Colorado Springs insurance technology firm names new CEO – Colorado Springs Gazette

Insurance Technologies, a Colorado Springs company that develops and sells sales automation software for the life insurance and annuities industries, has hired a veteran technology executive as its new CEO.

Laird Rixford will replace longtime senior executive David Fenimore, who will remain as company chairman.

Fenimore, who joined Insurance Technologies in 1996 as a software engineer and was promoted multiple times before becoming CEO in 2014, will focus on the company’s vision and legacy, while Rixford will take over day-to-day management with growth as his top priority. Rixford lives in Dallas and will commute to Colorado Springs area until he moves to the area.

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Rixford said Fenimore wanted to spend more time with his family but will “remain an integral part of the company for years to come.” Insurance Technologies employs 280 nationwide, including about 200 at its downtown Colorado Springs headquarters.

“My priority is to continue to expand the business. It has grown well recently and we look to continue to grow in Colorado Springs. I see us growing our staff another 20% in the next couple of years,” Rixford said. “Insurance Technologies is focused on the annuity market and now we are growing in the life insurance and wealth management markets. Wealth management is an overlooked part of the market.”

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Much of the employee growth will come in product development, marketing and sales, Rixford said. Insurance Technologies has 33 openings listed on its website with many of the positions in software development. While the company now allows employees to work a hybrid schedule split between the office and remote work, less than 5% of employees come to the office on a regular basis, he said.

Rixford had been CEO of the similarly named Insurance Technologies Corp., a Dallas area company that develops software for the property and casualty insurance industry; it was sold in 2020 to Zywave, a Wisconsin-based company that provides cloud-based software services to the insurance industry.

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“What drew me to this job was the environment and culture David had built — it reminded me of my prior company, which at the time of its sale was about the same size as this company. It was slipping into a favorite pair of deck shoes,” Rixford said. “This job is an opportunity to continue the vision, culture and legacy that David set.”

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The Colorado Springs company was sold by New York private equity firm NexPhase Capital to Boston-based private equity firm Thomas H. Lee Partners about a year and a half ago. The deal was designed to provide Insurance Technologies with more financial backing to further develop its technology and make acquisitions that add to its technology and market reach.