NFP Launches New Venture Fund To Stimulate Emerging Tech Innovations
Fund Will Support Partnerships and Investments in the Insurtech, Fintech and HR tech Innovation Space
NEW YORK – March 22, 2018 – NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty (P&C), retirement and individual private client solutions, announces the launch of a new venture fund focused on strategic 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.
"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," said Mike Goldman, President and COO of NFP. "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."
"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," said Doug Hammond, Chairman and CEO of NFP. "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."
At NFP Corp., our solutions and expertise are matched only by our personal commitment to each client's goals. We're a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates.
NFP has more than 4,200 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients' needs. We’ve become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals.
Recently NFP was ranked the 4th largest U.S.-based privately owned broker, the 5th largest benefits broker by global revenue and the 5th best place to work in insurance by Business Insurance, the 9th largest property & casualty agency by total 2016 P&C revenue and the 9th largest commercial lines agency by total 2016 P&C and commercial lines revenue by Insurance Journal, the 10th largest employee benefits broker by Employee Benefit Adviser, the 11th largest global insurance broker by Best's Review and the 12th largest broker of U.S. business by Business Insurance.
For more information, visit NFP.com.
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