Insurance broker NFP has launched a new venture fund focused on partnerships and investments in the emerging Insurtech, Fintech and HR Tech arenas.
Industry veteran Shawn Ellis, formerly of Zest Health and 7wire Ventures, has joined NFP as Managing Director of Venture and Innovation and will oversee the fund's development, investments and operations.
The launch of this fund coincides with the establishment of NFP's Innovation Lab, which will support the fund through ongoing market research. Driven by rapidly changing technology, regulatory and marketplace dynamics, and the necessity for the insurance industry to respond to ever-shifting customer needs, NFP's newly formed platform will provide exclusive education and service to its clients, helping them stay abreast of industry transformation.
NFP president and chief operating officer Mike Goldman said: "The insurance industry is undergoing a series of profound technological changes, particularly with intelligent automation and artificial intelligence (AI) technologies, which are used to better respond to customer needs, risk and compliance threats, and superior process efficiencies.
"Our newly formed Innovation Lab will create standards to be used by our organization when sourcing new platforms. These standards will enhance our ability to identify new and exciting partnerships that will ultimately benefit our clients and advance our position as an industry thought leader."
NFP chairman and CEO Doug Hammond said: "New technology players, looking to innovate and disrupt the status quo, are entering our industry at an unprecedented pace. At the same time, customers' expectations of instant digital transactions are increasing.
"Our ability to assess the market, adapt to market changes and empower our clients to do the same is critical to sustaining our position as a leader in the next-generation insurance industry. We believe that NFP's new venture fund enables us to do just that."
Source: Company Press Release