Why We Invested: AgentSync
The insurtech startups that grab headlines are often those that are consumer-facing, app-based or in some way offering superior insurance shopping experiences for us all. They’re easy to understand and to get excited about, or to write about. However, behind all of those propositions is the enormous insurance industry, itself comprising a long and complex value chain, riddled with inefficiencies (and our old favourite: filing cabinets full of paper).
Many parts of the insurance industry have been overlooked, including challenges around compliance and onboarding those on the front line of insurance distribution: agents and brokers. Enter AgentSync, an enterprise SaaS platform designed to enable insurance distribution by reducing friction, increasing efficiency, and maintaining compliance — and our latest investment!
AgentSync improves the broker onboarding and contracting process with a licensing validation tool built for agencies, carriers and MGAs. It integrates with the National Insurance Producer Registry (NIPR) in the United States. Leveraging automation and technology to fuel the compliance and management of insurance distribution channels, AgentSync is building the most tech-forward producer management system on the market. We believe that this is one of the most important infrastructure technology companies to be built for the insurance industry today.
AgentSync is arming the industry with tools that create significant operational efficiencies for industry stalwarts and reduce the barriers to entry for insurtech firms. AgentSync’s first product, a platform for clients 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. As covered by other publications, the idea behind AgentSync began back at Zenefits as compliance issues emerged there a few years ago.
AgentSync is led by Niji Sabharwal and Jenn Knight, an exceptional husband and wife duo (pictured above) supported by an amazing team of seasoned executives coming from incredible companies such as LinkedIn, Zenefits and Dropbox. This fantastic team is backed by high calibre investors such as Valor, Craft Ventures and Tiger Global — all joining this round — along with existing investors Caffeinated Capital, Operator Collective, Nine Four Ventures and SciFi VC.
Many of our portfolio companies are already working with AgentSync. If you’re a carrier, agency or MGA — whether in property-casualty or life and health — you should, too! And if you’re looking for a new challenge, you guessed it… they’re hiring.
