(Image source: Utilant homepage.)
Utilant, a Buffalo, N.Y.-based provider loss control inspection and survey management software for underwriting and risk management for property/casualty insurers, announced that Aquiline Technology Growth (ATG, New York) has made a significant Series A investment in the company. The companies decline to state the specific amount of the investment.
Founded in 2005, Utilant provides technology to the insurance industry through its LossControl360 SaaS solution. Utilant’s declared mission is to create technology solutions that make the risk management and underwriting processes more efficient. The company’s LossControl360 platform is designed to make the insurance risk management process more streamlined and accurate to help underwriters make better policy decisions.
Utiliant reports that this investment round will fuel the company’s global expansion and be used further strengthen its LossControl360 platform to leverage artificial intelligence and data analytics.
“The business landscape is evolving for insurance carriers striving for leadership in a competitive environment that requires precision and is driving the use of transformative technologies,” comments Patrick Davis, founder and CEO, Utilant. “The Utilant team is creating the technology to ensure that carriers capture the risk of underwriting in the most accurate and scalable way possible. We partner with our P&C carrier customers to ensure that the LossControl360 SaaS platform is advancing their goals. ATG, given their insurance and operational expertise, is the perfect partner to help capture this opportunity and drive further growth.”
Utilant says the timing of the investment gives the company the opportunity to further its relationships with property/casualty carriers and inspection services vendors. ATG is managed by Aquiline Capital Partners (New York) and is the firm’s dedicated early and growth stage fund, investing in technology companies that are bringing innovation to the insurance and financial services ecosystems.
Poised for Growth
“Utilant has emerged as a leader in the loss control solutions market and is poised for growth given the company’s established domain expertise and flexibility of its solution, and the ever-increasing demand for advanced technologies and automation,” says Jeff Greenberg, Chairman and Chief Executive Officer, Aquiline Capital Partners (New York).
“We are excited to work with the management team of Utilant to help further its market leadership and respond to the growing global demand for a scalable solution through a unified technology platform that manages underwriter and policyholder customer interactions,” comments Michael Cichowski of ATG. As part of the investment, Cichowski will join the Utilant board of directors.