Insuritas Raises $10 Million in Capital
Capital infusion will drive technology development and client acquisition.
Insuritas® announced that it has successfully completed a $10 million capital raise, the first since the company was repurchased by Jack Henry & Associates in 2008, says Kevin McCormick, chief financial officer.
“The convergence of shifting insurance purchasing trends, online/mobile banking, the consolidation of the independent insurance agency distribution system, and the regulatory and economic upheaval that has savaged fee income sources for financial institutions nationally has created a unique opportunity to scale the Insuritas model,” McCormick says.
He said Insuritas offers a turn-key insurance agency solution, a national agency call center, a “Quantum Agency” platform that links its agency operations into financial institutions’ core systems, and its newest technology, LoanINSURE®, which automatically generates competing quotes from multiple carriers as part of loan transactions.
“It has always been our goal to provide financial institutions with a turn-key insurance agency that they could own and would feature complete systems integration,” says Jeffrey Chesky, founder/CEO of Insuritas. “The success of our unique tools to allow depositors to shop, compare, and buy insurance online or over the phone while they bank and borrow is radically changing the economics of insurance distribution.
“Insuritas has positioned financial institutions to emerge as dominant distributors of these increasingly commoditized products,” he continues, “and this infusion of growth capital will allow us to scale our solution into over 300 financial institutions over the next 36 months.
“We were overwhelmed with the response to our capital raise, completing the process in just 90 days,” Chesky says. “In the weeks ahead we will expand our management team, our corporate sales team, and our operations and technology staffs to handle the increased demand loads from adding new clients nationally.”
Insuritas enables credit unions and banks to own a complete insurance agency solution without the significant capital investments required to build or buy an agency, or the inherent operational risks. Visit the Insuritas website for more information.