Centana Backs First Connect to fix Agent-Carrier Divide
Centana Growth Partners, a financial services investment firm focusing on the financial services ecosystem, has acquired First Connect Insurance Services from Hippo Holdings Inc in a deal worth more than US$60m.
First Connect, a digital platform that connects independent insurance agents with carriers, was previously owned by Hippo Holdings, a home insurance technology company that uses data and smart home technology for property protection.
The platform serves tens of thousands of independent agents who collectively generate hundreds of billions of dollars in insurance premiums across the US.
The investment includes participation from Pruven Capital, Cota Capital and Cross Creek. First Connect's president Aviad Pinkovezky will take on the role of CEO following the transaction.
Independent agents face persistent challenges in accessing diverse insurance products for their clients' personal and commercial needs.
Carriers encounter administrative hurdles when directly appointing and collaborating with these agents, including vetting, onboarding, and monitoring processes.
Technology Solution
The platform utilises artificial intelligence to validate Errors & Omissions (E&O) documentation - insurance that protects against claims of inadequate work or negligent actions.
This technology reduces compliance verification times from weeks to minutes, enabling agents to begin policy sales almost immediately.
First Connect's digital marketplace connects with more than 100 carriers and managing general agents (MGAs) - specialised insurance intermediaries with underwriting authority from insurers.
The platform's integration with carriers streamlines administrative processes and accelerates policy quotation and binding.
Independent agents, who represent nearly two-thirds of the US property and casualty insurance market, can use the platform to begin selling policies within hours rather than months through traditional channels.
The system includes tools for identifying carriers with appetite for specific risks, providing agents with direct paths to policy quotation and binding.
Growth Strategy
The platform's growth potential has attracted attention from major industry players.
Ramneek Gupta, Managing Partner of Pruven Capital, notes the involvement of significant insurance companies: “We know from conversation with Pruven LPs including Prudential, WTW, Lincoln, TIAA, Mutual of Omaha and others that carriers need better tools to engage and manage this vital partner channel.”
Sarah Kim, partner at Centana Growth Partners, adds: “The insurance market is increasingly volatile, with agents and carriers grappling with fragmented systems and changing underwriting processes. First Connect's commitment to addressing the unique needs of independent agents caught our attention.”
The investment will fund product development and market expansion as First Connect seeks to strengthen its position in the insurtech sector. The company plans to expand its team across product development, engineering, sales, and account management functions.
Aviad Pinkovezky, CEO at First Connect, concludes: “This investment allows us to double down on what matters most to our agents and carrier partners, which is strengthening our product and elevating our service potential.
“By expanding our team across product, engineering, sales, and account management, we're well positioned to scale to meet the increasing demand for our solution.”
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