We are thrilled to announce our latest investment in Matic, a fully-licensed digital insurance agency that partners with residential mortgage and real estate companies to sell homeowners insurance to borrowers.
Shopping for homeowners insurance can be time consuming and tedious. Independent agents tend to renew with the same carrier year after year. Consequently many consumers can end up overpaying for coverage over time.
By partnering with mortgage servicers and originators, Matic is able to utilise their data on properties with mortgage loans to generate multiple insurance quotes without asking the customer any questions. Matic proactively shops competitive quotes on behalf of the customer when their current policy approaches renewal.
Matic partners with several of the nation's largest mortgage servicers and compares insurance quotes from over a dozen A-rated insurance carriers. On average, customers that switch policies with the help of Matic achieve hundreds of dollars in savings annually.
Matic leverages their proprietary technologies to reduce the average call time to quote and bind a policy at its call center to a fraction of the industry norm. The company also offers a completely digital purchase and bind option.
We look forward to working alongside CEO Ben Madick and his impressive team in their next phase of growth. MTech believes Matic and its seamless integration into existing mortgage industry workflows will play a role in transforming the traditional distribution model for homeowners.
"We are very pleased to add MTech Capital to our strong roster of strategically-relevant investors. MTech brings deep insurance industry expertise and access to a global network of insurance groups that we believe will be immensely valuable for Matic's next phase of growth." - Ben Madick, CEO of Matic