Patra Corporation, a technology-enabled services company for the insurance industry, has raised $146m investment from FTV Capital.
According to Patra, an aging insurance workforce has resulted in a talent crisis as business struggle with increased turnover and higher recruiting and replacement costs. Moreover, a wave of industry consolidation continues to fuel the need for a flexible, front, middle and back-office solutions to streamline processes and put platforms in a position to be able to scale.
Confronted with these challenges, Patra said, brokers, carriers and other market participants are increasingly turning to partners who offer efficient technology-enabled services and help automate key processes in order to drive future growth.
To tackle these challenges, Patra, which was founded in 2005, has developed technology-enabled management solutions for industry participant across the insurance value chain. Therefore, the company said, it is able to alleviate the burden of administrative and operational tasks, completing them at a lower cost, in a quicker time frame and with greater accuracy.
Patra said the funding will drive additional growth through market expansion and fuel deployment of technologies that drive automation and digitisation of policy and administrative services Patra delivers to its clients.
Brad Bernstein, managing partner at FTV Capital, said, “Patra’s service offering has the ability to optimize and integrate technology with human capital, which is critical in today’s increasingly digitized world.
“Led by a seasoned management team, Patra’s 5,000-plus network of global insurance specialists supports rapid scale while maintaining the quality and precision needed in the complex, highly-nuanced insurance ecosystem. Patra provides a turn-key offering that allows brokers, wholesalers, carriers and MGAs to reduce operating costs, increase productivity, seamlessly integrate acquisitions and allocate necessary resources to secure and retain new business.”
FTV Capital recently led a funding round for Solid, a FinTech-as-a-service platform that offers infrastructure to launch and scale FinTech products. The company raised $63m.
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