Modives, an emerging InsurTech startup, has closed a successful $3 million seed round as it seeks to revolutionize insurance verification for property managers and auto dealers. The company’s founders, five industry veterans with extensive experience in the insurance space, aim to tackle the cumbersome and time-consuming process of insurance verification, which often hinders the customer experience.
Frederick Waite, CEO, and Co-Founder of Modives highlighted the pain points faced by car dealerships and property managers during insurance verification. While it is a crucial and legally required step before a car is sold or a tenant moves into a property, the verification process has not evolved significantly over the years. Simply presenting a declaration page or policy ID card does not provide concrete proof that insurance is active, posing a challenge that Modives seeks to address.
Modives’ leadership team comprises experienced insurance executives, including Chief Revenue Officer Justin Silver, Chief Product Officer Russell Barner, Chief Marketing Officer Joel Samen, and Chief Technology Officer Bhopan Krishnan. The team aims to streamline the insurance verification process, reducing time and costs for property owners and auto dealers, while ensuring compliance with data laws and regulations. Most importantly, this improved process will lead to a better and safer insurance verification experience for consumers.
Modives has developed a patent-pending platform that simplifies personal insurance verification for auto dealerships, property managers, and landlords. By automating the verification process, the company aims to eliminate manual tasks and create a seamless customer experience. With their innovative approach, Modives seeks to rewrite the rules for insurance verification and bring much-needed efficiency and convenience to the industry.
