To rapidly accelerate their growth, Policy Claims Management International (PCMI), a leading provider of administration software for the consumer,automotive and industrial warranty and service management markets announced equity investment from Boston-based growth equity firm, Equality Asset Management, and the Chicago-based company, First Analysis. The companies are yet to disclose their Financial terms.
PCIM’s key offeringincludes a modern suite of software solutions for claims management, policy administration, risk management and the financial management of most common insurance products. Leading original equipment manufacturers, third party administrators, self-administrators and insurers who offer and manage warranties, and insurance products are PCMI’s customers.. Since inception, PCMI’s software has been used to administer more than 50 million policies and process more than 23 million claims.
“In 2012, I saw the opportunity to introduce a modern, purpose-built software to a market that was underserved. Since then, we have worked tirelessly on our mission to build the most comprehensive administration platform in the market. Our passion for technology and commitment to continuous improvement has led us to become a leader in our industry,” said Mark Nagelvoort, President & CEO of PCMI. “Equality Asset Management has a track record of investing in SaaS based companies within high growth markets and can provide operational expertise that will allow us to accelerate our growth initiatives. Their support will be invaluable as we continue to make innovations on our platform and expand product capabilities to meet the evolving business needs of our customers. I’m thrilled we have them as a trusted partner as we enter this exciting new phase of our journey.”
“Mark and the leadership team and employees of PCMI have built a remarkable company. Their focus on product, deep understanding of their customers and markets and culture of innovation have been core to their success,” said Jeff Del Papa, Co-Founder and Managing Director at Equality Asset Management. “The market for warranty administration software is in an attractive upgrade cycle and PCMI is very well positioned with a complete, modern platform. We’re excited to work alongside this experienced team and to support PCMI’s expansion.”