• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us
  • Sponsor An Email
  • Post A Job
  • Merger & Acquisition Services

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / Insurance News | Massachusetts / Insurtech | Innovation / Insurtech | Boston / Ask Kodiak Answers Our Questions About Their Acquisition By IVANS

Ask Kodiak Answers Our Questions About Their Acquisition By IVANS

August 23, 2021 by AC Editor

Agency Checklists, MA Insurance News, Mass. Insurance News, MA Insurtech News, Insurtech Boston, Ask Kodiak
Allan Egbert & Michael Albert of Ask Kodiak

The Boston-based insurtech was acquired by IVANS on August 10th

In another sign of the growing symbiosis between insurtech and the traditional insurance industry, IVANS, a division of Applied Systems, has acquired the commercial lines appetite engine and of one of Boston’s first insurtech start-ups: Ask Kodiak.

“Our investment in Ask Kodiak furthers our mission to expand the IVANS data superhighway, creating a more connected and valuable digital ecosystem of insurance,” said Reid Holzworth, chief executive officer, IVANS. “Merging Ask Kodiak with the IVANS Distribution Platform will combine the industry’s most robust appetite management and communication tool and the industry’s broadest distribution platform to enable agents, MGAs, carriers and partners to digitize the end-to-end commercial lines policy lifecycle and provide additional opportunities to more broadly connect across more lines of business.”

Founded in 2015 by former Agencyport veterans, Michael Albert and Allan Egbert, Ask Kodiak idea had a great idea from the get-go: employ their technological expertise to offer exceptional commercial lines market appetite and search capabilities for the independent agency channel. With its acquisition, the company will now help IVANS further its own commercial lines connectivity solutions, particularly with the IVANS Distribution platform.

A follow-up to the official announcement

As Ask Kodiak was one of the first insurtechs Agency Checklists ever profiled, and one we followed closely as the hosts of the popular Insurtech Boston meetups, we thought many of our readers would be interested in learning more about Ask Kodiak’s acquisition and their plans for the future. As such, we reached out to the duo to see if they could answer the following email questions about the acquisition and what it means for Ask Kodak going forward. Here are their responses:

Congratulations on Ask Kodiak’s acquisition. How did the opportunity with IVANS come about?

Earlier this year we were discussing a partnership with IVANS. We have a growing ecosystem of partner platforms connected to Ask Kodiak and it only made sense to us that IVANS be one. We’ve known Reid Holzworth, CEO of IVANS, for a very long time. In fact, during his days as the CEO of TechCanary they were a partner of ours. One thing led to another and here we are.

Had you been considering selling Ask Kodiak?

No, not at all.

What were the main advantages of joining forces with IVANS?

Adding Ask Kodiak to the IVANS Distribution Platform combines the industry’s premier appetite communication tool and the industry’s broadest distribution platform allowing agents, carriers, and partners to digitize the end-to-end commercial lines policy lifecycle. Simply, we can do more together than we could alone. Our whole team is very excited for this next chapter.

Agency Checklists, MA Insurance News, Mass. Insurance News

Going forward, how is Ask Kodiak to be integrated with IVANS? Will Ask Kodiak continue as a separate brand name or be merged with IVANS?

Ask Kodiak will serve as the appetite component for IVANS Distribution Platform. In addition to the platform being made a key part of the IVANS offering, for now the Ask Kodiak name will live on too.

How will the merger with IVANS benefit Ask Kodiak and its subscribers?

Our customers will benefit from a much bigger team (we go overnight from a team of five to a team of around 150, with back-office support from Applied Systems) and a larger addressable platform audience as we broaden our integration with IVANS and Applied.

What about the Ask Kodiak team? What are your plans after the completion of the acquisition? Will you stay on after the sale, take some time off, start another insurtech?

Being energized about the combination was essential. We would not have come together if we didn’t believe in the shared vision or want to roll up our sleeves and be a part of bringing it to life. To that end, our team will remain intact and continue under the IVANS banner improving Ask Kodiak, integrating it with the IVANS Distribution Platform, and helping IVANS stand up its Innovation Lab to churn out great new products.

What changes, if any, do you see resulting from Ask Kodiak joining with IVANS?

Ask Kodiak customers and partners will experience no immediate impact to their primary services, support, and sales contacts. Over time, the combined company will evaluate opportunities to create greater synergies within our sales and customer support functions. Tighter integration of Ask Kodiak with IVANS Distribution Platform will provide significant benefits and greater choice to both companies’ customers, partners, and other stakeholders in the industry. IVANS is committed to investing behind the combined teams to drive continued product innovation and deliver the highest level of value to our customers and partners.

IVANS will continue to support and grow Ask Kodiak’s relationship with Insurtech and integration with broker management solutions in the marketplace, supporting the growing IVANS Distribution Platform partner network.

Speaking of insurtech, what about Insurtech Boston, do you both have plans to continue organizing events?

Oh, for sure. More to come on this topic soon.

There seems to be a lot of consolidation going on between legacy companies and insurtechs. What is your take on the current state of insurtech and how it will evolve going forward?

Startups are a proving ground for new ideas. There are some of us that hit on something and it’s only natural for larger industry players to want to tap into new technology, revenue, and customer bases. Our take is that M&A activity in the space is testament to the overall health of the industry. And there’s a huge long-term benefit to all players in the industry as fresh technology and new faces move into leadership positions at companies that have been around for a longer period of time. ‘Legacy’ is a state of mind, not a condition of age. We’re hoping to prove that point very soon.

Print Friendly, PDF & Email

Filed Under: Insurtech | Boston, Latest News Tagged With: Agency Checklists, Ask Kodiak, Insurtech Boston, Mass. Insurance News, massachusetts insurance news, New England Insurance News

Primary Sidebar

Sponsored

Sponsored

MA Division of Insurance Announcements

Latest Agency Sales

2022 Was An Up & Down Year For Agency Mergers & Acquisitions

2022 Was An Up & Down Year For Agency Mergers & Acquisitions

Insurance Agency Mergers & Acquisitions In Massachusetts | Q4-2022

More Agency Sales

Career News

The Hanover Appoints Kate B. Williams to President of E&S

The Hanover Appoints Kate B. Williams to President of E&S

Hi Marley Welcomes Naved Siddique as SVP, Strategy and Solutions

Hi Marley Welcomes Naved Siddique as SVP Strategy and Solutions

New Hampshire Insurance Department Staff Members Appointed to NAIC Standing Committees

Michael Percy Appointed To Concord Group Board of Directors

Michael Percy Appointed To Concord Group Board of Directors

Layoffs At Two Boston-Based Insurtechs

Layoffs At Two Boston-Based Insurtechs

Massachusetts insurance news, MA Insurance News, Mass. Commissioner of Insurance Gary Anderson, NAIC 2019 Appointments

NAIC Names Its 2023 Committee Leadership

The Hartford Names Hank Dominioni Head Of Northeast Division Sales And Underwriting For Middle And Large Commercial

The Hartford Names Hank Dominioni Head Of Northeast Division Sales And Underwriting For Middle And Large Commercial

Plymouth Rock Appoints Rachel Switchenko as Vice President of Customer Solutions

Boston Insurance Brokerage LLC Announces Promotion of Cara MacDonald to VP of Workers’ Compensation

Boston-based Risk Strategies

Risk Strategies Names Doran Lamond as Commercial Lines Leader, New England Region

View More Career News

In Memoriam

In Memoriam: Nancy L. Perocchi, 1937-2022

In Memoriam: Peter J. Nobile, Jr., 1931-2022

In Memoriam: Nancy Jane A. Vajcovec, 1947-2022 | Agency Checklists

In Memoriam: Nancy Jane A. Vajcovec, 1947-2022

CAR News

Outgoing Gov Baker Signs Catalytic Converter Bill on Way Out

Road Safety Analysts Put Mass. In “Danger” Zone

Final Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

View More CAR News

Massachusetts Law Updates

Appeals Court Reins in Superior Court’s Expansion of Risk Management

Court Limits Indemnity Agreements Interpretation and Reverses $237K Legal Fee Award

Insured’s $2 Million Claim For Loss Prevention Costs Scuttled By The Supreme Judicial Court

A look at the Supreme Judicial Court of Massachusetts’ ruling on Ken’s Foods’ common law reimbursement claim.

An Insured’s Underpayment of Loss Lawsuit Over Brookline Building Backfires

The Appeals Court recently affirmed a decision in Anwar Faisal et al. v. United National Insurance Company that reminds one of the saying, “Be careful what you ask for. You may get it.” In this case, the insured sued to get more money on a property damage claim, asking the court to rule on his […]

Failed Foray Into Massachusetts Ends In A Lawsuit For New York Agency Over Its Producer’s Understanding of Salary v. Draw

A case in point about what can go wrong when an agency, its officers, and a producer being onboarded, come to loggerheads and litigation ensues.

More Mass. Law Updates

DOI News

Massachusetts Remains The 14th Largest Insurance Marketplace As Ranked By Total Premium Volume

Facts & Figures For New England Insurance Departments & Insurance Producers | 2023

Massachusetts Insurance Commissioner Honored for Exceptional Leadership

DOI: Insurance Companies Must Renew MA Appointments by October 14th

View More DOI News

Insurance Fraud

Walmart Will Pay $500k For Its Failure To Follow Workers’ Comp. Prescription Pricing Procedures

Former Insurance Adjuster Indicted in Connection with Stealing Identities of Four Victims of Merrimack Valley Gas Explosions

Phony Pumpkin Assault Claim Gets 3 Years For Insurance Fraud

Edgartown Masonry Company Owner Indicted for Workers’ Compensation Fraud

More Insurance Fraud News

Footer

Agency Checklists

Contact us

14 Summer Street
Suite 102
Malden, MA 02148
617-598-3800

Advertise on Agency Checklists

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

SEARCH OUR SITE

Explore Our Archives

Copyright © 2023 · Agency Checklists · All rights reserved.

 

Loading Comments...