(AgencyKPI founders Bobby Billman and Trent Richmond. Source: AgencyKPI.)
AgencyKPI, 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 the closing of $5 million in Series A funding. The Series A round of funding is led by EMC Insurance Companies (Des Moines).
“We are very happy to be working with AgencyKPI on a platform that is sure to benefit independent agents and how EMC aligns with them,” comments Mick A. Lovell, COO, EMC Insurance. “With AgencyKPI, we’ll have more timely and accurate data that’s just easier to understand and share with our networks and independent agents to help us grow and be more profitable together.”
Two other insurance agency networks are also investing in AgencyKPI: Keystone Insurers Group of Northumberland, Pennsylvania, and Austin-based Combined Agents of America.
Keystone Insurers Group, founded in 1983, has grown to almost 300 independent agency partners across 14 states. It is ranked third on Insurance Journal’s Top 100 Property/Casualty Agencies list for 2019.
Three Investors Further Financial Commitment
“I’m delighted our Board of Directors unanimously approved an additional investment in AgencyKPI to close out their Series A Funding initiative,” comments Mike Azar, CFO, Keystone Insurers Group. “All three original investors decided to further their financial commitment, signifying an exceptional level of confidence in the company’s leadership, product and strategic direction. We’re proud to be in partnership with such talented and fine quality people.”
Combined Agents of America comprises 75 independent insurance agencies and is ranked sixth on Insurance Journal’s Top 100 Property/Casualty Agencies list for 2019.
“CAA is excited to continue and enhance our partnership with Agency KPI,” comments A.J. Lovitt, CEO, Combined Agents of America. “They are doing something the insurance industry has never seen before. We view Agency KPI as not only a valuable asset for CAA and our members, but also as a game changer for the Insurance Agency Networks,” said
AgencyKPI reports its origins in 2017 resulting from a meeting between Trent Richmond, an insurance industry veteran, and Bobby Billman, a seasoned high-tech executive. The pair began to quietly recruit data scientists and software engineers to build its software stack and define its network business intelligence platform in conjunction with their initial beta clients, according to an AgencyKPI statement.
In 2019, the company emerged from stealth mode with $3 million in seed- and strategic-round funding raised from insurance networks, carriers, independent agencies, and C-level executives in the insurance industry. AgencyKPI says it will use the new funds to hire more software developers and data scientists to accelerate the development of the company’s additional business intelligence platforms.
Deeper Understanding of Data
“With this funding round, we have confirmation from the insurance industry that insurance carriers, networks and independent agencies want to better enable collaboration through a deeper understanding of their data,” comments Billman. “We’re especially proud to continue to work with our partners who provided our seed funding. They believe in our vision and support our direction.”
In 2019, AgencyKPI launched its business intelligence platform for networks, called Harmony, which addresses mass data fragmentation and unifies data from various sources, letting insurance networks begin to see how they are performing on any given level. Today, the Harmony platform handles $15.8 billion in written premium from more than 8,800 affiliated agencies.