Finovate Alumni News

On Finovate.com

  • “Fintech Favorites: Blockchain, the Banks, and the Underbanked”
  • Lleida.net Brings Connectaclick to Ecuador’s Banco Pichincha.

Around the web

  • Swiss fintech innovator Net Guardians to deploy its security solution, FraudGuardian, with National Bank of Malawi.
  • iSignthis partners with Leverate Financial Services, providing the online FX and CFD broker with its full Paydentity solution.
  • YourStory profiles Finovate newcomer MarketsMojo and its plan to make equity investing mainstream.
  • Frankfurter Allgemeine features Fintura in a look at the fintech scene in Frankfurt.
  • True Potential wins approval as workplace pension adviser from The Pensions Regulator.
  • PayPal reports mobile shopping represented a third of sales on Thanksgiving and Black Friday.
  • Lighter Capital named the fastest growing private tech company in Washington state.
  • LTP lists BankBazaar, CoverHound, InforcePRO, and Sureify on its list of revolutionary insuretech startups.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Zopa launches three new loan products: Classic, Access, and Plus, expanding ability to lend to higher risk borrowers.
  • Envestnet | Yodlee teams up with South African API marketplace, Limitless.
  • “PayActiv raises $9 million in Series A”
  • “Modo Payments closes $2 Million in Funding”

Around the web

  • BioCatch announces real time detection of Remote Access and RAT-in-the-Mobile (RitM) malware.
  • PayPal unveils redesign of its Android and iOS mobile apps.
  • eToro partners with Sberbank to bring its social trading network to Russian investors.
  • News America Marketing and Linkable Networks announce partnership deal.
  • Nasscom Product Community blog features Bridgei2i.
  • InforcePRO adopts DTCC’s IR&S Solution to link with Carrier Partners.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

InForcePRO Rakes in $4 Million Following Finovate Debut

InforcePRO_homepage_Sep2015

In a round led by LiveOak Venture Partners, insurance technology specialist InforcePRO has closed a $4 million venture capital round.

The investment takes InforcePRO’s total capital to more than $5 million. The company says the new funding will help with expansion both in the United States as well as internationally. InforcePro co-founder Cameron Jacox anticipated growth of 400% over the next two years, saying that such growth would enable the company to “help more than 600 million global policyholders.”

InforcePRO_stage_FF2015

InforcePRO co-founder Karan Kanodia demonstrated his technology’s real-time policy analysis at FinovateFall 2015 in New York City.

Fellow co-founder Karan Kanodia said that InforcePRO’s strategy to “put policyholders first” was a “tectonic shift for an industry which was traditionally built on a ‘gotcha’ mindset.” InforcePRO differentiates itself by providing “post-sale software solutions” that give insurance distributors new up-sell and cross-sell opportunities, as well as improving overall customer engagement. The technology makes it easy for insurance professionals to run instant policy reviews, enabling them to identify potential sale or service opportunities on insurance policies that are as many as three decades old.

Venu Shamapant, general partner at Live Oak Venture Partners, included InforcePRO among the companies it has invested in that are “focused on solving long-overlooked problems resulting in disruption of large and established industries.”

“LiveOak’s investment will help InforcePRO capitalize on the global demand for their solutions, and accelerate the company’s pace of product innovation,” said Shamapant.

Founded in November 2013 and headquartered in Austin, Texas, InforcePRO made its Finovate debut at FinovateFall 2015 in New York City. The company has more than 25 employees and its platform monitors more than 2 million life insurance policies.

Finovate Alumni News

On Finovate.com

  • “InforcePRO Rakes in $4 Million Following Finovate Debut”

Around the web

  • Jumio brings its ID verification technology to Loot, a prepaid card and money-management app.
  • Let’s Talk Payments looks at the Venmo-powered Ledge, a mobile P2P lending app.
  • CardFlight mPOS solutions certified by First Data to accept EMV chip card payments.
  • Re/code profiles Twilio as part of its new “Lunches with Unicorns” series. Join Twilio’s Authy at FinDEVr 2015 in San Francisco next week.
  • Fortune Magazine lists OnDeck on its list of 100 Best workplaces for millennials.
  • Hyperwallet’s founder, Lisa Shields, wins EY Canada’s Entrepreneur Of The Year award.
  • FamZoo wins The People’s Choice Award at FinCon15.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

InforcePRO Debuts a Real-time Policy Review Tool for Life Insurance Distributors

This post is part of our live coverage of FinovateFall 2015.

InforcePROLogoInforcePRO debuted its real-time policy review:

The real-time policy-review tool allows life insurance distributors to run policy reviews instantly. InforcePRO has legacy rate tables, contractual knowledge on legacy products, new quotes capability, and extensive analysis algorithms to identify sales and service opportunities on ANY policy sold in the last 30 years.

Presenters: Karan Kanodia, founder; Cameron Jacox, co-founder

IMG_9718

IMG_9719

Product Launch: August 2015
Metrics: $1 million raised, 22 employees, 1,000 registered users
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms

HQ: Austin, Texas
Founded: November 2013
Website: inforcepro.com
Twitter: @inforcepro

FinovateFall Sneak Peek: InforcePRO

InforceProhomepage

FF2015_logo_dateThe Sneak Peek series looks at the innovators demoing live onstage in front of 1,500 execs at FinovateFall. Get your tickets today and we’ll see you in New York, 16/17 September!

InforcePROInforcePROLogo will show a post-sale life insurance policyholder platform which enables one-click policy reviews by highlighting issues and opportunities in real time.

Features:

  • One-click policy reviews with conversion options, UL funding tracking, etc. on life insurance Inforce book
  • No manual effort in data acquisition
  • Orphan policyholders engagement

Why it’s great
Post-sale life insurance policyholder engagement simplified through automated in-force policy annual reviews.

Inforcepropresenter1Presenters

Karan Kanodia, Co-Founder
Kanodia is co-founder of InforcePro and is responsible for the overall strategic direction as well as designing the product architecture and leading InforcePro’s development teams.
LinkedIn

Inforcepropresenter2Cameron Jacox, Co-founder
Jacox is responsible for sales and marketing management, working to achieve profitability for clients such as ScotiaBank, Desjardins, and Financial Horizons.
LinkedIn

 

Finovate Alumni News

On Finovate.com

  • “FinovateFall 2015: Mapping Fintech’s International Neighborhood”

Around the web

  • Feedzai teams up with Socure to combine social biometrics with fraud-risk scoring. See Socure at FinovateFall 2015 in New York City next week.
  • Moven CEO Brett King joins the advisory board for Jumio.
  • Fiserv joins Visa, Citi, Nasdaq, and Capital One in $30 million funding of blockchain startup, Chain. Join Fiserv in New York City next week for FinovateFall 2015.
  • iSignthis confirms the adequacy of its KYC services for use by financial institutions in the U.S.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.