The Boston-based insurtech was acquired by IVANS on August tenth
In one other signal of the rising symbiosis between insurtech and the normal insurance coverage trade, IVANS, a division of Utilized Programs, has acquired the business traces urge for food engine and of one among Boston’s first insurtech start-ups: Ask Kodiak.
“Our funding in Ask Kodiak furthers our mission to develop the IVANS knowledge superhighway, making a extra related and useful digital ecosystem of insurance coverage,” stated Reid Holzworth, chief govt officer, IVANS. “Merging Ask Kodiak with the IVANS Distribution Platform will mix the trade’s most strong urge for food administration and communication device and the trade’s broadest distribution platform to allow brokers, MGAs, carriers and companions to digitize the end-to-end business traces coverage lifecycle and supply further alternatives to extra broadly join throughout extra traces of enterprise.”
Based in 2015 by former AgencyPort veterans, Michael Albert and Allan Egbert, Ask Kodiak idea had a great idea from the get-go: employ their technological expertise to offer exceptional commercial lines market appetite and search capabilities for the independent agency channel. With its acquisition, the corporate will now assist IVANS additional its personal business traces connectivity options, significantly with the IVANS Distribution platform.
A follow-up to the official announcement
As Ask Kodiak was one of many first insurtechs Company Checklists ever profiled, and one we adopted carefully because the hosts of the favored Insurtech Boston meetups, we thought lots of our readers could be all in favour of studying extra about Ask Kodiak’s acquisition and their plans for the long run. As such, we reached out to the duo to see if they’d not thoughts answering a few e mail questions concerning the acquisition and what the acquisition means for Ask Kodak going ahead. Here’s what they stated:
Congratulations on Ask Kodiak’s acquisition. How did the chance with IVANS come about?
Earlier this 12 months we have been discussing a partnership with IVANS. We’ve got a rising ecosystem of accomplice platforms related to Ask Kodiak and it solely made sense to us that IVANS be one. We’ve recognized Reid Holzworth, CEO of IVANS, for a really very long time. In truth, throughout his days because the CEO of TechCanary they have been a accomplice of ours. One factor led to a different and right here we’re.
Had you been contemplating promoting Ask Kodiak?
No, under no circumstances.
What have been the principle benefits of becoming a member of forces with IVANS?
Including Ask Kodiak to the IVANS Distribution Platform combines the trade’s premier urge for food communication device and the trade’s broadest distribution platform permitting brokers, carriers, and companions to digitize the end-to-end business traces coverage lifecycle. Merely, we will do extra collectively than we may alone. Our entire staff could be very excited for this subsequent chapter.
Going ahead, how is Ask Kodiak to be built-in with IVANS? Will Ask Kodiak proceed as a separate model identify or be merged with IVANS?
Ask Kodiak will function the urge for food part for IVANS Distribution Platform. Along with the platform being made a key a part of the IVANS providing, for now the Ask Kodiak identify will reside on too.
How will the merger with IVANS profit Ask Kodiak and its subscribers?
Our prospects will profit from a a lot greater staff (we go in a single day from a staff of 5 to a staff of round 150, with back-office help from Utilized Programs) and a bigger addressable platform viewers as we broaden our integration with IVANS and Utilized.
What concerning the Ask Kodiak staff? What are your plans after the completion of the acquisition? Will you keep on after the sale, take a while off, begin one other insurtech?
Being energized concerning the mixture was important. We’d not have come collectively if we didn’t imagine within the shared imaginative and prescient or wish to roll up our sleeves and be part of bringing it to life. To that finish, our staff will stay intact and proceed below the IVANS banner bettering Ask Kodiak, integrating it with the IVANS Distribution Platform, and serving to IVANS arise its Innovation Lab to churn out nice new merchandise.
What modifications, if any, do you see ensuing from Ask Kodiak becoming a member of with IVANS?
Ask Kodiak prospects and companions will expertise no fast influence to their main companies, help, and gross sales contacts. Over time, the mixed firm will consider alternatives to create better synergies inside our gross sales and buyer help capabilities. Tighter integration of Ask Kodiak with IVANS Distribution Platform will present vital advantages and better option to each corporations’ prospects, companions, and different stakeholders within the trade. IVANS is dedicated to investing behind the mixed groups to drive continued product innovation and ship the best degree of worth to our prospects and companions.
IVANS will proceed to help and develop Ask Kodiak’s relationship with Insurtech and integration with dealer administration options within the market, supporting the rising IVANS Distribution Platform accomplice community.
Talking of insurtech, what about Insurtech Boston, do you each have plans to proceed organizing occasions?
Oh, for positive. Extra to return on this subject quickly.
There appears to be a whole lot of consolidation occurring between legacy corporations and insurtechs. What’s your tackle the present state of insurtech and the way it will evolve going ahead?
Startups are a proving floor for brand spanking new concepts. There are a few of us that hit on one thing and it’s solely pure for bigger trade gamers to wish to faucet into new know-how, income, and buyer bases. Our take is that M&A exercise within the house is testomony to the general well being of the trade. And there’s an enormous long-term profit to all gamers within the trade as recent know-how and new faces transfer into management positions at corporations which have been round for an extended time frame. ‘Legacy’ is a way of thinking, not a situation of age. We’re hoping to show that time very quickly.