DENVER, March 8, 2021 /PRNewswire/ -- AgentSync, the company modernizing the tools and infrastructure powering the insurance industry, today announced a $25 million Series A. AgentSync will use the funds to accelerate product development as the company builds the industry's most trusted and comprehensive producer management solution. The round was co-led by Elad Gil and David Sacks' Craft Ventures, with participation from Marc Benioff, Caffeinated Capital, Operator Collective, and Nine Four Ventures. This brings the company's valuation to $220 million, ten times higher than when the company raised its seed funding in mid-2020.
AgentSync is tackling one of the biggest barriers to growth and innovation in the fragmented, complex insurance ecosystem – how brokers and insurers connect. By leveraging automation and technology to do the heavy lifting surrounding the compliance and management of insurance distribution channels, AgentSync is building the most tech-forward producer management system on the market. The new funds and steadily growing revenue stream will accelerate product development as the company pursues an ambitious plan to develop new solutions to common pain points for producers and insurers.
"I'm attracted to companies demonstrating the potential to transform back-office operations for massive industries, and AgentSync is doing exactly that," said Elad Gil, investor, entrepreneur, and operating executive. "By tackling one of the most tedious, manual processes plaguing the insurance industry today, AgentSync is creating efficiencies for the entire market."
AgentSync Manage, the company's first product, uses automation and technology to do the heavy lifting of producer management and licensing compliance. Its modern design built on the Salesforce platform and direct integration with NIPR (National Insurance Producer Registry) create massive efficiencies and enable carriers, agencies, and MGAs to grow and scale. AgentSync has 100% customer retention and early customers include Hippo Insurance, Lemonade, Hub International, Embroker, iptiQ (a subsidiary of Swiss Re), Beam Dental, Centene, and Rippling, among others.
The comprehensive platform AgentSync is developing – with tools both upstream and downstream of its core licensing compliance product – position the company to meet the industry's full range of needs.
"It's rare to see a product like AgentSync that so clearly impacts revenue and has no competition," said David Sacks, co-founder and general partner of Craft Ventures. "Automating licensing and compliance is just the first step of AgentSync's ambitious road map. We see an opportunity for the company to expand vertically by adding certifications, recruiting, and territory management and to expand horizontally to serve any industry that requires certifications."
By eliminating back-office bottlenecks and creating operational efficiencies, AgentSync is ultimately fueling the growth of industry incumbents while reducing friction for new insurtech disruptors as they enter the market and scale. AgentSync is quickly becoming the insurance industry's trusted, centralized platform for all-things producer management.
"Managing onboarding and compliance for over 6,000 insurance brokers is no small feat. There's a definite need in the market for the type of end-to-end broker solution AgentSync is building," said John Albright, Chief Legal Officer of HUB International. "Their core licensing and compliance product should create huge efficiencies for our broker licensing processes, and we're excited to see what AgentSync's new products will do to further improve operations across our teams."
AgentSync co-founder and chief executive Niji Sabharwal said, "We're solving for some of the most inefficient processes bogging down the trillion-dollar insurance market. Our core product is already creating positive change for our customers, and we're excited to keep building for an industry that's eager to adopt innovative, automated technology to work smarter, not harder."
About AgentSync AgentSync is empowering the insurance industry to scale by reducing friction, increasing efficiency, and maintaining compliance. The company is improving the broker onboarding and contracting process with its best-in-class licensing validation tool built for agencies, carriers, and MGAs that integrates with National Insurance Producer Registry (NIPR). AgentSync was founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight and was named one of Forbes Magazine's Cloud 100 Rising Stars in 2020. The company is headquartered in Denver, Colorado. To learn more, reach out to [email protected] or visit AgentSync.io.