Spring Venture Group, a digital insurance platform has received a strategic investment from Corsair Capital.
The value of the investment was disclosed, but the partnership will support Spring with its expansion efforts. Over the past two years, the company has tripled its employee base to over 600.
As part of the transaction, representatives of Corsair will join Spring’s board of directors, while the company’s existing management team will continue to run the daily operations.
Founded in 2010, Spring is a direct-to-consumer sales and marketing company for the insurance senior market. It serves as a strategic distribution partner with a focus on Medicare Supplement, Medicare Advantage insurance carriers.
The technology platform uses marketing, lead generation, comparison shopping, sales execution, and post enrolment customer engagement to support its carrier partners. Missouri-headquartered Spring offers market expertise and technology-backed sales approaches, supported through data-driven operation and workflow insight.
Spring CEO Chris Giuliani said, “Corsair’s strong understanding of the financial services industry, deep sector relationships, and track record of successfully partnering with management teams at rapidly scaling companies will be invaluable as we grow our core Medicare business and expand into adjacent markets.”
Earlier in the year, Corsair Capital bought InsurTech platform RGI from private investment house Ardian, which has held the company for three years. RGI is a software products and technology service provider for the insurance industry, supporting the entire policy spectrum.
Last week, fellow US-based InsurTech platform REIN collected $7.3m in its latest funding round. The company, which raised capital from firms including Liberty Mutual Strategic Ventures and Kiplin Capital, develops custom-built insurance technology for clients.
Copyright © 2018 FinTech Global
