EL DORADO HILLS, Calif., Sept. 13, 2022 -- Patra Corporation, a leading technology-enabled services company for the insurance industry, today announced a growth investment as part of a recapitalization from FTV Capital, a sector-focused growth equity firm with nearly 25 years of experience investing in technology-enabled services. This funding will drive additional growth through market expansion and accelerate the deployment of technologies that drive automation and digitization of policy and administrative services Patra delivers to their clients.
Patra's solutions have been designed to address major structural challenges facing the $60 billion insurance industry in the United States today. An aging insurance workforce has resulted in a talent crisis as businesses struggle with increased turnover and higher recruiting and replacement costs. Additionally, a continued wave of industry consolidation continues to fuel the need for flexible front-, middle- and back-office solutions to streamline processes and position platforms to scale. Confronted with these and other challenges, brokers, carriers and other market participants are increasingly turning to partners who offer efficient technology-enabled services and help automate key processes in order to drive future growth.
Patra has developed a curated offering of technology-enabled process management solutions purpose-built for industry participants across the insurance value chain. These solutions are delivered through a core team of insurance experts, supported by Patra's proprietary technology platform – PatraOne(SM). As a result, Patra alleviates the burden of administrative and operational tasks, completing them at a lower cost, in a quicker time frame and with greater accuracy.