apexanalytix Partners and Invests in Certificial
Friday, 17th March, 2023
apexanalytix and Certificial, a pioneer in business insurance monitoring technology, today announced a partnership under which apex will offer Certificial’s Certificate of Insurance (“COI”) management services to its clients. As part of the agreement, apex has also made a strategic minority investment in Certificial.
Certificial’s patented software uses real-time data to ensure businesses have continuous, compliant insurance coverage in their supply chains. The solution combines certificate issuance and compliance management into a single easy-to-use platform that helps minimize risk, ensure compliance, and reduce costs for every stakeholder in the COI process, including insureds, agents and brokers, and requestors. Certificial’s Smart COI Network is used by over 12,000 insurance agencies, which provide over 90% of commercial business insurance in the US and Canada.
“We are thrilled to support Certificial’s efforts of making insurance coverage more streamlined and efficient for all users,” said Steve Yurko, CEO of apexanalytix. “We look forward to partnering with an organization that shares our goal of giving clients the power and flexibility to meet their business needs through innovative technology and look forward to offering the benefits of Certificial’s Smart COI Network through our platform.”
“As with so many supplier and supply chain management challenges, when it comes to insurance coverage, requirements vary widely from company to company, region and supplier type,” said Akhilesh Agarwal, apex’s Chief Operating Officer for Global Procure-to-Pay Solutions. “Existing processes are manual and often unreliable, which can lead to unexpected financial losses and reputational damage. Partnering with Certificial helps mitigate these risks, offering our clients a new level of compliance and confidence in their supply chains.”
This transaction is the latest milestone in the growth of apexanalytix, which received a majority investment from funds managed by KKR, a leading global investment firm, in 2022, joining Carousel Capital which continued as a minority investor.