Centana Growth Partners Acquires Majority Stake in Insurtech Platform First Connect Insurance Services
Centana Growth Partners, a growth equity firm focused on the financial services sector, has announced the acquisition of a majority stake in First Connect Insurance Services, an insurtech platform previously owned by Hippo Holdings Inc. (NYSE: HIPO). Aviad Pinkovezky will continue to serve as President and has been appointed CEO following the deal’s closure. The initial investment, which surpasses $60 million, was led by Centana with additional participation from Pruven Capital, Cota Capital, and Cross Creek. This capital injection aims to fuel First Connect’s product expansion, accelerate market growth, and solidify its position as a leading platform providing independent insurance agents with streamlined carrier access and advanced tech-driven workflows.
Addressing Market Gaps for Independent Agents
The market for independent insurance agents (IAs) is expanding rapidly. However, many agents still face challenges in offering a diverse range of insurance products tailored to the unique needs of both personal and commercial clients. Despite generating hundreds of billions in premiums annually, carriers often struggle with the administrative complexities of directly appointing and managing these agents.
First Connect is tackling these longstanding market access issues with a technology-driven approach. By providing expedited carrier access, enhanced agent workflows, and faster policy quoting capabilities, the platform aims to simplify the connection between independent agents and insurance carriers.
Strategic Investment to Drive Growth
Sarah Kim, Partner at Centana Growth Partners, commented on the investment:
“The insurance landscape is evolving rapidly, with agents and carriers grappling with fragmented systems and shifting underwriting processes. First Connect’s focus on addressing the specific needs of independent agents made it a standout opportunity for us. Their strong unit economics, impressive growth, and talented team were key factors in our decision.”
Aviad Pinkovezky, CEO of First Connect, shared his excitement about the new partnership:
“Partnering with Centana marks a pivotal moment for First Connect. This investment enables us to deepen our commitment to both agents and carrier partners by enhancing our product offerings and expanding our capabilities. We are scaling our teams across product development, engineering, sales, and account management to meet the growing demand for our solutions.”
Expanding Access and Streamlining Insurance Distribution
Independent agents represent nearly two-thirds of the property and casualty (P&C) insurance market in the U.S. Yet, many agents struggle to efficiently access the right carriers due to complex onboarding and administrative hurdles. Ramneek Gupta, Managing Partner at Pruven Capital, emphasized the importance of this sector:
“Independent agents are vital to the insurance industry, but they need better tools to seamlessly access carriers and grow their portfolios. From our discussions with Pruven’s limited partners, including major carriers like Prudential, Mutual of Omaha, and TIAA, it’s clear that the industry is seeking improved engagement and management solutions for this crucial partner channel. First Connect’s tech-native platform is revolutionizing insurance distribution, and we are excited to support their mission to drive agency growth.”
Innovative Platform Features
First Connect’s platform offers a comprehensive suite of tools designed to streamline the insurance sales process for independent agents:
- Carrier Store: A marketplace featuring over 100 carriers and Managing General Agents (MGAs), allowing agents to quickly discover, review, and access carriers based on criteria such as lines of business, state coverage, underwriting guidelines, and commission rates.
- Appetite Finder: This tool helps agents identify carriers with a strong appetite for specific risks, simplifying the quoting and policy binding process. Carriers benefit by being presented as potential options for agents seeking coverage for specific client needs.
- AI-Driven Validation: Utilizing artificial intelligence, the platform automates the validation of Errors & Omissions (E&O) documents, reducing compliance approval times from weeks to mere minutes. This enhancement allows agents to begin selling policies almost immediately after onboarding.
About Centana Growth Partners
Centana Growth Partners is a specialized growth equity firm that invests in the future of finance. Centana collaborates with companies across the entire financial services ecosystem, from institutions to fintech disruptors, to add strategic and long-term value to their portfolio companies. Centana empowers entrepreneurs with a combination of capital, network, and expertise to accelerate their growth. The Centana team taps into decades of financial services expertise and insight to invest in companies that bring real value and innovation to the industry.
About First Connect Insurance Services
First Connect Insurance Services is a digital platform designed to level the playing field for independent agents by providing access to over 100 carriers and MGAs across home, auto, cyber, small business, life, and specialty lines. First Connect is a licensed property casualty and life insurance agent with products underwritten by various insurance companies.
