HSCM leads $15m Goji investment round
A Bermudian-based firm has led a $15 million investment round in an online personal lines insurance agency in the US.
Hudson Structured Capital Management Ltd, which does business as HSCM Bermuda and which invests in reinsurance and insurance-linked assets, said Goji was a leader in the technological transformation of insurance distribution.
“We believe they [Goji] have built a platform that represents the right next step in the evolution of how insurance will be sold – a hybrid online and offline model,” Vikas Singhal, a partner of HSCM Bermuda, said.
“We believe Goji's unique strategy will show substantial growth that extends beyond just the markets they currently operate in.”
Founded in 2007 as Consumers United, the company rebranded itself as Goji in 2014, adopting a strategy that targets the online buying characteristics of its preferred customer market.
Goji has expanded its sales force of insurance agents and customer service representatives who interact, one-on-one, with buyers. The company is a licensed insurance agency in 41 US states.
Goji says that its customers, in effect, “access an online insurance concierge service that yields personalised, real-time, valued-based quotes designed to fit their individual coverage requirements”.
Peter Breitstone, the new chief executive officer of Goji, said: “Goji has a leading-edge platform that enables the right online distribution model for the insurance industry today. It leverages data and analytics with its smart technology to target loyal customers, building a valuable book of business.
“We are experiencing impressive growth as we identify and convert more preferred buyers online.”
Michael Millette, managing partner of HSCM Bermuda, said: “HSCM Bermuda has a long-standing working relationship with members of Goji's management team and board.
“We're excited about how our partners will help take Goji to the next level.”