Digital insurance network Agentero raised $13.5m in Series A funding led by Alma Mundi Ventures to drive growth for independent insurance agencies.
The round also saw participation from existing institutional investors including Foundation Capital, Union Square Ventures, Financial Venture Studio and Two Culture Capital.
The company intends to use the funds to continue to expand operations into new lines of insurance and its business reach.
Founded in 2017 and led by Luis Pino, the California-based InsurTech is designed to help insurance agents access modern carriers and boost their revenue. Using data analytics Agentero enables agents to proactively offer insurance choices to customers at the right time, every time, mitigating risks for consumers while growing relationships and revenue for agents.
Agentero leverages smart algorithms to combine agents’ existing data with third-party information sources to identify new business and cross-sell opportunities. It then connects agents with carriers in real-time to instantly quote, and to provide communication and automation tools so they can efficiently write more new business. Agentero also provides opportunities for carriers looking to integrate into a tech-enabled agent channel.
Today, the company works with more than 800 independent agencies. Through its panel of insurance carriers, it provides access to homeowners, auto, renters, umbrella, business owners policies (BOP), general and professional liability, workers’ compensation, flood, and life insurance. The company noted it continues to add carriers and additional lines of insurance.
Pino said, “Agents are the present and future of insurance distribution, and they must become more digital. Our technology strengthens their ability to use data analytics to write new policies with an end-to-end digital experience for their customers.”
Alma Mundi Ventures founder and managing partner Rajeev Singh-Morales said, “At Mundi Ventures, we invest in companies that not only provide products that people and businesses want but also that have the power to transform industries. Agentero—with its focus on strengthening agents’ abilities to compete in today’s digital market using analytics and access to insurance products—is making a big impact on the insurance industry.”
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