Five insurance industry veterans have formed Modives, a new venture which automates insurance verification for property managers and auto dealers.
CEO and Co-Founder Frederick Waite, a veteran entrepreneur, has assembled a team with varied insurance industry experience to launch his latest venture.
Prior to forming Modives, he established BCF, a software platform acquired by Vertafore in 2006, and analytics platform Yodil, Inc., which was purchased by Duck Creek in 2016, both in the insurance space.
Four highly experienced insurance executives join Waite on the Modives leadership team, each containing years of experience across several key areas of the industry.
Chief Revenue Officer Justin Silver joins the team. Most recently he co-founded Yodil with Waite ahead of the company’s acquisition by Duck Creek, where he stayed on for acquisition integration and to lead the global solutions consulting and engineering team to continued growth.
At the same time, Chief Product Officer Russell Barner also joins the team. He previously led services teams at DealCloud through acquisition and served in various roles at Intapp through IPO and continued expansion. Barner’s expertise spans across FinTech, banking, real estate and aerospace, making him a remarkable figure to have within the leadership team.
Additionally, Chief Marketing Officer Joel Samen also joins the team, He previously played a significant role in helping to build Liberty Mutual’s Digital Media Buying and Analytics organization, insourcing the carrier’s digital marketing from agency management.
Most recently, he led marketing and sales operations for MediaAlpha, the top marketplace connecting insurance carriers with lead generators.
And rounding out the team as Chief Technology Officer, Bhopan Krishnan joins Modives with more than 25 years of InsurTech experience, having founded Outline Systems, a distribution management and compliance software for the insurance industry, acquired by Duck Creek in 2018.
“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,” Waite said.
“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.”
Silver commented: “Our patent-pending platform is a win for all sides. Property owners and managers, as well as auto dealers, will reduce time and costs while staying in compliance with current data laws and regulations. And most importantly, their consumers get a far better and safer insurance verification process. Modives makes the insurance verification process painless for the auto dealerships, property management, and customers.”
