MLTPLY of Dallas continues its mission of bringing new insurance products to market.
The Domestic Investment and Acceleration Forum has announced the formation and launch of its latest portfolio company. The new startup Proxima aims to bring high-tech software and customized back-office capabilities to the insurance industry.
“Our investment in Proxima aligns perfectly with our strategy to enable talented insurance entrepreneurs to bring their ideas to market faster and reduce the cost of sales and service operations,” MLTPLY founder and CEO Gloria Gutinas said in a statement. This partnership will allow MLTPLY to expand our footprint into Latin America, where exceptional talent is delivering impressive results for the insurance sector.
Led by serial entrepreneur Camilo Cruz, who serves as founder and CEO, Proxima says it offers software to help clients develop and support “very complex” insurance technology projects, providing back-office support for areas such as IT, customer service, sales and more. Writing through offshore “operations centers” in Latin America.
Proxima said it is gathering customers in the Latin American region, with the aim of launching new tools and services such as data collection and analysis, sales support and self-service claims early next year.
“In customer service and operations, traditional insurers don’t perform as quickly as insurers, but insurance startups can’t accommodate the needs of traditional insurers,” Cruz said in a statement. “Addressing this problem will require modernizing the entire insurance process – from buying and selling to customer service and automation.”
Proxima has US offices in the Chicago area and its “operations centers” in Santa Domingo, Dominican Republic and Quito, Ecuador.
MLTPLY has helped start other companies.
Proxima—MLTPLY’s third launch—comes less than two months after the company announced its last portfolio venture. In late July, MLTPLY and its no-code software platform announced the launch of INSTANDA Stable Insurance, a startup focused on insuring rideshare and carpooling vehicles. MLTPLY and Brooklyn Bridge Ventures previously led a $3.3 million pre-seed funding round for Stable.
Focused on insurance technology, MLTPLY itself launched late last year with the goal of helping seed-stage companies get to market up to 18 months faster than they would on their own. By providing an operational infrastructure that includes insurance product offering and end-to-end underwriting support.
Initially, MLTPLY said it plans to launch a new offering every six months. According to its website, MLTPLY funds insurance technology entrepreneurs at the pre-seed and seed stage with investments ranging from $25,000 to $5 million.
“There is huge potential in these seed-stage startups, and MLTPLY helps them realize their value by freeing them from time-consuming core business activities so they can fully focus on solving market-changing problems,” Gutinas said at MLTPLY’s launch.
When MLTPLY launched last October, the company’s portfolio also included a commercial auto insurance platform co-founded by Gutinas, Illinois-based Pocket.
Quincy Preston contributed to this report.
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