PriyaPatel
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TLDR:
– Modives was founded after Fred Waite experienced a slow and outdated insurance verification process
– Modives developed CheckMy Resident and CheckMy Driver to automate insurance verification for property managers and car dealerships
Modives, a new insurtech company, was founded by Fred Waite, Justin Silver, and Russell Barner after Waite experienced a slow and outdated insurance verification process while buying a car. The founders developed technology to make insurance verification digital, leading to the creation of Modives in December 2022. Silver and Waite had previously co-founded another insurtech company before starting Modives. Modives launched CheckMy Resident for property managers in Q3 2023 and CheckMy Driver for car dealerships in Q1 2024. This technology allows for direct connections to insurance carriers to verify insurance coverage for car buyers. The technology monitors coverage to ensure it remains accurate and active, reducing the risks for dealerships handling personally identifiable information improperly. CheckMy Driver is available throughout 95% of the U.S. and is set to be available in 99% of the U.S. by the end of 2024. Modives is already seeing organic demand for its product, with an increase in inbound leads for both property and auto industries. The technology has the potential to reduce insurers’ time spent on verification calls and prevent insureds with out-of-date policies from going unnoticed.
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