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AgentSync is arming the industry with tools that create significant operational efficiencies for industry stalwarts and reduce entry barriers for insurtech firms.
FREMONT, CA: AgentSync, the company modernizing the tools and infrastructure powering the insurance industry, announced a $6.7 million seed extension round, bringing its total funds raised to $11.1 million. Leading the round is David Sacks' Craft Ventures, with participation from Operator Collective and several prior investors. The capital will be used to grow the team and focus on product development as the company builds new solutions that create operational efficiencies and reduce compliance risk for agencies, carriers, and MGAs.
Insurtech has experienced rapid growth this year, with several notable IPOs and millions of dollars in investments as newcomers build solutions to minimize friction in the $1.3 trillion market. Two-year-old AgentSync has seen 10x revenue growth in the last year and 4x growth since the early days of the pandemic. This round, which follows an initial $4.4 million raised earlier this year, enables AgentSync to keep up with growing demand and scale the business.
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"I've seen first-hand how important regulatory compliance is, and there is massive whitespace for what AgentSync is bringing to market," said Brian Murray, managing director at Craft Ventures. "Niji, Jenn, 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."
AgentSync's first product, a platform for insurance carriers and insurance agencies to track insurance broker licensing data, is a compliance-as-a-service solution. It saves countless hours and reduces the chance of error or, worse, unlicensed brokers by integrating with the National Insurance Producer Registry (NIPR), the market's source of truth for licensing verification and processing.
"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," said Niji Sabharwal, co-founder, and chief executive officer at AgentSync. "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."
With this new infusion of capital, the company will expand its product lineup to help the industry operate efficiently and compliantly. AgentSync's current offering automates broker onboarding, carrier contracting, and licensing compliance. Future products will include broker insight and recruiting tools to help customers identify their broker 'white space' based on their ideal broker profile and acquire brokers as partners to distribute their insurance products. The funds will also be put towards building a diverse team that balances both tech talent and insurance industry experience.
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