Outmarket Raises $34.5 Million in Series B Funding
Outmarket, a San Francisco-based insurtech company, announced it has raised $34.5 million in a Series B funding round. The round was led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. Outmarket specializes in helping over 300 insurance brokerages streamline their operations through AI-powered workflows, significantly reducing the administrative workload and improving efficiency.
Company Background
Outmarket provides a platform that allows insurance brokers to automate tasks such as comparing quotes, reviewing policies, generating proposals, and minimizing errors and omissions risk. This comprehensive approach saves brokers an estimated 12-15 hours per person each week.
The company was co-founded by Vishal Sankhla, who serves as CEO, and Anshu Jain, the Chief Product & Technology Officer. Sankhla, who previously held a senior product role at Ethos, highlighted the opportunity for innovation in the insurance sector, stating, "Ninety-five percent of insurance in the U.S. and worldwide is still sold through [human] agents."
Strategic Use of Funds
The newly secured funds are expected to be used to further develop Outmarket's AI capabilities and expand its market reach. The company aims to enhance its platform's ability to handle the complex mix of coverage options that commercial insurance requires.
Location
San Francisco, California, United States
Outmarket's innovative solutions have already attracted a significant portion of the insurance market, including 25% of the top 100 insurance agencies. By automating tedious paperwork, the company enables brokers to focus on more critical tasks, such as customer interactions during emergencies.
With this new funding, Outmarket is well-positioned to continue its growth and further transform the insurance industry.