(Image source: NFP Corp. website.)
NFP, a New York-based insurance broker and consultant that provides employee benefits, property/casualty, retirement and individual private client solutions, has launched a new venture fund focused on strategic partnerships and investments in the InsurTech, Fintech and HR Tech arenas. NFP has named Shawn Ellis, formerly of Zest Health and 7wire Ventures, Managing Director of Venture and Innovation to oversee the fund’s development, investments and operations. The launch of the new fund coincides with the firm’s establishment of the NFP Innovation Lab, which will support the fund through ongoing market research. The fund will provide exclusive education and service to its clients, helping them stay abreast of industry transformation, according to an NFP statement.
“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,” comments Mike Goldman, President and COO, 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.”
Adapting to Market Changes
“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,” comments 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.”