Stack Capital Group is happy to announce that it has invested $8 million USD into most popular shares of Newfront Insurance coverage, a number one supplier of insurance coverage, retirement options, and worker advantages. Stack Capital’s funding was accomplished alongside different Collection D buyers together with Goldman Sachs, B Capital, Founders Fund, and Y Combinator amongst many others. Just lately acknowledged because the winner of the 6th Annual Fintech Breakthrough Awards program for 2022, and member of the Forbes Fintech 50 checklist for 2021, Newfront is modernizing the insurance coverage and advantages enterprise by means of its revolutionary software-driven platform.
With a transparent goal to construct an up to date platform for purchasers, insurance coverage professionals, and buying and selling companions, Newfront has centered its efforts on changing the antiquated paperwork and legacy methods of file within the insurance coverage trade with an built-in system of motion constructed on repeatedly bettering software program. By selecting to associate with insurance coverage professionals and, by extension, their priceless shopper relationships which account for an estimated 98% of the market, Newfront has efficiently created a platform that marries the legacy insurance coverage brokerage enterprise with new know-how to assist drive efficiencies. By means of the automation of workflows and processes, Newfront insurance coverage and advantages professionals have higher instruments at their disposal to enhance productiveness, which has finally led to common e book progress that’s 2x the trade common. Newfront additionally drives down the associated fee to serve, considerably decreasing working prices as a proportion of transacted income. Over time, the Newfront enterprise mannequin gives a number of drivers for progress as new insurance coverage professionals develop into a part of its platform, present professionals improve gross sales productiveness, and profitability improves with scale.
“By specializing in assembly the wants of purchasers and insurance coverage professionals, Newfront has constructed an revolutionary platform that has revolutionized the trade,” stated Jeff Parks, CEO of Stack Capital. “Given its already sizable and established shopper base, robust progress price, and profitability, we imagine that Newfront is poised to capitalize on a major market alternative and we’re extraordinarily blissful to make it the most recent addition to the Stack Capital portfolio. If you’re an insurance coverage skilled in the USA who’s searching for a greater various – we extremely advocate you take into account the assorted advantages supplied at Newfront.”