US-based InsurTech AgentSync secured $25m in a new Series A funding round co-led by Lead Gil and David Sacks’ Craft Ventures.
The round, which brought the company’s valuation to $220m, saw participation from Mark Benioff, Caffeinated Capital, Operator Collective and Nine Four Ventures.
The company will use the funds to accelerate product development to build its comprehensive producer management solution as well as develop new solutions for common pain points for producers and insurers.
Founded in 2018 by Niji Sabharwal and Jenn Knight, AgentSync is a compliance-as-a-service solution that automates licensing and compliance. Built on the Salesforce platform, it offers direct integration with the National Insurance Producer Registry (NIPR).
Its platform aims to help companies dealing with the challenges surrounding the compliance and management of insurance distribution channels. It plans to launch develop a platform with tools both “upstream and downstream of its core licensing compliance product,†it said.
The flagship product, AgentSync Manage, automates the producer management and licensing compliance processes therefore cutting time and money for firms.
Its customers include Hippo Insurance, Lemonade, Hub International, Embroker, iptiQ- a subsidiary of Swiss Re, Beam Dental, Centene, and Rippling, among others.
Detailing on the company’s services, AgentSync co-founder and chief executive, Sabharwal said, “We directly integrate regulatory database sources of truth i.e. NIPR, FINRA with core business systems so we can automate the critical business processes associated with these compliance requirements.
“We’re a new-school solution tackling an age-old, ubiquitous problem with smart technology & automation in a market full of old-school, inefficient, high-cost solution options – spreadsheets, manual processes, legacy software, more headcount, outsourcing, etc.â€
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