Moelis Capital Partners (“MCP”) today announced its investment in Insurance Technologies, LLC (“Insurance Technologies”), a leading provider of software and technology-enabled sales automation platforms to insurance and financial services companies. Terms of the investment were not disclosed.
Headquartered in Colorado Springs, CO and with over 200 employees, Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. The company’s core product, ForeSight®, is an established, industry-leading point-of-sale illustration product for multiple lines of business including life and annuities. The company also offers a fast growing, feature-rich SaaS e-application product, FireLight®, which expedites the application data collection process with an intuitive user interface. Both products serve to automate and improve the sales process and increase revenue of retirement and insurance products offered by some of the most established financial institutions in the country.
David Fenimore, who has been promoted to Chief Executive Officer of Insurance Technologies, said, “MCP has a wealth of experience in the insurance and software space and we are excited about this new partnership with them. We look forward to leveraging their expertise to strategically grow our product offering and continue our on-going commitment to providing forward-thinking technology supported by unparalleled customer service.”
Larry Wiedeman, founder of Insurance Technologies, who will serve as Vice Chairman, added, “Our partnership with MCP will assist Insurance Technologies in strengthening and expanding our presence in the market. We are confident this partnership will benefit both Insurance Technologies and our valued customers.”
Greg Share, a Partner at MCP, said, “Since its inception in 1995, Insurance Technologies has developed a reputation as the industry leader in providing complex technology solutions to insurance companies. We see enormous opportunity in the insurance software solutions space and look forward to working alongside David and his talented team as they continue to provide innovative sales solutions to insurance carriers and their distribution channels.”
MCP Managing Partner Kurt Larsen and Mr. Share will join the company’s board of directors alongside MCP Executive Advisory Board member Ned Stringham, who will join the board as Chairman.
Insurance Technologies, a former portfolio company of Palm Beach Capital, was advised by Financial Technology Partners. MCP was advised by Moelis & Company LLC.
About Moelis Capital Partners
Moelis Capital Partners, an affiliate of Moelis Asset Management, is a middle market private equity firm founded in 2007. MCP manages approximately $870 million of committed private equity capital and specializes in traditional private equity investments in the middle market. For more information, please visit www.moeliscapital.com.
About Insurance Technologies LLC
Based in Colorado Springs, Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Its product suite supplies carriers and distribution partners accurate tools to automate and accelerate the sales process allowing more time to develop new sales opportunities. ForeSight® is a mobile point-of-sale illustration platform that supports all aspects of the insurance sales process for multiple lines of business across diverse distribution channels with customized user experience and content branding options. FireLight® is a device-agnostic, user-friendly, easy to deploy e-application business fulfillment platform that automates any existing sales process across all lines of business facilitating straight-through processing. For more information, please visit www.insurancetechnologies.com.