AgentSync, the company building technology to power growth across the insurance industry, today announced a $75 million Series B at a $1.2 billion valuation, making AgentSync the only unicorn building infrastructure specifically designed to make the $1.3T US insurance industry run more efficiently.
Led by Valor Equity Partners with participation from Craft Ventures, Tiger Global, Atreides Management, Anthemis, and existing investors, the Series B brings the total raised to date to $111.1 million. Since raising its first round of seed capital just 17 months ago, AgentSync’s valuation has grown by 55x, and the company has experienced 3.5x year-over-year ARR growth.
“The overwhelming industry enthusiasm and customer traction for AgentSync make it clear that the future of insurance distribution will be powered by AgentSync,” said Antonio Gracias, CEO of Valor Equity Partners. “I’ve been a believer in the need for a better licensing and compliance product ever since Niji worked on a similar idea at Zenefits, when I served as a board member as part of the turnaround. Since launching AgentSync, Niji, Jenn, and the team have proven that there is a much larger market to serve that goes beyond licensing compliance. The products they’re building upstream and downstream of the core AgentSync producer management solution position the company as the clear leader, and I look forward to supporting the team as they continue to grow.”
AgentSync was founded on the belief that technology and innovation will unlock growth and scale within the insurance industry. This has proven true for AgentSync customers – when carriers, agencies, and MGAs work with AgentSync, they experience growth. AgentSync makes it easier than ever before for customers to grow their distribution channels. Industry-leading technology and hands-on partnership have resulted in zero customer churn in the company’s history, and today more than 100 customers trust and rely on AgentSync for distribution channel growth, producer management, and compliance. Customers cover all lines of insurance and span startup insurtechs to industry incumbents, including 15 public companies. Customers include Tokio Marine, GPM Life, Newfront, Baldwin Risk Partners, HUB, Beam Dental, and Rippling.
With the new funds, AgentSync will continue to invest in product development, adding enhanced capabilities to its best-in-industry producer management platform and expanding its suite of solutions for agencies, MGAs, carriers, and the more than 1.2 million Americans working in insurance distribution. With the fastest growing insurance companies already using AgentSync, these platform enhancements will be focused on powering immediate growth and laying the foundation for the next era of insurance infrastructure for companies ranging from small agencies to Fortune 500 carriers.
To support the company’s rapid growth, the team will double, ending 2022 at approximately 200. The company will focus on hiring in the Denver market where the company is headquartered, with some remote team members. Since founding the company, Chief Technology Officer and Co-founder Jenn Knight has worked hard to build a majority-women product and engineering team and will continue to prioritize this goal.
“The measure of success for every company is the value that it drives for its customers. In our case, the partnership with our customers drives innovation at a deep level for both their business operations and for the broader broker ecosystem,” said Niji Sabharwal, co-founder and CEO of AgentSync. “This is an exciting milestone for AgentSync, but in many ways is just the beginning. With more modern, tech-powered infrastructure powering the back-office, the entire insurance industry will run more efficiently. Our hope is that insurtech infrastructure companies like AgentSync will fuel the next wave of innovation across every facet of the insurance industry.”
Solidifying its position as the insurance industry’s trusted, centralized platform for all-things producer management with AgentSync Manage, the company launched and acquired several new products in 2021. This includes AutoPilot, a service for rapidly scaling agencies and carriers that pairs the Manage platform with AgentSync’s team of experts to handle licensing and compliance for high-growth carriers and agencies, and the acquisition of Finvera, a broker identity management platform. AgentSync’s hands-on team and customer-first mentality have led to the company receiving an NPS (Net Promoter Score) of 69, putting AgentSync in line with leading consumer tech companies such as Netflix and Airbnb, with nearly double the score of other producer management software providers.
“It’s been a pleasure working with AgentSync to this point. We conducted a thorough review of technology providers in this space and AgentSync proved time and time again to not only have an innovative product that could meet GPM’s unique and complex needs but that the people working there would be by our side as partners, not just a vendor,” said Gregory Lawler CDR/USN (Ret.), CIO at Government Personnel Mutual Life Insurance Company. “At GPM Life, we strive to stand beside our clients, and we consider ourselves part of a family. AgentSync has embraced all of our goals and the customer success team has even taken them on as their own. With this business model leading the company into the future, it’s no surprise that they are seeing such early success in the insurance IT market.”
“Having looked at multiple partners in the licensing administration space, the Newfront team was extremely impressed with AgentSync’s intuitive technology platform, AutoPilot managed service offering, and ability to deliver both at scale,” said Ken Ren, Director of Operations at Newfront Insurance. “It’s clear AgentSync is building technology to unlock efficiencies for this critical business function of brokerages and we are excited to partner with them.”