Ignatica lets insurers adapt to changing markets and create new products, policies and businesses while keeping costs down and moving quickly to market.
HONG KONG (PRWEB) April 22, 2021
Ignatica, the insurance policy administration platform that offers digital self-service and intelligent automation solutions for insurers, announced today it has closed US$7 million in pre-series A funding, led by Lingfeng Capital, with participation from the US-based SOSV Investment Funds, Australia-based Artesian, HK-Based AFG Partners Fund, as well as other investors.
This recent round of funding positions Ignatica to build on the stunning growth it saw over the last 18 months where they tripled in size in both staffing and market traction.
“We are very excited about our progress over the last year,” said President and Co-Founder, Travis Callahan, “and thanks to our investors and partners in this round of funding we are poised to accelerate our growth across Southeast Asia, China, Japan and into Europe and North America.”
Ignatica’s platform lets insurers quickly and efficiently build and launch new products at low cost, while drastically reducing administration costs and transforming the servicing experience for consumers.
“Lingfeng Capital is very impressed with the management team and the execution power of Ignatica. Creating an innovative solution for the digital transformation of insurers towards greater efficiency and better customer satisfaction is very meaningful.” said Edmond Lau, Managing Director of Lingfeng Capital. “We are very happy to play a role in the continuous growth of Ignatica.”
Today, insurers are stuck with legacy systems that make launching new products and managing policies slow and expensive, eating up more than half of an insurer’s IT budget.
"The ability to transform the data “on demand” for specific products or policies, is key to our success," said Adhish Pendharkar, Co-Founder and CTO at Ignatica. "We help insurers adapt to the changing markets and create new products, policies and businesses while keeping cost down and moving quickly to market."
Ignatica’s suite of SaaS offerings allows insurance product managers to create and edit coverages and plans, dynamically adjust pricing, and change product configurations in seconds. They also enable servicing and back-office operations to be automated and pushed to the front edge for digital self-service for even the most complex insurance products.
"The insurance industry is going through an era of unprecedented transformation, with consumers seeking the convenience of buying and interacting with insurance services easily with nothing more than their mobile phone," said CEO and Co-founder Manuel San Miguel. “Our platform not only lets insurers be fast and agile about launching products to meet these customer needs, it also empowers them to truly move into the era of digital servicing.”
Ignatica was founded in 2018 by Manuel San Miguel, former Manulife CTO for APAC, fellow technology and insurance industry veteran, Adhish Pendharkar, and longtime C-suite executive and entrepreneur Travis Callahan. Its core platform technology enables insurers to profitably provide every person on the planet the type of insurance they need, at the price they can afford, with the service and speed that today’s customers expect.
ABOUT LINGFENG CAPITAL
Lingfeng Capital is a growth capital private equity fund for the fintech sector in Asia Pacific, particularly in the Greater China region. Its focus is on real applications and underlying tech for the finance industry. Its vision is to become the leading innovative tech fund management company, and to facilitate growth and success for the next generation of entrepreneur-driven fintech companies.