Outmarket AI Lands $34.5 Million

<p><span class&equals;"legendSpanClass">SAN FRANCISCO <&sol;span>&&num;8212&semi; <a href&equals;"https&colon;&sol;&sol;edge&period;prnewswire&period;com&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;4783070-1&amp&semi;h&equals;3957461089&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Foutmarket&period;ai&percnt;2F&amp&semi;a&equals;Outmarket&plus;AI&percnt;2C" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Outmarket AI&comma;<&sol;a> an AI platform for insurance&comma; has raised &dollar;34&period;5 million in Series B funding&period; The round was led by <a href&equals;"https&colon;&sol;&sol;edge&period;prnewswire&period;com&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;4783070-1&amp&semi;h&equals;1574437351&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;signalfire&period;com&percnt;2F&amp&semi;a&equals;SignalFire" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">SignalFire<&sol;a>&comma; with participation from Fika Ventures&comma; Permanent Capital Ventures&comma; TTV Capital and Dash Fund&period; Coming just a few months after the company announced a &dollar;17 million Series A&comma; the latest investment brings Outmarket&&num;8217&semi;s total funding to &dollar;56&period;5 million&period;<&sol;p>&NewLine;<p>The company said its decision to raise a Series B so soon after the previous round was driven by Outmarket&&num;8217&semi;s explosive growth and rapid market adoption this year&period; The platform has scaled at a record pace&comma; recently surpassing 10&comma;000 active users&period; Today&comma; over 300 agency customers&comma; including over 25&percnt; of the Top 100 insurance agencies&comma; rely on Outmarket daily to transform fragmented agency data into intelligent workflows&period; To support this scale&comma; Outmarket has significantly expanded its growing team with top-tier talent spanning engineering&comma; insurance operations&comma; and customer success&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We didn&&num;8217&semi;t set out to raise again this soon&comma; but the industry told us what it wants&comma;&&num;8221&semi; said Vishal Sankhla&comma; CEO and Co-founder of Outmarket AI&period; &&num;8220&semi;Agencies don&&num;8217&semi;t want another point solution&period; They want an intelligence layer that understands their data and does the work&period; Every workflow we automate frees up hours that go back to clients&comma; and that&&num;8217&semi;s the future we&&num;8217&semi;re building toward&colon; an industry where the people who protect businesses and families spend their time on judgment and relationships&comma; not on rekeying data&period;  With this investment&comma; we&&num;8217&semi;re accelerating our roadmap to bring even more value to the agencies that depend on us every day&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Outmarket&&num;8217&semi;s comprehensive platform connects directly to agency management systems &lpar;AMS&rpar; automating complex&comma; high-stakes processes across commercial&comma; benefits&comma; personal lines&comma; and specialty insurance&period; Customers using Outmarket consistently report drastic reductions in manual work&comma; minimized E&amp&semi;O exposure through AI-assisted policy gap detection&comma; and increased revenue&period; For employee benefits professionals specifically&comma; Outmarket&&num;8217&semi;s tailored capabilities have become indispensable for streamlining renewals&comma; benchmarking&comma; and proposal generation&period; The company will also begin extending its capabilities to carriers later this year&comma; laying the groundwork for a more connected market where information moves between agencies and carriers without manual handoffs&period;<&sol;p>&NewLine;<p>&&num;8220&semi;The scale we&&num;8217&semi;ve reached this year has allowed us to build increasingly powerful capabilities into the platform&comma;&&num;8221&semi; said Anshu Jain&comma; CTO and Co-founder of Outmarket AI&period; &&num;8220&semi;Our architecture unifies structured and unstructured data so insurance professionals can execute workflows grounded in their actual policies&comma; contracts and client records&period; When you build an AI platform that natively speaks the language of insurance&comma; the value is immediate and it compounds with every workflow we add&period;&&num;8221&semi;<&sol;p>&NewLine;<p>In conjunction with the Series B announcement&comma; Outmarket released a new Certificates workflow&period; Certificates of insurance are one of the highest volume and most thankless tasks in every agency&period; Account managers issue thousands of certificates a year&comma; often within hours of a client request&comma; and every one carries E&amp&semi;O exposure if a holder&comma; endorsement or coverage requirement is missed&period; Outmarket&&num;8217&semi;s Certificates workflow automates the entire process&period; It reads the client&&num;8217&semi;s contract or lease&comma; extracts the insurance requirements&comma; checks them against the policies already in the AMS&comma; flags any gaps&comma; and generates the completed ACORD certificate with the correct holders&comma; additional insureds and endorsements attached&period; Early customers report issuing certificates in a few minutes and significantly reducing certificate-related errors&period;<&sol;p>&NewLine;