in the region, Emirates Insurance Company was established by virtue of law No 6 of 1982 issued by Sheikh Zayed Bin Sultan Al Nahayan. The company opened its doors with only a handful of staff from its only branch in Abu Dhabi. After 40 years of dedication, outstanding service, and commitment to all our stakeholders, Emirates Insurance Company, a semi government company, now operates from more than 25 offices across the country and employs more than 275 staff. Listed on the Abu Dhabi Securities Market and now rated among the best insurance companies, not only in the United Arab Emirates, but the whole GCC region, Emirates Insurance Company has come a long way since its inception in 1982. EIC is now the 5th largest insurance company in the UAE based on Gross Written Premium and carries the well-respected "A-" Rating from international credit rating agency, Standard and Poors.
Innoveo is a cloud-based SaaS company and a pioneer in no-code technology. With our functionally rich no-code platform, Innoveo Skye® and our robust set of solution accelerators, we enable anybody across the enterprise to build their own applications in weeks - not months. Our mission is to empower enterprises in complex and regulated industries to re-imagine application development. Innoveo has a proven track record of enabling enterprises to unlock innovation, simplify technology landscapes, harness digital ecosystems, accelerate speed to market and deliver winning digital experiences at a fraction of a cost and without writing a single line of code. Innoveo has delivered over 500 applications and processed 1+ billion dollars' worth of transactions globally.