(Image source: Allium homepage.)
Allium Data, Inc., a Boulder, Colo.-based InsurTech startup, has announced the close of a pre-seed funding round of $750,000 from Markd, an insurance/InsurTech-focused venture capital firm also based in Boulder. This investment boosts Allium’s resources for disrupting what it characterizes as the antiquated data acquisition and analytics market in insurance.
Allium, established in 2022, is a platform company with several products currently in market, according to the statement. Allium calls its data analytics product unique in its ability to source and digitize current in-force policy and premium data. With nearly 40,000 policies and $10,000,000,000 of premiums analyzed, agents, brokers, and carriers can use this information to better prospect, price risk, and develop market insights, the company reports.
Extending from this core product, Allium says it is introducing a game-changing technology to automatically parse, analyze, and structure insurance data. Calling it a groundbreaking development, Allium pitches the new technology as marking the end of the era in which agents are burdened with manual policy data entry and policy or quote comparisons. Powered by state-of-the-art machine learning (ML) and generative artificial intelligence (AI), Allium says the product has been designed to empower insurance brokers by streamlining the client administration process.
“Parker Beauchamp is a bold, out-of-the-box thinker in the InsurTech space,” says Michael Rost, CEO, Allium. “He has a background rooted as an independent insurance broker, and because of that, he understands the failures and opportunities inherent in the legacy systems and distribution better than anyone I know.”
“Michael is a sharp, veteran insurance lawyer that discovered a remarkable opportunity to help agents, brokers, carriers, and insureds,” comments Beauchamp, Founder and Managing Partner, Markd. “His use of data, powered by today’s technologies, for the purpose of good is exciting to be a part of. Further, his interest in sharing technology that he has created for his own purposes is an adjacent opportunity for those in the space. It is mind-boggling to think of the billions of hours wasted by those seeking the information account by account that then needs to be manually entered, all of which he already has available at his fingertips or can provide for others to use. I am proud of him.”
Allium says this pre-seed round will fuel the company’s growth and go-to-market strategy for all platform products. The company notes that recent advancements in generative AI have created a unique moment in time for early adopters to take advantage.