A new insurtech has just hit the market after closing a US$3m seed round. Modives is a life event platform that automates insurance verification for property management and auto dealerships.
The insurtech was launched by five industry veterans, to deliver automation and alleviate pain points and time-consuming processes for property managers and auto dealers.
On the formation of Modives, CEO and Co-founder Frederick Waite says: “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.
“It’s an important—and legally required—step before a car leaves the lot and a tenant moves into a property, but verification hasn’t evolved in decades. Simply presenting a declaration page or policy ID card is not proof that insurance is in force. That’s a problem we’re solving.”
Modives: The five founders
Waite is joined in forming Modives by four other co-founders. These are Chief Revenue Officer Justin Silver, Chief Product Officer Russell Barner, Chief Marketing Officer Joel Samen, and Chief Technology Officer Bhopan Krishnan. Who are these five industry veterans?
Waite the CEO: Modives’ new CEO Frederick Waite is a veteran entrepreneur. Prior to founding Modives, Waite founded BCF, a software platform that was later acquired in 2006 by Vertafore. He then went on the create Yodil, an analytics platform which Duck Creek acquired in 2016, before his patented IntelliBACE alongside manufacturing company BACE was acquired by ONCAP in 2021.
Silver the CRO: Justin Silver joins Waite as Modives’ new Chief Revenue Officer, who helped his new CEO found Yodil. When Yodil was acquired by Duck Creek, Silver oversaw the acquisition integration and managed global solutions engineering and consulting teams.
Barner the CPO: Russell Barner is Modives’ new Chief Product Officer. He has an extensive background in leading services teams at DealCloud during its acquisition and holding various positions at Intapp throughout its IPO and subsequent growth. With experience ranging from startups to Fortune 50 companies, Barner has expertise across finance, technology, banking, real estate and aerospace industries.
Samen the CMO: Joel Samen joins Modives as Chief Marketing Officer, after leading the creation of Liberty Mutual’s Digital Media Buying and Analytics organisation. Samen also spent time at MediaAlpha, a marketplace connecting insurance carriers with lead generators.
Krishnan the CTO: Modives’ new Chief Technology Officer joins with over 25 years of experience in the insurtech space. The founder of distribution management and compliance company serving insurers, Outline Systems, Krishnan was part of the engineering team at Duck Creek, which acquired Waite’s company Yodil in 2016.
Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18th-19th October 2023.
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