Digital Insurance, a national employee benefits brokerage company focused on the small group market, has completed a $1.5 million round of funding with current investor Internet Healthcare Group (IHCG).
“This financing shows that our strategy and business model are strong,” Tom Usilton, president and chief executive officer of Digital Insurance. “In today’s economic climate, we are excited about the confidence IHCG has shown in Digital Insurance.”
The funding marks the third round for Digital Insurance, which received $6 million in Series B financing last November. Also led by IHCG, as well as Capital Z Partners, the round included new capital partner American Life Insurance Company of New York, a wholly owned subsidiary of Inviva. The money was used to fund stages of Digital Insurance’s growth plan, including additional product expansion and Web site development and upgrades.
In the last year, Atlanta-based Digital Insurance has signed partnerships with 16 national and regional brokerage firms to handle the day-to-day sales and service of their small business and individual clients.
“We are very pleased with the progress Digital Insurance has made and the direction the company is heading,” Steven Shulman, chairman and CEO of IHCG, said in a statement. “They have created the right mix of people, process and technology to become the leader in providing an efficient solution in the selling and servicing of health benefits to the small group and individual markets.”
Digital Insurance also announced the addition to the executive team of Chuck Ristau as chief financial officer. Ristau joins the company from Worldcrest Group, where he served as CFO, and Kohlberg Kravis Roberts & Co. in New York, where he was controller.
Digital Insurance: www.digitalinsurance.com
