As the JOBS Act evolved, Assurely founders David Carpentier and Ty Sagalow had not yet met. They did, however, independently develop conviction that those changing regulations combined with market forces signified a fundamental shift in our economy. How they got there was different.
David was working for USI Insurance Services. For almost 10 years, he was viewed as one of the most forward-thinking and strategic professionals in the industry. He was on the front lines of new customer needs and how they were materially changing. He was frustrated that the existing model and products could not support the needs of these changing industries. In conjunction with Scout Ventures, an early stage venture capital firm based in New York, NY who were early champions of crowdfunding, they identified the need for a new product in crowdfunding where David realized he could apply a new model for insurance.
Ty is the preeminent insurance mechanic in the insurance industry. Stemming from a storied career at insurance giants such as AIG, Zurich, and most recently Lemonade, Ty is credited as being responsible for building new products as notable as cyber insurance, Y2k insurance, directors & officers liability insurance, reputation insurance, among others. With the evolution of the JOBS Act, he had the ingenuity and foresight to understand the significance of this opportunity as he has seen this story unfold in the past. Just as cyber insurance impacted the internet, this fundamental change in the economy needed to be supported by a new risk transfer product.
In October of 2017, David and Ty met for the first time. They immediately understood their perfect alignment in the need for something completely new, that technology would drive it, and the incumbents were not able to do it. (They claim they saw doves fly at that point.) That is where Assurely, as we know it today, was born.