InsureHiTech

About InsureHiTech

Established in 2000, InsureHiTech operates as a developer of an online wholesale brokerage platform for the insurance industry, with its headquarters in Princeton, New Jersey. The firm specializes in risk management and insurance placement services, targeting the property and casualty insurance sector. Its business was conceptualized to address the insurance needs of technology-centric industries, including high-tech, biotech, venture capital, and environmental sectors.

The company's core offering is a web-based, multi-carrier interface that streamlines the insurance procurement process for carriers, agents, and their customers. This platform facilitates a single point of entry for managing various insurance products and processes, including handling claims, issuing certificates, and processing applications. The model was designed as a 'clicks and bricks' strategy, merging an efficient e-business platform with on-the-ground sales and customer service teams to enhance agent productivity and move towards a paperless agency environment. Rick Maloy, who served as the company's president, was instrumental in this vision.

A significant milestone in the company's early history was securing $10 million in a first round of funding from J.P. Morgan Corsair II Capital Partners. This capital was allocated to expand its operational footprint, which included opening 31 new branch offices in key technology markets like Austin, Texas. The funding also supported the hiring of licensed insurance professionals and the undertaking of integration projects with major global insurance companies, such as St. Paul Cos. and Chubb, to help establish an XML standard for the commercial property and casualty industry in collaboration with ACORD.