Pace, an agentic AI startup automating insurance operations, has raised $10m in a Series A led by Sequoia Capital to accelerate AI adoption across insurance workflows.
The funding reflects growing investor interest in boosting the insurance industry’s challenging operational processes.
Through the tranche, Pace is targeting tasks that have traditionally relied on business process outsourcing, with the goal of replacing manual, offshore-heavy workflows with AI-driven systems that improve speed, accuracy, and scalability.
Founded in 2024 by CEO Jamie Cuffe, the firm develops agentic AI systems capable of handling submissions, claims processing, and other document-heavy work. The technology is designed to operate at scale, managing structured and unstructured data that typically requires large teams of employees.
“Insurance is particularly well suited to agentic AI because of the scale and complexity of its workflows,” Cuffe said. “Some insurers deal with hundreds of thousands, or even millions, of submissions and tens of thousands of claims. They need a system that can operate at that level. The agent moment is what’s unlocking the insurance industry for us.”
Cuffe, who grew up around Lloyd’s of London through his father’s career, added: “The internet first gave rise to outsourcing in the 1990s and 2000s, letting work be done anywhere. Now we’re seeing the same shift, where work that was outsourced offshore can be done by AI.”
Sequoia Capital, which has a strong track record investing in enterprise software and automation platforms, led the round. “That’s the part of the market that Pace really addresses,” said Sequoia partner Bryan Schreier, who previously worked with Cuffe at his earlier startup, Cheer.
Pace is already seeing early market traction, with Prudential, The Mutual Group, and Newfront among its customers. The company is positioning its platform as a way for insurers to reduce reliance on outsourcing while improving efficiency and consistency. Business process outsourcing in insurance alone represents roughly $70 billion in annual spend, rising to an estimated $400 billion across broader financial services.
The Series A round underscores a broader trend in the sector, as insurers increasingly turn to AI to modernise legacy systems, cut costs, and speed up operational workflows. With enterprise adoption of AI accelerating, Pace’s approach signals the growing role intelligent automation will play in shaping the future of insurance operations.
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