(Image source: Agentero homepage.)
Agentero, an Oakland, Calif.-based digital insurance network with participation of over 800 independent agencies, has announced that it has raised $13.5 million in a Series A investment funding led by Alma Mundi Ventures (Madrid). Existing institutional investors including Foundation Capital, Union Square Ventures, Financial Venture Studio, and Two Culture Capital also participated in the round.
Founded in 2017 to offer better insurance experiences to independent agencies and their customers, Agentero uses smart algorithms to combine agents’ existing data with third-party information sources to identify new business and cross-sell opportunities. Agentero then connects agents with carriers in real-time to instantly quote, and to provide communication and automation tools so they can efficiently write more new business. Argentero claims that its network enables insurance agents to achieve a 26 percent annual increase in sales on average.
“Agents are the present and future of insurance distribution, and they must become more digital. Our technology strengthens their ability to use data analytics to write new policies with an end-to-end digital experience for their customers,” comments Luis Pino, CEO, Agentero. “Independent agencies want access to modern carriers and there’s no better digital solution than Agentero to take advantage of today’s best insurance products and technology.”
Agentero also provides opportunities for carriers looking to integrate into a tech-enabled agent channel. Through its panel of insurance carriers, the company provides access to homeowners, auto, renters, umbrella, business owners policies (BOP), general and professional liability, workers’ compensation, flood, and life insurance. Agentero continues to add carriers and additional lines of insurance.
Big Impact on the Insurance Industry
“At Mundi Ventures, we invest in companies that not only provide products that people and businesses want, but also that have the power to transform industries,” comments Rajeev Singh-Molares, Founder and Managing Partner, Alma Mundi Ventures. “Agentero—with its focus on strengthening agents’ abilities to compete in today’s digital market using analytics and access to insurance products—is making a big impact on the insurance industry. We believe that Luis Pino and his team are outstanding and have the ability to execute this vision successfully.”