PCMI (Policy Claims Management International), a Park Ridge, IL-based provider of administration software for the automotive, consumer and industrial warranty and service management markets, received its first equity investment of undisclosed amount.
Backers included Equality Asset Management, and First Analysis.
The company intends to use the funds to continue its focus on product expansion and client acquisition in North America and globally.
Led by Mark Nagelvoort, President & CEO, PCMI offers a suite of software solutions for policy administration, claims management, risk management and the financial management of insurance products. Customers include leading original equipment manufacturers, third party administrators, self-administrators and insurers who offer and manage warranties, service contracts and other finance and insurance products.
Since inception, the software has been used to administer more than 50 million policies and process more than 23 million claims.