Insurance Technologies Corporation, a website and agency marketing software developer, has closed a majority investment from Accel-KKR.
As part of the transaction ITC’s former president Laird Rixford will now serve as the company’s CEO.
ITC develops websites, agency marketing, comparative rating and management software and services for the insurance industry. Headquartered in Texas, the company serves over 200 insurance companies and 6,000 agencies.
One of the company’s product offerings is the InsurancePro Agency Management system, which helps firms to automate a range of workflow processes including track commissions, automatically update policy data reconcile any payment transactions.
TurboRater is another service provided by ITC and helps agencies speed up and automate quote generation. Through the system, users can analyse various insurance policies to find the best one for their consumers.
With this new funding and partnership, ITC hopes it can boost its product innovation and expand on its position in the insurance sector.
ITC’s Laird Rixford said, “We’re excited about the partnership with Accel-KKR and the opportunity it presents ITC as we look forward to future growth and expansion. By combining ITC’s long-time commitment to the insurance industry, continual innovation, and customer service with the experience and resources of Accel-KKR, we will be able to help our customers, partners, and employees with their continued growth and success, now and into the future.”
This is the third FinTech investment completed by Accel-KKR this year. Earlier in the year, the firm led the refinancing of Guggenheim Investments which provides a selection of business management solutions such as electronic-POS and finance accounting.
Prior to that transaction, the firm picked up a majority stake in the online payments and subscription management company FastSpring.
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