Insurtech weekly news roundup: June 10
Both sides declined to disclose financial terms. Zywave made the acquisition backed by Clearlake Capital Group and Aurora Capital.
Zywave has a number of cloud-based sales management, client delivery, content and analytics products and services focused on the insurance industry. Its customer base includes more than 15,000 carriers, agencies and brokerages globally. SIS is a provider of web-based agency management systems and customer relationship management products and services for P/C insurance agencies.
SIS launched in 1995 and serves more than 800 broker customers, with a focus on commercial lines.
With the acquisition, Zywave gains access to technology products such as SIS’s Partner Platform agency management system, which specializes in commercial lines. The combination gives Zywave customers access to a complete roster of management systems for every line of business, its deal announcement noted.
“Zywave’s primary goal is to enable profitable, organic growth for our customers,” Zywave CEO Jason Liu said in prepared remarks. “The acquisition of SIS will not only accelerate the ability for our commercial insurance customers [to boost automation, efficiency and profitability], but it will also further transform the way our industry views the traditional [agency management system].”
Kissterra, an insurtech centered around an AI-driven insurance marketing platform, has made three key hires.
Ezra Meir is joining as chief financial officer, Ethan Jones is the new senior vice president of insurance, and Greg Spano is joining as vice president of channel development.
Meir was previously VP of finance for Yotpo, an e-commerce giant. Jones most recently served as SVP of marketing company QuinStreet and as senior manager of channel distribution at Esurance. Spano comes to Kissterra from M&A software company Midaxo, where he was CRO and CCO. Before that, he was Everquote’s VP of channel sales and marketing.
Kissterra launched in 2015.
AmTrust Financial Services is partnering with CLARA Analytics to improve the quality of care for injured employees.
AmTrust is a global specialty property/casualty insurer and the third largest workers’ compensation carrier in the US. CLARA provides artificial intelligence technology to improve processes for commercial insurance claims.
“Our partnership with CLARA is an example of how AmTrust is leveraging data to improve claim handling outcomes for everyone’s benefit,” Melissa Burke, vice president and head of Managed Care and Clinical at AmTrust, said in prepared remarks.
The two companies have an ongoing relationship. In early 2021, AmTrust partnered with CLARA to boost effectiveness efficiency in claims management.
Branch, a digital insurance start-up based in Ohio, raised $147 million to help fuel further national expansion.
Branch debuted in 2019 and offers auto, home, renters’ and umbrella cover. The company uses partnerships, agents and direct-to-consumer sales to distribute its products and is also able to rapidly bundle cover.
“Investors see what we’re capable of and the results we’ve generated,” co-founder and CEO Steve Lekas said. “What sets us apart is we didn’t build for growth. We built to grow as fast as our loss ratio would allow us.”
Hourly.io, a workers’ comp and payroll insurtech start-up, has raised $27 million in new financing designed to help it expand beyond the state of California, where it is based.
Glilot Capital Parnters led the Series A financing. Previous investors also participated including S Capital, MS&AD Ventures and J-Ventures. New investors Vintage Investment Partners and Upshot Ventures joined in as well.
Hourly’s platform fuses payroll, time and attendance and workers’ compensation insurance into a single platform.
“We’re thrilled to expand Hourly out of California,” co-founder and CEO Tom Sagi said in prepared remarks.
Roamly, an insurtech focused on embedded insurance for travel enthusiasts, made two key hires, including a former executive from Root and Uber.
Mary Heneen has joined as chief commercial officer and will lead the company’s insurance growth opportunities and partnerships. Previously she worked in strategic revenue growth development and marketing at companies including DIRECTV, Amazon, Comcast, Dish and Nordstrom. Most recently, she was at Camping World as their senior vice president and general management of membership products, including its insurance arm Good Sam.
Jessica Ballard has signed on as director of claims. Previously, she led the claims team at Root, a personal auto insurtech. She also managed the North America claims team for Uber and brings to Roamly more than 15 years of experience in P/C insurance.