Patra Company, a US-based technology-enabled providers firm for the insurance coverage trade, has secured $146m funding from fintech-focused progress fairness agency FTV Capital.
The funding will likely be utilized by Patra for market enlargement and speed up the implementation of applied sciences to drive automation and digitisation of coverage and administrative providers.
Patra can even use the cash to broaden its buyer attain and capabilities in addition to fast-track efficiencies throughout insurance coverage worth chain
Patra founder and CEO John Simpson mentioned: “FTV’s intensive data of the insurance coverage ecosystem and robust community of worldwide relationships throughout the broader monetary providers area will complement our present capabilities and assist us drive extra worth for our clients to additional penetrate our goal markets.
“FTV has confirmed itself to be a foremost chief in tech-enabled providers with latest investments equivalent to Lean Options Group, LogicSource and DataArt. Moreover, the FTV workforce’s prior expertise partnering with main platforms like EXL, Globant and others supplies a novel vantage from which to assist our success going ahead.
With the funding, FTV Capital managing companion Brad Bernstein and FTV Capital principal Mike Vostrizansky will be a part of Patra’s board of administrators.
Patra’a technology-enabled course of administration options are purpose-built for purchasers throughout the insurance coverage worth chain.
FTV Capital managing companion Brad Bernstein mentioned: “Patra’s service providing has the flexibility to optimise and combine expertise with human capital, which is important in right now’s more and more digitised world.
“Patra supplies a turn-key providing that enables brokers, wholesalers, carriers and MGAs to cut back working prices, improve productiveness, seamlessly combine acquisitions and allocate crucial assets to safe and retain new enterprise.”
Based in 2005, Patra has greater than 235 clients. It has 650 places of work throughout the US and Canada.