Insurer of Concert Tickets Gets National Platform

A startup that insures concert tickets has entered into a strategic partnership with a national platform that provides ticketing services for thousands of arts, entertainment and sports organizations worldwide.

Protecht, with HQ in Newport Beach, created a way for attendees to insure their purchased tickets, registrations or bookings through its TicketGuardian technology and FanShield suite of products. 

It’s now partnering with Tickets.com

Financial details of the partnership have not been disclosed.

The partnership gives Tickets.com’s partners access to theTicketGuardian tech, allowing for “expansive” control over ticket inventories as well as access to real-time data and analytics. 

The two award-winning, tech-focused companies are also teaming up to offer the FanShield products to Tickets.com partner venues and the event-goers they serve, offering patrons the opportunity to protect their purchases against unforeseen circumstances.

FanShield is now available as an option in digital ticket purchase transactions for select Tickets.com partner venues, as well as for patrons buying tickets through other channels such as the box office, call center and direct sales marketing.

Financing

The startup has received $13 million since inception, including a recently-closed Series A round that raised $8 million, led by AmFam Ventures and IA Capital. This round closed at a $73 million valuation. (See related story here).

$10 million of it’s financing is in equity, Derbyshire told OC Startups Now. 

Protecht may open a Series B round in Q2.

It’s been in revenue since March 2016. Sales are growing and doubled last year, Derbyshire said. 

The Technology

The TicketGuardian tech and Fanshield insurance suite were created to safeguard a significant portion of the $9 billion that IBISWorld estimates consumers spend to purchase tickets online for concerts, sporting events, live theater, fairs, festivals and other events.

It’s estimated that U.S. online ticketing revenues for sports and music events alone totaled about $7.1 billion in 2017. 

And, the demand of the market shows that attendees of events want the same flexibility that every other commerce interaction has in today’s modern online economy, Derbyshire told OC Startups Now. 

With live events and experiences expanding globally, millions of people are experiencing an increase in ticket prices. The average face-value ticket price in 2017 among the top 100 grossing concert tours in North America was $78.93, according to Pollstar. 

Foundation

Protecht launched in 2016. It has won an award for best InsurTech company in North America from Efma Accenture Distribution & Marketing Innovation Awards, a global competition.

Protecht founder and CEO Bryan Derbyshire started and still owns ShopGuarantee and Modern Transact.

Buying tickets himself catalyzed his founding of protecht.

“Everyday I learn from every interaction I have,” he told OC Startups Now. “The experiences of starting something in the past and leveraging those lessons to help expedite the success of TicketGuardian were crucial early on while they were relevant. As we have now grown past my prior successes, I lean heavily on my team, clients, board, and personal experiences and gut to make decisions.”

Prominent customers include ShowClix, Accesso Showare and events.com.

Protecht has five of the top 10 ticketing platforms in the world under contract and all have plans of launching in Q1 or Q2, Derbyshire said.

Why OC?

He said OC is the perfect location for protecht’s HQ, “as the competition for innovative companies with our scale is low, and although the presence of some of the industry’s Mount Rushmore companies may have a local presence, they tend to draw a different talent pool.”

Protecht contributes to the overall success of OC’s startup ecosystem by “continuing to help drive innovation… by helping to support STEM programs for women, hackathons for the general area, and working with UCI and other local code schools to keep OC relevant and (prevent) talent from leaking up to the Bay Area or LA.”

Lindsey Callinsky
50 BEST SMALL COMPANIES TO WORK FOR IN LOS ANGELES 2019

Built In's “Best Places to Work” list rates companies based on their employer benefits and employee submitted compensation data. Rank is determined by combining a company’s score in each of these categories.

TicketGuardian Voted #8 of 50.

TicketGuardian was created to disrupt the live events industry by abolishing the status-quo “no refunds.” TicketGuardian’s technology and consumer-facing insurance products are helping provide platforms and organizers with CONTROL in order to improve their brands, drive additional revenue, improve the checkout flow and enhance fan engagement.

25

LOCAL EMPLOYEES

2016

FOUNDED

Newport Beach

LOCATION

WHAT PEOPLE ARE SAYING

"Every morning I drive down PCH with my windows down, music up, and the air in my hair. When I get to the office I walk in to find it full of people who couldn't wait to get to work.  

Most days are filled with laughter, ping pong, & music discovery!"

Lindsey Callinsky
Tickets.com and protecht Form Partnership to Help More Live Event Consumers "protecht What Matters"

NEWPORT BEACH, Calif., Jan. 9, 2019 /PRNewswire/ -- Tickets.com and protecht, a leading innovator in building better experiences for patrons of live events, have formed a strategic partnership that will help more consumers obtain refunds for event tickets they bought but cannot use.

"Tickets.com is a multinational, premier platform. We love the momentum it shares with us in the live-events industry," said protecht founder and CEO Bryan Derbyshire. "CEO Joe Choti and his team have been incredible to work with. Together, we will give fans better choices and more options. We're very excited about partnering with such a fan-focused, pro-technology company and collaborating to give consumers better choices and more options." 

The partnership gives Tickets.com partners access to the protecht TicketGuardian technology, allowing for expansive control over ticket inventories as well as access to real-time data and analytics. The two award-winning, tech-focused companies are also teaming up to offer the protecht FanShield product to Tickets.com partner venues and the event-goers they serve, offering patrons the opportunity to protect their purchases against unforeseen circumstances.

"FanShield is a great fit for our partners and their patrons, providing technology to deliver the flexibility and security live event customers expect," said Joe Choti, President and CEO of Tickets.com. "In addition, TicketGuardian innovations in inventory control and accessibility to customer data will be welcome additions to our ProVenue platform."

FanShield is now available as an option in digital ticket purchase flows for select participating Tickets.com partner venues as well as for patrons buying tickets through other channels such as the box office, call center and direct sales marketing.

The TicketGuardian technology and Fanshield insurance suite were created by protecht to safeguard a significant portion of the $9 billion that IBISWorld estimates consumers spend to purchase tickets online for  concerts, sporting events, live theater, fairs, festivals and other events. It is estimated that U.S. online ticketing revenues for sports and music events alone totaled about $7.1 billion in 2017. 

Moreover, with live events and experiences expanding globally, millions of people are experiencing an increase in ticket prices. The average face-value ticket price in 2017 among the top 100 grossing concert tours in North America was $78.93, according to Pollstar. The average cost for a family of four to attend a professional sporting event is now more than $320, according to Business Insider.

For more information on protecht, visit www.protect.io.

About protecht
protecht, inc., is the insurtech leader committed to building a better experience in the world of live events, with headquarters in Newport Beach, Calif. Its TicketGuardian technology connects platforms, venues and event organizers to provide real-time data and analytics as well as control over inventory, customer service and strategic marketing. Its FanShield insurance suite offers low-cost consumer and event coverage to protect attendees and organizers from financial burden. www.protecht.io.

About Tickets.com
Tickets.com is a leading provider of fully integrated event ticketing solutions and services for thousands of top arts, entertainment and sports organizations worldwide. Delivering the latest in ticketing technology, Tickets.com offers the advanced ProVenue® ticketing platform, which serves the core of a comprehensive suite of integrated features, products and services that help clients enhance ticket sales, marketing efforts and overall customer experience. A wholly owned subsidiary of MLB Advanced Media, LP, since 2005, Tickets.com is headquartered in Costa Mesa, Calif. It has regional offices across the U.S. and internationally in the UK, the Netherlands, Germany and Australia. For more information visit www.tickets.com/provenue.


See full article HERE.

Bryan Derbyshire
TicketGuardian Secures $8 Million in Series A Funding

NEWPORT BEACH, Calif., Dec. 17, 2018 /PRNewswire/ -- TicketGuardian announced today an $8 million Series A funding round led by American Family Ventures and IA Capital Group. The industry leading insurtech company will use the capital to fuel the growth of the technology, products and services it provides to event organizers and ticketing platforms, as well as to the attendees and fans for which the industry exists. This new round brings total funding to $13 million to date.

"This new injection of capital will enable us to grow our company, our services and our customer base," said TicketGuardian CEO and founder Bryan Derbyshire. "Along with the expertise of our investors, it allows us to continue our innovation and remain the insurtech thought leader in the live event space."

TicketGuardian entered the market to improve one aspect: enhancing the attendee and fan experience by providing an option to protect their tickets. While doing so, it also built industry leading enterprise level technology.

"We now securely power real decision-making data to ensure the best experience across the board for our partners and their attendees," said Derbyshire. "Our exponential growth is proof that the live events industry is begging for change. This industry has responded with open arms and is embracing a better customer experience."

"We are extremely excited to be partnering with TicketGuardian as it has built the first live events industry-focused insurtech platform," said Drew Aldrich, Principle of American Family Ventures. "TicketGuardian is fundamentally reshaping the way that live event ecosystems protects their investments. We are excited about its vision, technology and the incredible opportunity. We're thrilled to join with them to continue to enable their significant growth."

TicketGuardian is at the forefront of an important turning point in the live events space. Every year consumers lose money after buying more than 1 billion tickets to concerts, festivals, sports and other live events they can't attend. An attendee can easily insure their purchased ticket, registration or booking through TicketGuardian's FanShield suite of products. Currently, TicketGuardian is powering attendee protection approximately every 45 seconds.

"TicketGuardian embodies the future of insurtech, providing a frictionless customer experience and peace of mind while augmenting the enterprise technology of its key platform partners," said Matt Perlman, Principal at IA Capital.

As TicketGuardian rolls out its proprietary control mechanisms into the live events industry, the future of ticketing refund, exchange and secondary markets will expand beyond no refunds or secondary sales only – offering not only fans, but also organizers and their platforms, control over additional ticket sales, customer data and engagement.

Since launching, TicketGuardian has expanded to 40 employees. It partners with dozens of platforms such as Provenue, Accesso Showare, Showclix, events.com and others that power tens of thousands of events that sell more than 100 million tickets and registrations every year. TicketGuardian is also the title sponsor of the TicketGuardian 500, a NASCAR race held at ISM Raceway in Avondale, Ariz., March 10, 2019.

TicketGuardian is a protecht, inc. company focusing on using technology to create a more sustainable live-events ecosystem. TicketGuardian powers technology for its wholly-owned insurance subsidiary, FanShield LLC, which includes several insurance products including FanShield, RegShield, TourShield and EventShield.

About TicketGuardian
TicketGuardian is the insurtech leader in the live events space powering a better fan experience by connecting platforms, venues, and event organizers, with fans. By providing real-time data and analytics, TicketGuardian powers control over inventory, customer service, strategic marketing and, ultimately, the fan experience. For more information, visit www.ticketguardian.net.

About Protecht, Inc.
Protecht, Inc. is a technology leader committed to building a better experience in the world of live events. Protecht, Inc is a privately held company headquartered in Newport Beach, Calif. For more information, visit www.protecht.io.

About FanShield
FanShield, LLC is a licensed insurance agency wholly-owned by Protecht Inc. FanShield offers low-cost consumer and event protection in the live-events industry, protecting attendees and organizers from financial burden. FanShield insures tickets, registrations, and events including music, sports, endurance, conferences and more. FanShield powers peace of mind by bridging the gap between experience and the non-refundable world of live events. For more information visit www.fanshield.insure.

About American Family Insurance 
Madison, Wisconsin-based American Family Insurance group is the nation's 13th-largest property/casualty insurance group and ranks No. 311 on the Fortune 500 list. The company sells American Family-brand products, including auto, homeowners, life, business and farm/ranch insurance, primarily through its exclusive agents in 19 states. American Family affiliates (The General http://www.thegeneral.com/ and Homesite http://www.homesite.com/) also provide options for consumers who want to manage their insurance matters directly over the internet or by phone. Web www.amfam.com Facebook www.facebook.com/amfam Twitter www.twitter.com/amfam

About IA Capital Group:
IA Capital Group is a New York-based investment firm focusing on early and growth stage investments in insurtech companies with a nearly two-decade-long venture capital track record. The firm manages over $100 million of dedicated capital from leading insurance companies to make strategic insurtech investments in North America. http://www.iacapgroup.com/


Read Full Article HERE

Bryan Derbyshire
Insurance Nexus to Announce: 2018 Insurance Innovation Awards – "Innovation Leader of the Year"

Naples, FL, November 07, 2018 --(PR.com)-- There is a "disruption" facing insurance. This is nothing new. The need to become customer-centric and to adopt new technologies from the many available are two factors driving this "disruption."

What is new is how to, as a community act, on the opportunities. We are bombarded every day with new technology, new opportunities and different solutions to meet disruption In the context of this sweeping change across the insurance industry, it’s right to recognize and celebrate those companies and individuals taking risks, daring to lead and breaking new ground in insurance innovation. Enter the Insurance Innovation Awards.

The global insurance community was asked to submit their nominations and the level of responses was exceptional. There are three categories of award: "Innovation Carrier of the Year" (the insurance carrier who has made the biggest advances in insurance innovation), "Innovation Vendor of the Year" (the solution-provider that has demonstrated exceptional innovation within Insurance over the past year) and "Innovation Leader of the Year" (an individual who led an exceptionally innovative project or transformation, from any organization). Previous winners include Lemonade CEO, Daniel Schreiber, Allstate Insurance and their Head of Personal Lines, Glenn Shapiro.

"It was an incredible honor to be recognized in last year’s Insurance Innovation Awards," said Allstate’s Glenn Shapiro, president of Allstate Personal Lines. "As I mentioned when receiving the award, the Allstate Claims team deserves the credit. This was a testament to their relentless focus on innovation and customer experience and the achievement was a tremendous source of pride for Allstaters across the enterprise. Awards that celebrate innovation are so important to our industry. I encourage everyone to take part and share their success stories."

The finalists for all categories are as follows...

Innovation Leader of the Year:

- Ilya Bodner, Bold Penguin
- Mark Budd, Zurich
- Yosha Delong, Zurich
- Michelle Rustler, American Family
- Bryan Derbyshire, TicketGuardian
- Amandah Greiling, Zurich
- Raj Pofale, Claim Genius

Bryan Derbyshire
2018 Insurance Innovation Awards- The Insurance Community Decides

If you’re reading this, you’ve doubtless heard countless times about the ‘disruption’ facing insurance. This is nothing new. The need to become customer-centric and to adopt new technologies from the many available are two factors driving this ‘disruption’. Again, nothing new here.

But what is new is how we, as a community act, on the opportunities before us. We are bombarded every day with new technology, new opportunities and different solutions to meet disruption. In the context of this sweeping change across the insurance industry, we believe it’s right to recognize and celebrate those companies and individuals taking risks, daring to lead and breaking new ground in insurance innovation. Enter the Insurance Innovation Awards.

We asked the global insurance community to submit their nominations and the level of responses was exceptional.There are three categories of award: ‘Innovation Carrier of the Year’ (the insurance carrier who has made the biggest advances in insurance innovation), ‘Innovation Vendor of the Year’ (the solution-provider that has demonstrated exceptional innovation within Insurance over the past year) and ‘Innovation Leader of the Year’ (an individual who led an exceptionally innovative project or transformation, from any organization). Previous winners include Lemonade CEO, Daniel Schreiber, Allstate Insurance and their Head of Personal Lines, Glenn Shapiro.

"It was an incredible honor to be recognized in last year’s Insurance Innovation Awards,” said Allstate’s Glenn Shapiro, president of Allstate Personal Lines. “As I mentioned when receiving the award, the Allstate Claims team deserves the credit. This was a testament to their relentless focus on innovation and customer experience and the achievement was a tremendous source of pride for Allstaters across the enterprise. Awards that celebrate innovation are so important to our industry. I encourage everyone to take part and share their success stories.”

The finalists for all categories are as follows:

Innovation Carrier of the Year:

• AIG
• American Family Insurance
• American Modern Insurance
• CSAA Insurance Group
• QBE North America
• Root Insurance Company
• Society Insurance
• Union Insurance
• Zurich UK

Innovation Leader of the Year:

• Ilya Bodner, Bold Penguin
• Mark Budd, Zurich
• Yosha Delong, Zurich
• Michelle Rustler, American Family
• Bryan Derbyshire, TicketGuardian
• AmandahGreiling, Zurich
• Raj Pofale, Claim Genius

Innovation Vendor of the Year:

• Big Wave Systems
• Claim Genius
• dacadoo
• Eddy Solutions
• Exacter, Inc.
• Fiserv
 FRISS
• Hortonworks
• Levio
• Microsoft
• Paperclip Inc.
• Optimity
• Pineapple
• ProNavigator
• RedPoint Global
• ROC-Connect
• SCA Appraisal Company
• See Your Box
• Slice
• Verisk

Bryan Derbyshire
SportsBusiness Daily | Hangin' With ... TicketGuardian Founder & CEO Bryan Derbyshire

By Travis Ostrander October 26, 2018

BRYAN DERBYSHIRE is the founder and CEO of insurtech company TicketGuardian. The brand provides technology for ticketing platforms and event organizers that offers real-time data concerning revenue, inventory and customer engagement, while also providing consumer protection. Derbyshire launched TicketGuardian in Jan. '16. The company now employs 33 individuals and recently completed an $8M funding round that will help it expand internationally. This week, it received the Bronze Award for North American Insurtech company of the year at the Efma-Accenture Innovation in Insurance Awards. Derbyshire spoke with SBD Global about how TG is beneficial for both sides of a transaction, its recent funding round and plans for int'l expansion.

On how the company operates ...
Bryan Derbyshire: We're a B2B2C company, essentially. To the end consumer, we're an insurance policy. So, to the end attendee sitting in the seat, they're buying our protection to have peace of mind that if something comes up and stops them from being able to make it, we will be able to offer them the opportunity to get their money back. For the B2C side, it is relatively straightforward. But really where we differentiate ourselves from everybody else is around what we offer to the B2B platforms, which is potentially inventory control, proactive customer service and fan engagement by utilizing our data.

On TG's value ...
Derbyshire: It's giving choice and control in the live event space back to the people who the entire industry was built for. On the team or venue side, we're giving control to be able to use real-time data and real-time understanding of what's going on with the end attendees. On the flip side, for the attendee, we're giving them the option that in today's non-refundable space that is live events, that they should have an option -- just like they do when they buy anything else online -- to have protection.

On how TG generates revenue ...
Derbyshire: We make [our money] off of the insurance piece. The nice thing about us compared to traditional insurance companies is that since we're a technology company selling insurance versus a carrier trying to play in a technological world, we don't have to have the same return margins that traditional carriers have been providing their shareholders for decades. We're OK making a smaller amount per policy and just doing 10 times the policies because we're pricing it for the consumer.

On the company's breadth ...
Derbyshire: We have a couple of flags we fly under. TicketGuardian is the core name and really the name of our B2B side as far as technology goes. ... That said, because it's an insurance product, we have to have a fully-insured entity that is wholly-owned by TicketGuardian, which is FanShield. FanShield is the brand that you as the consumer would see inside of the checkout flow when you go to buy your ticket because it's a FanShield policy. ... It is one and the same.

On the recently-completed $8M funding round ...
Derbyshire: We decided from a strategic side, it made the most sense for us -- because our background has always been technology solutions -- to partner with someone with a strong insurance base. So we partnered with American Family Ventures, who was the lead investor on this round. The remaining groups of our investment come from IA Capital, who represent some major insurance players, as well as our actual insurance provider, Markel. ... The reaffirmation for us is that the large, old-school, traditional carriers see the value in what we're doing and we're kind of creating our own niche market.

On plans for a European office ...
Derbyshire: I'm getting some of the bank accounts and the situation set up in Dublin. We're probably not going to be hiring in this office until early 2019. But we're getting all the infrastructure set up here in Ireland because we don't know what's going on with Brexit and all the other chaos. So Ireland checks a lot of boxes.

On nascent efforts to expand abroad ...
Derbyshire: We already have a partnership with CSM [in the U.S.], so we're looking to expand that internationally. Obviously, working with an agency of that size brings a lot to the table, as they already have a foothold internationally to be able to get direct inroads in.

On the similarities between appealing to domestic and int'l consumers ...
Derbyshire: The fans are the same fans across the board. At the end of the day, people go to these live events, go to these sporting events to find camaraderie, to find a piece of worth or meaning. They do it for entertainment and to relax and take them outside of the daily grind. That same value that we've seen in the United States, where we're protecting something that's such a passion for people, like their sporting teams or their sporting events, runs constant across the human race from what we've seen. So it doesn't matter what language they're speaking or what country they reside in; the passion and what matters to them is very similar. It's just the ball shape is a little bit different. So the value we offer as far as peace of mind to that experience runs the same throughout everywhere we've gone.


Bryan Derbyshire
FanShield inks partnership deal with Markel Corp.

The SoCal sister company of insurtech leader TicketGuardian enters into agreement with Fortune 500 insurance company

LOS ANGELES, Sept. 27, 2018 /PRNewswire/ -- FanShield, LLC, today announced a partnership with Markel Corp. (NYSE: MKL), an A.M. Best insurer with a $17 billion market cap. FanShield, LLC, is a wholly owned subsidiary of parent company Protecht, Inc. which also founded the technology platform TicketGuardian, in 2016. The Markel partnership will give FanShield the size and strength of a carrier partner to accommodate significant scale and growth.

FanShield

"Establishing this partnership is a huge step in our company's growth plans. It is a strong endorsement of our team, our current operations, and our future success," said CEO Bryan Derbyshire, founder of Protecht, Inc.

FanShield will offer insurance solutions across the partner platforms that span the live event space. Whether it's a race, a concert, a sporting event or a tour, consumers will have the option to protect their ticket with FanShield and Markel Corp. TicketGuardian and FanShield, as technology and insurance offerings respectively, are at the forefront of an important turning point in the live events space. As it stands now, most event tickets and registrations are non-refundable and often go to the secondary market for resale.

"The backing of Markel will help us to continue serving the event organizers who sell tickets and the consumers who buy them. It will also enhance our risk capacity and production scale commitments," Derbyshire added.

"Markel Digital is constantly looking to partner with new and emerging insurtech players. We think Protecht, Inc. and its subsidiaries have a winning business strategy and scalable, innovative technology with its platform to provide peace of mind to both ticket issuers and buyers. We're looking forward to the future and supporting its efforts," said Markel Digital Managing Director Trent Cooksley.

Every year consumers lose money after buying tickets and registrations for live events that, for one reason or another, they cannot attend. Protecht, Inc. is powering an alternative option, one in which a consumer can easily purchase FanShield or one of its vertical focused brands, as protection during the checkout process for an event on numerous partner ticketing and registration platforms.

Furthermore, as Protecht, Inc. rolls out its proprietary TicketGuardian technology and control mechanisms to the live events industry, the future of ticketing refunds, exchange and secondary markets will expand beyond no refunds or secondary sales only – offering organizers and their platforms control over inventory, additional ticket sales, customer data, and engagement.

About Protecht, Inc.
Protecht, Inc. is a technology leader committed to building a better experience in the world of live events. Protecht, Inc is a privately held company headquartered in Newport Beach, Calif. For more information, visit www.protecht.io.

About FanShield
FanShield, LLC is a licensed insurance agency wholly-owned by Protecht Inc. FanShield offers low-cost consumer and event protection in the live-events industry, protecting attendees and organizers from financial burden. FanShield insures tickets, registrations, and events including music, sports, endurance, conferences and more. FanShield powers peace of mind by bridging the gap between experience and the non-refundable world of live events. For more information visit www.fanshield.insure.

About TicketGuardian
TicketGuardian is the insurtech leader in the live events space powering a better fan experience by connecting platforms, venues, and event organizers, with fans.  By providing real-time data and analytics, TicketGuardian powers control over inventory, customer service, strategic marketing, and ultimately the fan experience. For more information, visit www.ticketguardian.net.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com or to learn more about Markel Corporation Group's financial strength, please visit www.markelcorp.com/investor-relations/am-best.

About Markel Digital
Markel Digital leads Markel Corporation's insurtech engagement by evaluating emerging technologies, establishing relationships with start-ups and digital distribution partners, developing innovative and disruptive insurance solutions, and making strategic investments in this space.

Bryan Derbyshire