New data analytics firm to serve insurers
Former NM Angels head one of founders
Former New Mexico Angels President John Chavez is back doing what he does best — building a new startup that this time is focused on data analytics for the insurance industry.
Chavez, who resigned as president of the investor group last spring, joined three veteran insurance industry executives to launch Confianza Inc. in July to supply instantaneous, comprehensive information on potential customers for agents, brokers and insurance companies to make more-informed decisions on policies.
The company has proprietary software built over the last decade by one of the company’s four founders to offer a more complete set of data points through a single platform that’s faster and cheaper than other sources on the market today, Chavez said. It can help boost capacity for smalland medium-sized firms to better compete with large insurance companies.
Confianza is headquartered in Albuquerque with regional offices in Georgia and Florida. It raised $1.3 million from 11 individual investors last fall.
It now employs seven people, including three in Albuquerque, with three more local hires expected by July, Chavez said. It’s also using local contractors for software development.
“Confianza aims to save time and money for our customers,” Chavez said. “It’s a single, integrated platform that provides information that customers need faster and cheaper than what’s available elsewhere.”
The platform rapidly digs through a national database with more than 700 million consumer records. Those records are, in turn, summarized into some 260 million files containing 500-plus elements of information to draw on for searches that outline critical aspects of consumer behavior.
“With just one call to us, customers can get every piece of data they need,” said Confianza CEO Jeffrey Glazer. “Confianza contains a huge amount of consolidated data, plus an analytics
platform that only gives back the specific data a customer is looking for . ... It’s customized for every customer to only see what they want to see.”
Confianza co-founder and Chief Product Officer John Petricelli originally launched the data analytics platform in 2011 for his own “Perspective Analytics” consulting firm. Last year, he partnered with Glazer, Chavez and another industry veteran, Jose Loera — now Confianza marketing and sales officer — to transform the platform from its use as a consulting service into a product that’s available at customers’ fingertips.
The platform offers a continuously updated flow of information to provide individualized data for full-cycle service, from customer acquisition through policy servicing to renewal.
“Very few companies have both the advanced technologies and the depth of analytics that we have available that can help companies throughout the entire lifecycle of an insurance policy, which we provide all in one place,” Petricelli said in a statement.
Chavez said he’s enjoying his new endeavor.
“I enjoyed being NM Angels president, but this is a cool opportunity to take a new company to market with some really solid products,” Chavez said.