Compliance

Brightway Insurance Announces Majority Investment From GrowthCurve Capital To Accelerate Growth

pie insurance News
Brightway Insurance, a leading personal lines focused insurance franchisor, announced today the completion of a majority investment from GrowthCurve Capital to accelerate the company's growth trajectory. The partnership with GrowthCurve will enable Brightway to continue its national expansion strategy and invest in its technology platform to further enhance its strong value proposition to customers, franchisees and carrier partners.

"On behalf of my brother David and I, we are thrilled to take the next step in our journey and partner with GrowthCurve Capital, Our goal has always been to ensure the company – and everyone associated with it – reaches its potential. We strongly believe that GrowthCurve is the right partner for Brightway to create a Win, Win, Win for franchisees, customers and team members, and take the business to the next level given the firm's unique model of combining functional expertise with deep investment and industry experience."

- Michael Miller, co-founder of Brightway Insurance.

Brothers David and Michael Miller invented the "you sell, we service" model in the insurance agency space and began franchising the concept as Brightway Insurance in 2008. Today, Brightway is the most-recognized insurance franchise system and one of the largest personal lines insurance agencies in the U.S. With more than 331 franchises in 29 states, the company manages nearly $900 million of annualized written premiums.

GrowthCurve Capital is a unique, control-oriented, private equity firm focused on building world-class businesses by leveraging data, analytics and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation.

Under the new partnership, the Millers will continue to hold significant minority ownership of the company. Michael Miller will join David Miller on the board of directors, and together they will work closely with GrowthCurve in setting the strategic vision for Brightway to accelerate the company's growth.

Effective immediately, Mark Cantin, GrowthCurve's lead operating executive in insurance distribution, becomes the new president and CEO of Brightway Insurance. Cantin had been working closely with GrowthCurve over the last several months to identify high growth insurance distribution businesses that ultimately resulted in this partnership.

An industry veteran, Cantin brings more than 30 years of experience in both insurance distribution and underwriting to the position. Prior to joining GrowthCurve, Cantin was a member of the executive committee and president of field operations at QBE North America, a division of QBE Insurance Group, one of the 20 largest global insurance and reinsurance companies. Prior to joining QBE, Cantin was chief marketing officer at USI Insurance, one of the largest and fastest growing domestic brokers.

"We have been very impressed with what David, Michael and the Brightway team have built. The company pioneered the franchisor model in the insurance space and has generated attractive outcomes for its franchisees, customers and carrier partners, We seek to accelerate the company's growth trajectory by leveraging the company's rich data assets and our expertise in AI, data enablement and digital transformation to introduce new solutions and capabilities to our franchisees and customers and to scale the platform nationally."

- Sumit Rajpal, founder and CEO, GrowthCurve Capital.

About Brightway Insurance
Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest personal lines agencies in the U.S. Brightway's focus is on producing Win, Win, Win outcomes for consumers by offering customized insurance solutions and for people wishing to sell insurance by providing business opportunities that span from single agent to multi-unit enterprises. Regardless of the path taken, Brightway provides the support necessary to consistently outsell other insurance agents.

About GrowthCurve Capital
GrowthCurve Capital is a private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. Founded by Sumit Rajpal, former global co-head of the Goldman Sachs Merchant Banking Division, the firm focuses on control-oriented private equity investments primarily across the financial and information services, healthcare, and technology sectors.

Spotlight

Other News
Insurance Technology

AgentSync Launches API to Streamline Insurance Producer Onboarding and Compliance

PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

Read More

Core Insurance

Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

Read More

Insurance Technology

Ladder and Envestnet | MoneyGuide Announce Integration to Provide More Advisors Digital Access to Term Life Insurance Offerings

PR Newswire | January 29, 2024

Today at the T3 Technology Conference, Ladder, the insurtech offering digital, flexible life insurance in minutes announced an integration with Envestnet | MoneyGuide, a leading financial planning software company serving over 107,000 financial advisors. This will empower more financial advisors with the capabilities to provide clients with term life insurance issued by reputable insurers. With this partnership, financial advisors utilizing Envestnet I MoneyGuide Elite's Advanced Lifetime Protection tool will be able to offer their clients digital, convenient, and affordable term life insurance. Financial advisors will be able to estimate clients' coverage needs, generate a quote, and send clients a link to apply—all from within the Envestnet | MoneyGuide platform. MoneyGuide's Advanced Lifetime Protection tool is designed to illustrate how a clients' protection needs can change over time. This tool may help advisors identify an opportunity to improve a client's probability of successfully achieving the goals in their client's financial plan. "Life insurance is a critical piece of a comprehensive financial plan," says Mike Izakov, Head of Financial Institution Partnerships at Ladder. "We believe MoneyGuide has the most robust planning tool in the industry, and we're excited to make it even easier for advisors to get clients the coverage their plans call for." With Ladder's industry-leading digital capabilities and proprietary flexible coverage (i.e. "laddering"), advisors using Envestnet | MoneyGuide will be able to utilize a visualization showcasing how a strategically laddered Ladder policy may save clients up to 40%* over a 30-year term compared to traditional term coverage. "Envestnet's generational research shows that a surprising 50% of Baby Boomers are not formally organizing their long-term finances," said Rose Palazzo, Group President of Envestnet Financial Planning. "Through our partnership with Ladder, our advisors are better equipped to help their clients take action on organizing their financial plans, including the important step of seeking to secure their financial futures through life insurance coverage. Ladder provides our advisors with digital access to term life insurance products, with an integration built right into our protection planning solution." Ladder offers term life insurance for coverage between $100,000 and $8 million, for terms ranging from 10 to 30 years. There are no medical exams required for coverage up to $3 million, just questions about an applicant's health are asked. The pricing is fully underwritten and backed by reputable carriers. Ladder offers a variety of partnership and compensation models to meet the needs of fee-based and insurance-licensed financial advisors. About Ladder Ladder is the first full-stack, digital life insurance company offering flexible online term coverage in minutes that can save policyholders up to 40%* by adjusting their coverage as their life changes. Ladder uses real-time underwriting to make life insurance as accessible, affordable, and beloved as it should be. The company is headquartered in Palo Alto, CA, and offers coverage up to $8M with no hidden fees. ABOUT ENVESTNET Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions, and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life. With more than $5.4 trillion in platform assets—more than 107,000 advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.

Read More