BizEquity targets the insurance sector as providing strong expansion opportunity as insurers seek
to address the under insurance prevalent among many businesses and growth companies
BizEquity, the world's leading online provider of business valuation knowledge and big data, today announced that it has signed a contract with Security Mutual Life Insurance Company of New York, a U.S.-based life insurance company with a long history of protecting business owners and their families.
Under the contract, BizEquity will provide Security Mutual Life Insurance Company of New York with a private label version of BizEquity's patented "Advisor Office" business valuation service. The private label arrangement will allow certain Security Mutual life insurance advisors to access BizEquity's powerful database-driven business valuation service.
BizEquity's "Advisor Office" service features a dedicated platform that harnesses sophisticated algorithms and big data. This will enable Security Mutual Life Insurance Company of New York and its affiliated life insurance advisors to better gauge the risk profile of clients and better assess how life insurance may fit in the client's broader financial plan. The service also gives advisors new opportunities to begin conversations with potential clients, providing them with current valuations on their companies.
The insurance industry offers a strong opportunity for advisors to work with small businesses in a $246 billion market. Furthermore with 10 million businesses expected to change ownership over the next 10 years and many business owners planning retirement based on the sale of their company, business valuation knowledge is a vital service for insurance companies, as well as other financial institutions and advisors, to provide.
BizEquity has also already signed agreements with 50 financial institutions globally, including leading wealth management firms, financial advisors and international banks.
Globally the business valuation industry is also set for accelerated growth, and the market opportunity is significant with some 200 million businesses worldwide and over 98 percent of them failing to value themselves annually, largely due to the time and cost constraints. BizEquity is an excellent example of the fast-paced expansion of the global FinTech sector. International investments in FinTech ventures tripled from $4.05 billion in 2013 to $12.2 billion in 2014 and this shows no sign of slowing in 2015.
Michael M. Carter, CEO of BizEquity, commented:
"Adding Security Mutual Life Insurance Company of New York as our 50th financial institution that private labels our patented product and service offering is a real testament to the power of our business valuation service in the Insurance space. With 40 percent of business owners not having life insurance and 50 percent of business owners underinsured in general, the ability to service the small-business owner is becoming of paramount importance. Security Mutual Life Insurance Company of New York has been a leader for more than 128 years, and we are proud to continue our relationship and add them as an enterprise client."
James J. Kerwin, Executive Vice President and Chief Marketing Officer ofSecurity Mutual Life Insurance Company of New York, commented:
"BizEquity's valuation product is quickly becoming the leading way to value privately held businesses. Security Mutual's relationship with BizEquity demonstrates our commitment to better serve our business owner clients when it comes to the life insurance elements of their estate and retirement-planning needs."