Dallas’ MLTPLY is continuing its mission of bringing innovative insurance products to market.
The local investment and accelerator platform announced the formation and launch of its latest portfolio company. The new startup, Proxima, aims to bring high-tech software and tailored back-office talent to the insurance industry.
“Our investment in Proxima fully aligns with our strategy to empower talented insurtech entrepreneurs to bring their ideas to market quickly and reduce the cost of sales and service operations,” MLTPLY Founder and CEO Gloria Gutinas said in a statement. “This partnership also allows MLTPLY to expand our footprint into Latin America, where extraordinary talent is already yielding impressive results for the insurance sector.”
Led by serial entrepreneur Camilo Cruz, who serves as founder and CEO, Proxima says it provides software the helps clients develop and support “highly complex” insurance technology projects, while providing back-office support in areas like IT, customer service, sales, and underwriting, via nearshore “operations hubs” in Latin America.
Proxima says it’s already amassing clients in the Latin American region, with the aim of launching new tools and services like underwriting data collection and analysis, sales support, and self-service claims operations early next year.
“In customer service and operations, traditional insurers don’t typically execute as quickly as insurtechs, but insurtech startups may not be able to absorb the demand of traditional insurers,” Cruz said in a statement. “Tackling this problem requires modernizing insurance by giving it a complete overhaul—from buying and selling to customer service and process automation.”
Proxima has its U.S. offices in the Chicago area and its “operations hubs” in Santa Domingo, Dominican Republic and Quito, Ecuador.
MLTPLY has helped launch other companies before
The launch of Proxima—MLTPLY’s third so far—comes less than two months after the firm unveiled its last portfolio venture. Toward the end of July, MLTPLY and no-code software platform INSTANDA announced the launch of Stable Insurance, a startup focused on providing insurance for owners of rideshare and carshare vehicles. MLTPLY and Brooklyn Bridge Ventures previously co-led a $3.3 million pre-seed funding round for Stable.
Insurance tech-focused MLTPLY was itself launched late last year with the goal of helping seed-stage companies get to market up to 18 months sooner than they would on their own. It does that by providing operational infrastructure that includes insurance product delivery and support from fronting to reinsurance capacity.
Initially, MLTPLY said it planned to launch a new offering every six months. According to its website, MLTPLY supports insurance tech entrepreneurs with funding at the pre-seed and seed-stage level with investments from $25,000 to $5 million.
“There’s massive potential in these seed-level startups, and MLTPLY helps them realize that value by freeing them from the time-consuming core business functions so they can focus entirely on solving market changing problems,” Gutinas said at MLTPLY’s launch.
When MLTPLY launched last October, the company’s portfolio also included Illinois-based Pouch, a commercial auto insurance platform that was co-founded by Gutinas.
Quincy Preston Contributed to this report.
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