Local insurance-services tech firm plans to add 185 employees

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Insurance-services technology firm MyCOI LLC announced Wednesday that it is expanding its headquarters in Indianapolisa move expected to create 185 jobs by the end of 2021.

MyCOI, which sells cloud-based software and services for tracking and managing certificates of insurance, said it is spending $765,000 to move into a 6,841-square-foot office at 445 N. Pennsylvania St.

The relocation, which took place in March, doubled the space MyCOI had in its previous office at 9700 Lakeshore Drive East in Precedent Office Park.

MyCOI, which has 36 full-time employees in Indiana, said it has started hiring sales, software development and insurance service professionals. The positions are expected to offer average salaries of more than $25.45 per hour, or about $52,940 per year.

The Indiana Economic Development Corp. offered MyCOI up to $1.75 million in conditional tax credits and up to $42,500 in training grants based on the job-creation plans. The incentives can’t be claimed unless the firm meets its employment goals.

MyCOI, founded in 2009, offers products and services that protect businesses from insurance claims and litigation. This is accomplished by automating the day-to-day process of tracking certificates and verifying compliance for third party contracts.

It has clients in a variety of industries, such as construction, property management, manufacturing, insurance and motorsports. Its customers include Caterpillar, Meyer Najem, Indianapolis Motor Speedway and  Cushman & Wakefield.

MyCOI won the pitch competition at the Venture Club of Indiana’s 2016 Innovation Showcase.

Since its founding, the firm has raised $2.4 million in venture capital funding, including investments from the Indiana Angel Network Fund, which is managed by Elevate Ventures. It said it has leveraged the state’s Venture Capital Investment tax-credit program to help attract private investment.

Founder and CEO Kristen Nunery was named to the 2015 Young Guns list by Insurance Business America.

Nunery founded the company in Marion but later moved it to Purdue Research Park Indianapolis, where it won a 2011 Indiana Innovation Award.

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