(Outmarket AI co-founders Vishal Sankhla and Anshu Jain. Source: Outmarket AI.)
Outmarket AI (San Francisco), an AI platform for insurance agencies, has raised $34.5 million in Series B funding in a round led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund.
The round comes several months after Outmarket announced a $17 million Series A and brings the company’s total funding to $56.5 million. Outmarket reports more than 10,000 active users across more than 300 agency customers, including more than 25 percent of the Top 100 insurance agencies.
Outmarket says it will use the funding to accelerate development of its platform, which connects with agency management systems and supports workflows across commercial insurance, employee benefits, personal lines and specialty insurance. The company also plans to begin extending its capabilities to carriers later this year.
“Agencies don’t want another point solution,” comments Vishal Sankhla, CEO and Co-Founder, Outmarket AI. “They want an intelligence layer that understands their data and does the work.”
Outmarket says its platform combines structured and unstructured insurance data to support workflows based on policies, contracts and client records. Current capabilities include loss-run extraction and analysis, employee-benefits workflows and data intelligence tools.
Automating Certificates of Insurance
Along with the funding announcement, Outmarket has introduced a Certificates workflow designed to automate production of certificates of insurance.
The workflow reads contracts or leases to identify insurance requirements, compares those requirements with policies contained in an agency’s AMS, identifies potential coverage gaps and generates an ACORD certificate with applicable certificate holders, additional insureds and endorsements.
Outmarket says early users are completing certificate requests in minutes while reducing certificate-related errors.
The company’s planned expansion toward carriers could extend that automation beyond individual agencies by reducing manual information handoffs between distributors and insurers. Outmarket describes the effort as part of a broader strategy to create a more connected flow of insurance information across the market.