Insurance technology firm Bindable has received an investment from EPIC Holdings, the corporate parent that oversees all of the investments across the EPIC insurance platform, alongside institutional and private equity specialists.
The EPIC platform includes EPIC Insurance Brokers & Consultants as well as program business, MGA/MGU, warranty and insurtech initiatives.
In this case EPIC is investing alongside $23 billion institutional investment firm Wafra, and Motive Partners an international private equity firm focused on investments in financial technology (fintech) companies.
The investment will support Bindable’s platform development and growth plans.
At the same time, and in connection with the investment, EPIC and Bindable have entered into a commercial agreement that sees Bindable provide a turnkey software product to EPIC as well as its program and affinity business, designed to help it better engage with its insurance clients through technology, product diversification, and growth.
Co-founder and Chief Executive Officer (CEO) of Bindable, Bill Suneson, said, “We’ve built our platform to transform the distribution of insurance through sponsored channels and we’re pleased to partner with EPIC, Motive Partners and Wafra to not only support our vision but also provide the strategic capacity to help us drive that change. We seek to enable the insurance industry to better serve customers through preferred channels and this new capital will help us realize our vision.”
Bindable is based in Boston, U.S., and it says that its software enables customised partner distribution and rapid market expansion for industry leaders and brands alike.
CEO of EPIC Holdings, John Hahn, added, “Our investment in Bindable reflects EPIC’s continued interest in investing and partnering with technology-based solutions and platforms that help us transact our business more efficiently and effectively with our clients.”
Scott Kauffman, Partner at Motive Partners, also said, “We believe Bindable has created a platform that is well positioned for rapid growth, as insurance carriers and brokerages increasingly rely on digital and tech-enabled distribution solutions. I look forward to working with Bill Suneson and John Hahn to help Bindable achieve our shared vision.”
