Bindable announces investment round led by EPIC, Motive Partners and Wafra
November 27, 2018
Boston, San Francisco and New York (November 27, 2018) – Bindable, an insurance technology company whose goal is to transform the affinity distribution of insurance, today announced an investment from EPIC Holdings, the corporate parent overseeing investments across the entire EPIC platform, including EPIC Insurance Brokers & Consultants, and a Wafra advised fund, in conjunction with Motive Partners, a global private equity firm focused on investing in financial technology companies.
The investment will support Bindable's continued platform development and growth initiatives. In connection with the investment, Bindable and EPIC have entered into a commercial agreement where Bindable will provide a turnkey software solution to EPIC and its program and affinity business that will enable EPIC to better engage its customers through technology, product diversification and market growth.
Headquartered in Boston, Bindable has built a premier multi-product digital platform for insurance distribution through ecosystem and affinity channels. Bindable's software enables customized partner distribution and rapid market expansion for industry leaders and brands alike. Bindable has proven itself to be a highly differentiated solution through its client engagements with leading insurance companies, financial institutions, brokers and affinity groups.
Bill Suneson, Co-founder and CEO of Bindable, commented: "We've built our platform to transform the distribution of insurance through sponsored channels and we're pleased to partner with EPIC, Motive Partners and Wafra to not only support our vision but also provide the strategic capacity to help us drive that change. We seek to enable the insurance industry to better serve customers through preferred channels and this new capital will help us realize our vision."
John Hahn, CEO of EPIC Holdings, commented: "Our investment in Bindable reflects EPIC's continued interest in investing and partnering with technology-based solutions and platforms that help us transact our business more efficiently and effectively with our clients."
Scott Kauffman, Partner at Motive Partners, commented: "We believe Bindable has created a platform that is well positioned for rapid growth, as insurance carriers and brokerages increasingly rely on digital and tech-enabled distribution solutions. I look forward to working with Bill Suneson and John Hahn to help Bindable achieve our shared vision."
Greenberg Traurig served as legal advisor to Motive Partners and EPIC in connection with the transaction.
Fenwick & West LLP served as legal advisor to Wafra in connection with the transaction. Osborn Maledon served as legal advisors to Bindable in connection with the transaction.
Bindable is a full-stack, tech-enabled solutions provider built for modern insurance distribution. Through its MyLifeProtected and Policy Crusher™ platforms, Bindable offers insurance companies, intermediaries and affinity groups a comprehensive suite of digital products and software services designed to further engage and monetize their customers.
For more information, visit www.bindable.com.
About EPIC Holdings
EPIC Holdings is the corporate parent overseeing investments across the entire EPIC platform, which includes the firm's retail insurance brokerage and consulting business (EPIC Insurance Brokers & Consultants); programs, affinity, and MGA/MGU business, warranty and InsureTech Initiatives (EPIC Specialty Programs & Investments).
Led by CEO John Hahn and President Steve Denton, EPIC Holdings focuses on identifying and pursuing opportunities to invest in and acquire businesses across the EPIC platform. This includes expanding the firm's Program/MGA footprint, aggressively participating in the InsureTech revolution, and developing new, creative distribution ideas and concepts, while remaining focused on EPIC's vision and strategy to drive specialization across the entire organization. For additional information, please visit www.epicbrokers.com.
About Motive Partners
Motive Partners is a sector-specialist investment firm that is focused on technology enabled companies that power the financial services industry. Based in New York and London and comprised of investors, operators and innovators, Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies. For more information, visit www.motivepartners.com.
Wafra and Its advisory affiliates have discretionary and non-discretionary assets under management (including undrawn capital commitments) exceeding $23 billion (estimated as of June 30, 2018) and invest across a wide range of asset classes. In its pursuit of investments, Wafra seeks to connect its investors, partners and stakeholders to foster an exchange of ideas and innovations. www.wafra.com.
MASSDRIVE INSURANCE GROUP LAUNCHES BINDABLE™
April 11, 2018
BOSTON—MassDrive Insurance Group, the company behind MyLifeProtected, today introduced Bindable™, an insurance technology company whose goal is to transform the affinity distribution of insurance by providing a full stack of innovative, technology-enabled services. This new venture allows for the consolidation of its core services under the Bindable umbrella to better support its evolution into an industry-leading tech services platform.
Founded by proven entrepreneurs and affinity marketing leaders, Bindable offers insurance companies, affinity groups and intermediaries a full suite of solutions for modern insurance distribution including:
- MyLifeProtected – launched in early 2016, the multi-product digital platform delivers private label and custom branded insurance marketplace solutions to partners.
- Policy Crusher™ – the newest service under the Bindable umbrella serves as a SaaS platform and CRM for agents specifically designed for partner distribution models.
- MassDrive – a nationally licensed agency offering multi-carrier auto and home insurance comparison-shopping services available for integration with eco-system partners.
In describing the reasoning behind the name, Bindable's CEO and Co-Founder, Bill Suneson, explained, "We've built our organization around providing technological solutions that enable companies to enter into the insurance business or expand their existing presence. We see this as a kind of 'binding,' which of course is a well-known insurance reference. To us, Bindable represents the bringing together of like-minded people, such as affinity groups, and a continued commitment to our customers, partners and community. We also feel the name speaks to the technological advancements in the insurance industry via products, services and customer engagement."
Bindable provides companies that work in the affinity space a full front-to-backend solution. It also offers adoptable tools that deliver more solutions to companies who work with affinity partners, particularly through its newest service: Policy Crusher™, a dynamic agent facing enrollment platform and CRM built for modern insurance distribution and personalized cross-sell.
"We offer a suite of technology-enabled services to insurance companies, intermediaries, affinity groups and other trusted brands. Bindable allows strategic partners to better engage their customers through insurance distribution, product diversification, and market expansion," added Jean-Marie Lovett, President at Bindable.
NEW YORK--(BUSINESS WIRE)--MetLife Auto & Home® today announced the launch of SnapQuote®, a digital insurance marketplace. SnapQuote's advanced API technology, powered by Bindable™, a Boston-based distribution technology firm, enables the insurance marketplace to integrate directly into existing platforms to give end users a streamlined, seamless experience.
SnapQuote's highly intuitive algorithms pull data from existing platforms, and with minimal additional information, can pinpoint the best available quotes from MetLife Auto & Home and other high quality home and auto insurance providers based on factors like cost and coverage. This easy-to-use insurance platform provides end users with information at the click of a button and access to licensed agents to ask questions and buy a policy.
"Consumers today expect more choice and transparency than ever," said Kishore Ponnavolu, president of MetLife Auto & Home. "SnapQuote delivers an omni-channel approach that puts the customer at the center of the experience."
Along with a digitally-integrated, insurance-choice marketplace and access to a variety of auto and home insurance products, SnapQuote offers customizable benefit solutions to mortgage lenders, banks, credit unions, employers, member associations and insurance brokers.
"We've made sure that SnapQuote gives businesses and organizations the ability to grow with an agile platform that seamlessly integrates into existing processes and systems," said Kevin Chean, vice president, MetLife Auto & Home, "Whether you're a financial institution, employer or insurance broker, SnapQuote helps you provide the online insurance marketplace your customers or employees want."
More information about SnapQuote, including requesting a demonstration, visit www.metlife.com/snapquote.
About MetLife Auto & Home
MetLife Auto & Home is one of the nation's leading personal lines insurance groups, insuring nearly 4 million autos and homes, and is affiliated with MetLife. For more information, visit www.metlife.com.
MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates ("MetLife"), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.