InsurTech disruptor Modives secures $3m in seed round


Modives, an InsurTech start-up, is aiming to improve the arduous process of insurance verification for property managers and auto dealers.

The company successfully secured a seed funding of $3m, although the investors involved in the round were not disclosed.

Modives has been conceived to alleviate the traditionally laborious process of insurance verification in the property and auto industries. As a crucial and legally necessary step before any vehicle leaves a dealership or tenant moves into a property, insurance verification has long been a source of frustration due to its cumbersome nature and time-consuming process.

The newly acquired funding will be utilised to enhance Modives’ innovative platform, designed to streamline this tedious process and significantly improve the customer experience.

In addition to its seed funding, Modives boasts a rich pedigree with its founder and CEO, Frederick Waite, a veteran entrepreneur with an impressive track record in the insurance industry. His previous ventures include BCF, a software platform acquired by Vertafore in 2006, Yodil, Inc., an analytics platform purchased by Duck Creek in 2016, and most recently the IntelliBACE platform and BACE, both acquired by ONCAP in 2021.

CEO Frederick Waite said, “One of the pain points for both selling cars and renting properties is that verifying insurance takes too long and is cumbersome, which negatively impacts the customer experience.” His ambitious goal with Modives is to modernise this verification process which has remained stagnant for decades.

Before Modives, Waite and Chief Revenue Officer Justin Silver co-founded Yodil, with Silver remaining at Duck Creek post-acquisition to support integration and drive continued growth of the global solutions consulting and engineering team. The leadership team also includes Chief Product Officer Russell Barner, Chief Marketing Officer Joel Samen, and Chief Technology Officer Bhopan Krishnan, all of whom bring to the table vast industry experience and an array of skills.

Justin Silver, Chief Revenue Officer at Modives, also commented on their innovative platform: “Modives makes the insurance verification process painless for the auto dealerships, property management, and customers.”

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