AgencyKPI, a business intelligence platform aimed at solving data issues in the insurance space, has scored $5m in its Series A round.
The investment was led by EMC Insurance Companies, a US-based property and casualty insurance firm. Contributions also came from insurance agency networks Keystone Insurers Group and Combined Agents of America.
The equity boost will be used to hire more software developers and data scientists to help increase the development of its business intelligence.
AgencyKPI was founded in 2017 and offers insurance firms an easier way of get more use out of their data.
AgencyKPI co-founder Bobby Billman said, “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.
“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.”
The FinTech platform launched from stealth in 2019 after it secured $3m in a seed and strategic funding round from a series of insurance networks, carriers, independent agencies, and C-level executives.
Last year, the company also released its business intelligence platform for networks, Harmony. The service aims to address mass data fragmentation and unifies data from various sources to better help insurance networks see their performance.
The Harmony solution is now responsible for $15.8bn in written premium spread across 8,500 affiliated agencies.
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