Austin startup AgencyKPI launches with $3M for insurance tech platform

The insurance industry is flooded with data and information, but the challenge is how to make sense of it.

Austin startup AgencyKPI wants to provide a solution and has raised $3 million in seed money from insurance networks, carriers, independent agencies and insurance executives to develop and launch its platform.

AgencyKPI was founded in late 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, a Google company, 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.

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

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

The company says the platform, called Harmony, will be used by insurance industry networks to achieve improved collaborative planning and greater operational efficiencies, and to carry out performance benchmarking.

"We're giving insurance networks the ability to use real data to better understand and synchronize their collective agencies and make better decisions," Billman said.

The company is testing the platform with beta customers including Combined Agents of America, Keystone Insurers Group and Pacific Interstate Insurance Brokers, which represent more than 600 independent insurance agency networks.

"Gut feeling and experience aren't enough to make sound business decisions in today's data driven world," said Brian Brusoski, senior vice president of business intelligence for Keystone Insurers Group. "AgencyKPI provides us with the platform to become a better resource for our agency and carrier partners."

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