Industry veterans Stanard and Fox’s Pelican Ventures invests in US digital insurance firm
Pelican Ventures, the private investment firm founded by RenaissanceRe founder Jim Stanard and TigerRisk founder Rod Fox (pictured), has made a strategic investment in a US digital insurance agency providing personal lines coverage in all 50 states with a wide array of carriers. The agency aims to “revolutionise the way Americans buy insurance”. Fox highlighted that it is the “only multicarrier complete end-to-end distribution source of its kind” they have found.
Pelican, an insurance-focused investment fund, has taken a stake in Nsure, which is a full-service digital agency providing personal lines coverage in all 50 states with over 50 carriers. Rod Fox has joined Nsure’s advisory board.
Nsure uses big data, robotic process automation, machine learning and artificial intelligence to help consumers buy and bind auto or home insurance with real comparisons from a wide range of carriers.
“Nsure.com, because of its highly advanced technology, ease of use and personal touch, is the only multicarrier complete end-to-end distribution source of its kind that we have found,” said Fox, Pelican board member. “Today, less than 5% of personal lines policies are actually purchased online. The overwhelming majority of personal lines are still handled in a traditional fashion through agents. That’s going to change.”
Other recent Pelican insurance industry investments include Ariel Re, the former reinsurance arm of Argo Group, Trium Cyber, a specialty insurer covering cyber and technology E&O, and EvolutionIQ, an artificial intelligence-powered disability and WC claims advisor.
Adrian Dzielnicki, CEO of Nsure, said: “We couldn’t find better investors. In addition to their investment, Pelican’s experience as extraordinarily successful entrepreneurs and innovators in their own right will help us revolutionize the way Americans buy insurance. Better still, Pelican’s co-founder, Rod Fox, has agreed to join our advisory board.”
He added: “Personal lines, especially homeowner’s, is particularly difficult because there are so many insurance carriers offering so many kinds of coverages at different costs. Our solution was to integrate customer preferences with the carrier's needs. There are some aggregators and direct writers who call themselves digital. However, these other players lack the ability to provide a wide array of potential carriers or the capability to bind a policy on line. Only Nsure enables users to search, transparently compare quotes, shop and bind.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
