September Insurtech News Roundup

Patra received a significant growth investment this week to help it improve and sell more of its automation and streamlining products. Boost has hired a new head of underwriting. Accelerant hired a technology director. Socotra has launched a new online market. Hartford is preparing for its latest InsurTech Innovation Challenge. ProNavigator received $10 million in new funding to help it grow.

Patra

Patra Corp, A technology and services company for the insurance industry, has raised $146 million in funding to help it expand. The funds will be used to expand the company’s market for products that help streamline and automate processes.

FTV Capital made the investment as part of a larger investment strategy. For nearly 25 years, the company has been investing in technology-enabled services as a specialized equity firm.

The company, based in California, has developed products and services for the insurance value chain that aid in process management. A team of insurance experts provides the services, which are supported by technology such as the PatraOne platform. The company’s goal is to make administrative and operational tasks easier and less expensive to complete by doing them faster and better.

Patra was founded in 2005 and now has over 235 customers in over 650 offices across the United States and Canada. The majority of them are wholesalers and top agencies.

Increase Insurance

Boost has hired a long-time Allianz executive and venture investor as chief underwriting officer.

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Boost is a licensed MGA that operates an insurance infrastructure platform.

Emy Donovan’s most recent position was as a venture partner at Fin Capital, where she oversaw the insurance sector across multiple funds. Prior to joining Fin, she spent 20 years as a senior underwriting executive, including as the global head and CUO of cyber, technology, and media at Allianz Global Corporate & Specialty.

Donavan will be in charge of Boost’s program underwriting, product development, and portfolio management in her new role. She will accomplish this with the assistance of the company’s insurtech and embedded partners. She will also work on developing and implementing Boost’s reinsurance and risk capital markets strategy.

Accelerant

Accelerant has appointed Pete Horst as Chief Technology Officer. He will be in charge of the global platform strategy and development for the company.

Accelerant is an Atlanta-based insurance technology company that began operations in 2018 and writes insurance for small and medium-sized businesses. The company focuses on carefully selecting and managing a network of members who work as managing general underwriters and program administrators in the United States, the United Kingdom, and Europe.

Horst previously served as the vice president of engineering for the business analytics platform Qlik, where he was responsible for bringing the platform to the cloud as an enterprise SaaS offering. He previously worked as an engineer and software developer for IBM and Cognos.

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He will be in charge of Accelerant’s data and technology platform in his new role. The software is intended to assist members in better understanding risk, gaining insights, and dealing with the complexity of operations and rules.

Socotra

A platform for technology-focused insurance companies, has launched a new online market.

The Socotra App MarketPlace is now operational, with 30 app publishers already selling apps there. It is built on a cloud-native platform powered by APIs, with the goal of assisting insurers in connecting instantly to apps that improve the insurance value chain. Data providers and platforms, rating, documents, payment processing, claims user interfaces, customer communications, e-signatures, and third-party app publishers are among the areas covered.

Betterview, Earnix, Experian, and Relativity6 are among the companies taking part.

In prepared remarks, Dan Woods, the founder and CEO of Socotra, stated that app markets are the best way for software to change. “Today marks the beginning of the era of fast connections in insurance IT.”

Hartford Insurance Technology

On its website, InsurTech Hartford announced that it is now accepting entries for its annual Innovation Challenge.

The Connecticut-based organization assists new businesses in growing and becoming more innovative. This group includes startups, agents and brokers, insurers, service providers, and investors.

The InsurTech Hartford innovation challenge aims to bring new ideas from entrepreneurs, students, and experienced insurance industry professionals to light.

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The group invites innovators to submit their insurtech ideas for review by a panel of experts. The submissions will then be collected and reviewed over an eight-week period. Candidates must also present their ideas to a panel of judges.

Finalists will give talks to people from all over the world at a virtual awards ceremony on November 10. The organization will also announce challenge winners in a variety of categories.

Each category winner receives up to $10,000 in cash. Insurers, brokers, and other industry participants can also participate by sponsoring variable prize funds. This allows them to tailor a winning idea to their specific business needs as well as the needs of the insurance industry as a whole.

ProNavigator

ProNavigator, an insurance technology company, has raised $10 million in new growth capital. This funding will allow the company to increase sales in the United States and Canada while also developing new products more quickly. There are also plans to hire additional personnel.

Graphite Ventures and another investor, Luge Capital, led the round. EDC, Tactico, and CIBC Innovation Banking were also present.

The company developed a management platform for the insurance industry that assists clients in managing and utilizing documents that do not fit into policy management systems, or AMSs. It employs artificial intelligence and natural language processing to quickly, automatically, and accurately locate critical insurance information.

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