David Thomas-led Innovisk Capital Partners has established an MGA in the US called Vindati to offer specialty contractors equipment, builder’s risk, and farming and ranching programs for small- and medium-sized businesses, The Insurance Insider can reveal.
Vindati, led by former Allianz executive Hugh Burgess, will also provide programs for commercial articles and truck cargo down the road.
The MGA becomes the sixth business created by Innovisk after Thomas, the former CEO of Acapella, set up the new platform to seed entrepreneurial start-up MGAs with capital backing from Willis Towers Watson in May – an endeavour revealed by this publication.
Among the six businesses, three, including Vindati, are in the US: Vertus, a specialty insurer based in Jacksonville, Florida, and providing catastrophic risk protection for homeowners and small businesses; and Freburg Environmental, a Denver-based environmental program manager. The others are in the UK.
According to an Innovisk representative, Vindati is starting with products for small, simple businesses that will be “better served with our new model”.
Insurers are lined up to provide use of their balance sheets to Vindati but the start-up’s representative declined to name them.
Innovisk derived the Vindati name from the Italian words vincente (winning) and dati (data). As defined in Hindi, vindati also means “to find”.
Brokers will choose how to connect and place business with Vindati, either through simple emailed ACORD forms, digital broker channels, other InsurTech connections or directly through the Vindati shopping platform, Innovisk said.
However a broker connects, Vindati will provide instant customised and bindable quotes using technology, integrated data and analytic tools, delivering proposals and policies on demand.
“Vindati is focused on delighting the broker as the customer like never before,” said Burgess, who built the North American presence of Allianz Global Corporate & Specialty and also served in other key posts at Allianz, including CEO of Americas and as the global head of marine.
Thomas said that Burgess “has helped us advance our technology strategy”.
He added: “Our services and capabilities will enable us to partner with Vindati’s strong underwriting team as they use technology and data to make significant improvements in the brokers’ buying experience.”