Austin insurance tech startup AgencyKPI raises $5M for growth

Austin-based insurance tech firm AgencyKPI has raised $5 million to expand its technology platform.

The company's platform is designed to address and manage the overabundance of data produced by incompatible software and legacy systems across the insurance industry.

Insurance networks are often comprised of hundreds or even thousands of independent insurance agencies that use disparate data or workflow systems. That makes it difficult to understand how they are performing.

AgencyKPI says its platform, called Harmony, allows insurance industry networks to achieve improved collaborative planning and greater operational efficiencies, and to carry out performance benchmarking.

The Harmony platform currently handles $15.8 billion in written premiums from more than 8,800 affiliated agencies, the company said.

The funding round was led by EMC Insurance of Des Moines, Iowa, with participation from Keystone Insurers Group of Northumberland, Penn., and Austin-based Combined Agents of America.

The company previously raised $3 million from insurance networks, carriers, independent agencies and insurance executives.

AgencyKPI was founded in 2017 by Trent Richmond, a veteran of the insurance industry and former CEO of Combined Agents of America, and Bobby Billman, a former vice president at Motorola Mobility, where he was responsible for global products and go-to-market strategies. Billman has also held executive positions at Samsung Mobile, Dell Technologies, Dish Network and Nokia Mobile.

"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," Billman said in a written statement.

AgencyKPI has 17 employees and plans to grow to at least 30 over the next year. It plans to use the funding to hire software developers, data scientists and customer care and product managers.

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