Industry Veterans Launch InsurTech Modives, Close $3M Seed Round

Charlotte, NC, July 26, 2023 — Combining decades of accumulated experience in the insurance space, five industry vets today announced the formation of Modives—a new venture delivering automation to alleviate a painful and time-consuming process for property managers and auto dealers: insurance verification.

“One of the pain points for both selling cars and renting properties is that verifying insurance takes too long and is cumbersome, which negatively impacts the customer experience,” CEO and Co-Founder Frederick Waite said. “It’s an important—and legally required—step before a car leaves the lot and a tenant moves into a property, but verification hasn’t evolved in decades. Simply presenting a declaration page or policy ID card is not proof that insurance is in force. That’s a problem we’re solving.”

Waite, a veteran entrepreneur, has assembled a team with varied insurance industry experience to launch his latest venture. Prior to forming Modives, Waite created BCF, a software platform acquired by Vertafore in 2006, and analytics platform Yodil, Inc., which was purchased by Duck Creek in 2016, both in the insurance space. Most recently, Waite’s patented IntelliBACE platform and global manufacturing organization BACE and was acquired by ONCAP in 2021.

Joining Waite on the Modives leadership team are four insurance executives with years of experience across several key areas of the industry.

Chief Revenue Officer Justin Silver most recently co-founded Yodil with Waite ahead of the company’s acquisition by Duck Creek, where he stayed on for acquisition integration and to lead the global solutions consulting and engineering team to continued growth.

Chief Product Officer Russell Barner previously led services teams at DealCloud through acquisition and served in various roles at Intapp through IPO and continued expansion. From startups to Fortune 50 companies, Barner’s expertise spans FinTech, banking, real estate and aerospace.

Chief Marketing Officer Joel Samen previously helped build Liberty Mutual’s Digital Media Buying and Analytics organization, insourcing the carrier’s digital marketing from agency management. Most recently, Samen led marketing and sales operations for MediaAlpha, the top marketplace connecting insurance carriers with lead generators.

Rounding out the team as Chief Technology Officer, Bhopan Krishnan joins Modives with more than 25 years of InsurTech experience, having founded Outline Systems, a distribution management and compliance software for the insurance industry, acquired by Duck Creek in 2018. Following the acquisition, Krishnan led the engineering team at Duck Creek.

“Our patent-pending platform is a win for all sides,” Silver said. “Property owners and managers, as well as auto dealers, will reduce time and costs while staying in compliance with current data laws and regulations. And most importantly, their consumers get a far better and safer insurance verification process. Modives makes the insurance verification process painless for the auto dealerships, property management, and customers.”