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Origami Risk (Chicago), a provider of risk, safety and insurance SaaS solutions, has announced it has acquired Dais Technology (Chicago), a provider of no-code insurance technology. The acquisition increases Dais’ market reach and client support capabilities and expands Origami’s innovative suite of property and casualty insurance solutions for managing MGAs, insurers and reinsurers. Dais will operate as a subsidiary of Origami and will continue to be led by its co-founders Jason Kolb, Aaron Larson, and Milos Dedovic. Terms of the transaction were not disclosed.

Founded in 2016, Dais Technology offers a SaaS insurance platform with API connectivity for streamlined policy handling, product management and sales. The open platform enables superior speed-to-value with minimal upfront implementation and the ability to create new insurance products in weeks, according to an Origami Risk statement.

Fuel on the Fire of Growth

The acquisition comes in the context of rapid growth for Origami, notes Chris Bennett, President, Core Solutions, Origami Risk. “We’ve been growing about 40 percent year over year, and what we’re looking to do with the acquisition is throw some fuel on their fire and grow Dais at the same pace,” he comments. “They have solutions that complement ours and open up parts of the market where we don’t play.”

“We want to be an engine of change and transformation, making doing the business of insurance easier,” Origami’s Bennett adds. “This helps by expending our reach within th insurance ecosystem.”

“Origami continues to experience rapid growth from our ability to provide innovative solutions for the testing and delivery of new products and for capitalizing on market opportunity,” affirms Bob Petrie, CEO, Origami Risk. “Dais complements our core P&C insurance solutions with no-code, storefront and rating-as-a-service capabilities. This acquisition will allow the Dais team to double down on their technology and industry partnerships to bring more value to all insurance ecosystem participants. We are pleased to welcome their talented team to Origami and look forward to an integration that will bring more opportunities to our clients, our people and new areas of growth for our firm.”

“We are delighted to join forces with Origami Risk to serve a broader audience within the insurance industry,” said Jason Kolb, President, Dais Technology. “Our firms have shared values, strong commitments to our people and clients and similar collaborative cultures. We are excited about working together to continue to drive industry-leading innovation.”

The addition of Dais’ no-node technology enhances Origami Risk’s existing suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics. Origami’s insurance software solutions also facilitate a comprehensive digital engagement experience for all internal and external stakeholders.

Solving Parallel Problems

“This is about two companies that were working to solve parallel problems now coming together to drive change in the technology available to organizations in the insurance industry,” adds Origami’s Bennett. “Bottom line: We want to make doing business in the insurance ecosystem easier. And we want to use technology to do that,”

Bennett calls the acquisition a unique opportunity owing to the striking complementarity of Origami and Dais. “Origami provides end-to-end solutions for insurers while Dais can bring insurance products to market fast,” he elaborates. “Dais focuses on de novo MGAs that don’t have a lot of time or a big budget to recognize their return on investment. They need to get a product up and running as quickly as possible. Eventually, some of them will grow, add multiple lines and products, bring claims inhouse and will need a full end-to-end system. That’s where Origami comes into play.”

Joining forces with Origami turned makes for an ideal fit, agrees Dais’ Kolb. “Dais has achieved an incredible amount of growth and it became clear that we had to bolster our sales support and service organization,” he explains. “Origami has gone through a rapid growth process and built a robust infrastructure. The cultures of the two companies are incredibly similar down to the ways we engage with our employees and customers and how we approach problems. What’s more, we’re both Chicago-based and there’s a tremendous amount of synergy you get just from that.”

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