The capital investment stream has long dried up for many technology providers. But a handful of automated solutions providers serving the insurance industry continue to exhibit the mettle to attract financiers. Two companies-Quincy, Mass.-based Worldinsure Ltd., which develops technology for the life insurance market, and Charlotte, N.C.-based Access CoverageCorp., a provider of online coverage for small-businesses-revealed in April they had secured fresh capital.With the funding coming via a cross-section of e-commerce, technology and financial service providers, Worldinsure raised second-round financing totaling $31 million. The financing will support the development and international expansion of processing solutions for medically underwritten insurance products, says John Hele, president and CEO of Worldinsure.
Access CoverageCorp, meanwhile, raised $8 million in second-round funding. The capitalization was led by New York City-based Capital Z Partners, a global asset management firm. Joining Capital Z are Hartford, Conn.-based The Hartford Financial Services Group Inc. and Branchville, N.J.-based Selective Insurance Co. Terms of the transaction were not disclosed.
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