AgencyKPI (Austin, Texas), developer of an integrated business intelligence platform designed to address and manage the overabundance of data produced by incompatible software and legacy systems across the insurance industry, has announced its launch out of stealth mode. The company reports that it has raised $3 million in seed- and strategic-round funding raised from insurance networks, carriers, independent agencies, and C-level executives in the insurance industry. The company reports that since beginning work in 2017, it has recruited data scientists and software engineers to build its software stack and define its network business intelligence platform in conjunction with its initial beta clients.
Network clients of AgencyKPI include Combined Agents of America, Keystone Insurers Group and Pacific Interstate Insurance Brokers, which represent more than 600 independent insurance agencies, and more than $6 billion in insurance premiums.
“Combined Agents of America strives to provide ongoing value to our member agencies and with AgencyKPI we can now clearly quantify how we are performing for our members,” comments A.J. Lovitt, CEO, Combined Agents of America.
“Gut feeling and experience aren’t enough to make sound business decisions in today’s data driven world,” comments Brian Brusoski, Senior VP, Business Intelligence, Keystone Insurers Group. “AgencyKPI provides us with the platform to become a better resource for our agency and carrier partners. It’s a win for all stakeholders.”
“The opportunity to better understand how we are performing with our carrier partners enables more meaningful dialog about how we can achieve our goals at a network and agency level,” comments Tiffany Bertonlini, VP, Pacific Interstate Insurance Brokers.
‘Harmony,’ Rather than ‘Disruption’
AgencyKPI vaunts an approach of “finding harmony” rather than seeking to disrupt. “For example, insurance networks have considerable difficulty understanding how they are performing, since they are often comprised of hundreds or even thousands of individual independent insurance agencies that use disparate data or workflow systems,” the company’s launch announcement says. AgencyKPI describes its business intelligence platform for networks, called Harmony, as addressing mass data fragmentation and unifying that data from those various sources, so that insurance networks can begin to see how they are performing on any given level.
“We’re doing something that no InsurTech company has ever done before,” asserts Bobby Billman, Co-Founder, AgencyKPI. “We’re giving insurance networks the ability to use real data to better understand and synchronize their collective agencies and make better decisions. We call it Harmony for Networks, and it’s the first part of our approach to helping the insurance industry achieve improved collaborative planning and greater operational efficiencies.”