Insurance company Equal Parts will be launched with $10 million in acquisition capital
Equal Parts, a newly launched insurance company, has officially entered the market with $10 million in acquisition capital, backed by equal ventures and Max Ventures.
It aims to acquire institutions with revenues of less than $5 million and provide AI tools to streamline back-office operations.
Recently, it plans to complete its first acquisition and several more “basic acquisitions” within the next 90 days, the press release said.
With “common tasks” and automation of system integration, the equal parts allow agents to focus on enhancing client relationships.
Mike Witte, the company’s CEO and co-founder, previously founded Energy Services Company WorkRise (formerly Rigup), which grew from a startup in the energy sector to a $2.9 billion company through technology integration.
Witte said: “Independent institutions based on strong relationships are the backbone of the insurance sector and face important challenges. We believe that the future of insurance is equality of innovation and relationships, technology and tradition, and winners will take over both parts of them to the extreme.”
The founding team includes Mike Meller, who helped with the acquisition and growth strategy of WorkRise’s small business, and Graham Yennie, who has experience in Applied Machine Learning and AI implementation.
Mike Mereller, co-founder and operational director of equal parts, said: “Small independent agencies face paradoxes, and while growth requires additional service capabilities, each new product or service creates an exponentially more disconnected system that people need to manually bridge.
“Equal parts from insurance companies will be released with $10 million acquisition capital” was originally created and published Life Insurance Internationala brand owned by GlobalData.
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