Patra gets US$146mn in bid to overhaul US insurance industry
US insurtech Patra has announced a US$146mn investment to help it continue to address major structural challenges within America’s US$60bn insurance industry.
The money, part of a recapitalisation from FTV Capital, will allow the California-based company to drive additional growth through market expansion and accelerate the deployment of technologies that drive automation and digitisation of policy and administrative services that Patra delivers to its clients.
Patra has developed a range of technology-enabled process management solutions purpose-built for the insurance industry. Through its proprietary technology platform, PatraOne, it hopes to alleviate the burden of administrative and operational tasks while also delivering time and cost savings plus accuracy improvements.
Founded in 2005, it has built a base of 235 enterprise customers spanning 650 offices in the US and Canada.
A turn-key solution to lower cost and boost productivity
“We are excited to partner with FTV Capital as we enter our next phase of growth,” says John Simpson, Founder and CEO of Patra. “FTV’s extensive knowledge of the insurance ecosystem and strong network of global relationships within the broader financial services space will complement our existing capabilities and help us drive additional value for our customers to further penetrate our target markets.
“FTV has proven itself to be a foremost leader in tech-enabled services with recent investments such as Lean Solutions Group, LogicSource and DataArt. Additionally, the FTV team’s prior experience partnering with leading platforms like EXL, Globant and others provides a unique vantage from which to support our success going forward. We look forward to introducing new products and services for our customers, continuing our mission of bringing innovative and value-oriented services to the insurance marketplace.”
Brad Bernstein, Managing Partner at FTV Capital, adds: “Patra’s service offering has the ability to optimise and integrate technology with human capital, which is critical in today’s increasingly digitised 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.”
