AgentSync, a compliance platform for the insurance space, has reportedly bagged $4.4m in its seed round.
The investment was co-led by serial entrepreneur Elad Gil and Caffeinated Capital, according to a report from TechCrunch. Other contributors to AgentSync were a range of Silicon Valley-based angel investors.
AgentSync is a regulatory technology solution for the insurance space, helping companies to automatically enforce state producer licensing and appointment requirements. The system is always up-to-date thanks to being integrated with the National Insurance Producer Registry (NIPR).
Carriers can use the platform to onboard and manage their distribution channels while meeting compliance. The streamlined onboarding enables self-service, with information imported from the NIPR in real-time and can be automatically compiled into producer agreements.
Its not just onboarding the technology will help with. The platform can automatically generate compliance analysis through scorecards, helping teams to monitor operations more granularly by state, missing license, missing line of authority and missing appointments.
Agencies can also make use of the technology for similar use cases as well as a portal to manage licenses, carrier appointments, update their bio info, answer background questions, upload documents and more.
AgentSync has $1.9m in annual recurring revenue, the TechCrunch article claims.
There are currently 17 people in the InsurTech’s team, but it plans to increase this to 22 by the end of the year.
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