Centana Growth Partners, a NYC-based and Palo Alto, CA-based growth equity firm specializing in the financial services ecosystem, acquired a majority stake in First Connect Insurance Services, an Austin, TX-based provider of an insurtech platform, formerly an indirect wholly-owned subsidiary of Hippo Holdings Inc. (NYSE: HIPO).
The initial investment, exceeding $60M, was led by Centana with participation from Pruven Capital, Cota Capital, and Cross Creek.
This funding will enable First Connect to accelerate product growth, and expand market penetration.
Led by CEO Aviad Pinkovezky, First Connect Insurance Services is a digital platform designed to level the playing field for independent agents by providing access to over 100 carriers and MGAs across home, auto, cyber, small business, life, and specialty lines. It is a licensed property casualty and life insurance agent with products underwritten by various insurance companies.
The platform includes:
- Carrier Store: A marketplace with over 100 carriers and MGAs, offering agents an easy way to discover and get access to those carriers, as well review relevant information such as lines of business written, states coverage, underwriting guides and commission rates.
- Appetite Finder: A tool that helps agents identify carriers with appetite for specific risks, providing a simplified path to quoting and binding policies.
- AI-driven Validation: By implementing an AI-powered solution for validating Errors & Omissions (E&O) documents, they’ve automated the majority of the verification process, reducing compliance approval times for new agents from weeks to just minutes, allowing agents to start selling policies almost instantly.
FinSMEs
11/11/2024