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Joe Magdovitz joins AI neo-insurer MGT as Head of Finance. October 14, 2026 at 09:15 AM EDT i This article is third-party content and does not represent the views of this site. Tamar Securities, LLC make no guarantees regarding its accuracy or completeness. Former Vouch CFO brings 15+ years of insurance and fintech finance experience to help scale MGT MGT, the leading AI-native neo-insurer modernizing commercial P&C insurance, today announced the appointment of Joe Magdovitz as Head of Finance. As MGT's first dedicated finance leader, Magdovitz will lead and grow the company's finance function to support its continued rapid scale across new markets and distribution channels. He will report to MGT Co-Founder and Co-CEO Michael Topol. Magdovitz brings more than 15 years of strategic finance experience across insurance, fintech and marketplace businesses. He most recently served as Chief Financial Officer of Vouch Insurance, where he led the sale of the company's underwriting business to Hiscox, oversaw multiple equity and debt financings, and helped drive more than 3x growth in written premium during his tenure. "MGT is entering a new phase of growth, and as an AI and financial services company, finance plays a central role in how we scale the business," said Michael Topol, Co-Founder and Co-CEO of MGT. "Building a category-defining company requires exceptional financial leadership alongside operational excellence. As we continue to expand our platform, invest in our AI capabilities and accelerate our growth, financial leadership becomes a true competitive advantage. Joe has helped build organizations through periods of rapid expansion, and his combination of operating, insurance and capital markets experience will help us execute on our vision and capitalize on the enormous opportunity ahead." Before Vouch, Magdovitz held senior finance and other leadership roles at Kiavi (acquired by Figure), where he successfully scaled financial operations during high-growth phases. Earlier in his career, he worked at eBay, the Federal Reserve Bank of New York and Société Générale, building experience across corporate finance and capital markets. "MGT has built incredible momentum by bringing a different approach to commercial insurance, and I'm excited to join the team at this inflection point in the journey," said Magdovitz. "I look forward to working with this exceptional team and building the infrastructure to support MGT as it scales and continues to deliver for our customers." Magdovitz's appointment comes amid MGT's rapid rise to become a category defining AI insurance company, with revenue growing more than 10x since its last fundraise. To support that growth, MGT has continued to invest in its team and infrastructure, adding experienced veterans across technology, AI, insurance, and operations over the past year. The addition of a dedicated finance leader builds on that investment as MGT scales its full-stack model and broadens its reach. MGT is a leading vertical AI neo-insurer designed to modernize commercial P&C insurance for small businesses, their agents, and other insurance companies. By leveraging a full-stack model that integrates data and technology, MGT is improving the entire insurance buying process from data to policy, streamlining what used to be a weeks-long process into a matter of minutes. MGT supports small businesses navigating insurance by addressing their biggest challenges with the expertise and forward-thinking that define the industry. MGT Insurance is an "A-" AM Best rated carrier with a national presence in both admitted and E&S markets. For more information about MGT, please visit mgtinsurance.com. Contacts. Media Nina Walsh Caliber Corporate Advisers for MGT Insurance 360-981-2127 [email protected] Report this content If you believe this article contains misleading, harmful, or spam content, please let Tamar Securities, LLC know.

How MGT Insurance's accounting team got out of the "doing" A three-person accounting team at MGT Insurance built over 50 agentic operations, with no engineering involvement. By letting AI handle the repetitive data entry and coordination, the team saved 30 hours a month and transformed their department into a strategic command center. MGT Insurance is the first AI-native neo-insurer for small commercial property and casualty, built from the ground up for independent agents. As a full-stack carrier, MGT owns its product, platform, and risk, writing Business Owner's Policies and other coverages through independent agency partners across the country. Learn more at mgtinsurance.com. When Gregory Schroeder joined MGT Insurance a year and a half ago, he had previously spent 9 years at an insurtech startup that didn't yet allow their accounting team to use AI. While MGT encouraged experimentation with AI, early attempts to bring it to the accounting process fell flat. At first, the team tried using standard chatbots. "ChatGPT answered questions. It didn't do accounting," Gregory explains. "Give it an Excel file and the output was unusable. Yes, it's AI, but it's what I consider ineffective AI. You're not revolutionizing accounting processes. You're bypassing some research." Upgrading to Cowork and a Claude plugin for Excel made the work feel a bit more real. The Excel output was better, though still hard to checkpoint and iterate with. Having Claude control his Chrome browser allowed AI to draft journal entries in NetSuite, but it took 10 minutes to do a single one rather than a bulk CSV upload doing many entries in one minute. Gregory described this as moving from "ineffective AI" to "hand-holding with AI". It felt a little like magic because AI was actually doing the work, but every task was still initiated by hand and took far longer than the manual route. As he put it, they still weren't operating at the "AI agent level" that he saw his company's engineers using. The breakthrough happened when they stopped trying to make an AI click through a web browser and instead connected Malleable directly to NetSuite. Gregory didn't just want AI to automate clicking buttons, he wanted to shift his team's focus from repetitive work in spreadsheets to leveraging their domain expertise to add strategic value to the business. As a result, Gregory needed a way to teach AI exactly what he wanted it to do, and how his team should be involved in the agentic operation. This is when Gregory met Malleable's team. He was skeptical. He remembered thinking "every tool promises to revolutionize how we work, but it only helps the people who live in GitHub or Snowflake. NetSuite never fits. But I'll give them a few hours to see if it's any different." He started with NetSuite incrementally. First, a very simple form that his team could visit to enter a basic journal entry. An agent then drafted it in the background, the form asked for his approval, and then it finalized it. This proved the capability was there and Gregory gained confidence in how he could oversee agents. "The first run was just two journal entries. It didn't save time, but it proved the hypothesis," Gregory says. Once they knew it worked, they scaled it up. "That was the turning point, when we got an agentic operation with NetSuite," Gregory says. "It took a workbook, ran calculations, and through the right due diligence and approval, got it into NetSuite. My team was then hooked." By August, an agentic operation was routinely preparing and posting entries as large as 1000 lines. When Gregory had the first form that could post to NetSuite, he brought it to his team's weekly virtual happy hour. It's a standing meeting that's deliberately not about daily operations - the team uses it to trade what they're learning about AI with each other. He showed them how he could send an email and see it in NetSuite two minutes later. He described it to them as "you tell AI what you want it to do, it draws boxes and lines to show you what it will do, and then it does it." It felt approachable, rather than abstract, and soon the team was building their own workflows too. The strategy started simple: try spending 15 minutes building an operation that saves 30 seconds a day, then keep going. It was like a muscle they were building together. Some example wins: * The team used to spend Sunday mornings downloading AP aging reports and manually working through overdue bills. Now, a daily operation runs at 10am to triage the ten oldest bills from Ramp to the right people on Slack. * The team built watchdogs to automatically flag duplicate payments and prepaid expenses. * Agentic operations run throughout the day, checking Ramp and NetSuite 50 times a day so Gregory's team can focus on other things. Once they had small things running on autopilot, the bigger targets became obvious. In August, the team set up an operation to automate claim checks from a daily bank feed and recorded almost 400 checks their first week. Next, they updated almost 800 vendor-subsidiary records in NetSuite without any manual data entry. Accounting answers to auditors and regulators. Gregory's biggest fear was a "rogue run", AI thinking it books a single $1,000 entry and accidentally getting 10,000 of them. Malleable's handoff system prevents this by keeping humans firmly in the loop. The AI prepares the work, but it is unable to interact with NetSuite until a human accountant reviews it in a secure form. In August alone, the AI paused for a human decision 400 times. Furthermore, while some tools scope access based on users or workflows, granular permission levels are locked based on the stage and progression of a workflow. This means one part of a single workflow may be able to find overdue bills in Ramp, but afterwards that same workflow cannot use Ramp in any other way. MGT is steadily moving toward what Gregory describes as an accounting command center. His mandate to the team is simple: get out of the doing, and do the thinking. Instead of manual data entry, AI agents now pull data autonomously, run the initial close steps, and stop at their checkpoints. The accounting team walks in, reviews the work, and spends the rest of the day on actual insights to improve the business. "We save 30 hours a month, which by itself is dramatic for a small team," Gregory says. "What's more important is that we now have the space to use our actual experience and give leadership guidance on what needs to happen. This lets us finally spend our time on the strategy we were actually hired to do." "I'm not technical. I don't think of myself as a software builder; I'm an accountant," he adds. "But this is the first time in my career that I can take a vision for how I wish my job worked, and how I wish my team could collaborate, and we can make it happen."