AgentSync’s compliance enhancing platform raises US$6.7m
Founded in 2018, the startup’s first product is a ‘compliance as a service’ platform that allows insurers to track broker licensing data autonomously, therefore saving time and money, as well as reducing margins for error.
"Operating in a highly regulated environment can be tedious, whether you've been doing it for hundreds of years or you are an emerging insurtech startup. Our mission at AgentSync is to reduce the friction between key stakeholders, and make the entire industry move ahead faster," commented Niji Sabharwal, Co-Founder and CEO.
"We've had extremely positive reception across the industry so far, and look forward to scaling our team and product to allow our customers to grow their distribution channels efficiently and compliantly."
Insurtech investment grows
Leading the funding round was investment firm , a startup development specialist. Noting the continual occurrence of insurtech IPOs, the increasing value of the insurance market ($1.3trn), and AgentSync’s ten-fold year on year growth, Brian Murray, Managing Director of Craft Ventures, believes the company has a profitable niche:
"I've seen first-hand how important regulatory compliance is, and there is massive whitespace for what AgentSync is bringing to market.
"Niji, Jenn (Knight, CTO), and team are successfully tackling a very real problem that has been a bottleneck for growth in the industry for years. We are excited to be supporting this talented team as it scales to meet market demand."
"When looking for technology solutions for agency licensing and compliance, we found AgentSync, [its] platform, and [its] management team to be a great partner," stated Rick McCathron, President. "[It’s] helped us expand distribution and ensure growth in a compliant way, which is incredible value to a fast-growing company like ours."
Image credit: AgentSync
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8