Insurance technology company Outmarket AI has raised $34.5m in a Series B funding round led by SignalFire.
Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund also participated.
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The financing follows the company’s $17m Series A announcement a few months ago, taking its total funding to $56.5m.
Outmarket said it now has more than 10,000 active users and serves in excess of 300 agency customers.
It has also expanded its team across engineering, insurance operations and customer success.
Outmarket AI CEO and co-founder Vishal Sankhla said: “Agencies don’t want another point solution. They want an intelligence layer that understands their data and does the work.
“Every workflow we automate frees up hours that go back to clients, and that is the future we are building toward: an industry where the people who protect businesses and families spend their time on judgment and relationships, not on rekeying data. With this investment, we are accelerating our road map to bring even more value to the agencies that depend on us every day.”
The company’s platform connects with agency management systems (AMS) and automates commercial, employee benefits, personal lines and specialty insurance processes.
It plans to extend the platform to carriers later this year, with the aim of allowing information to move between agencies and carriers without manual hand-offs.
Outmarket said: “Customers using Outmarket consistently report drastic reductions in manual work, minimised errors and omissions exposure through AI-assisted policy gap detection, and increased revenue.”
Alongside the funding announcement, Outmarket launched a Certificates workflow for certificates of insurance.
The tool reads a client’s contract or lease, extracts insurance requirements, compares them with policies in the AMS, identifies gaps and generates an ACORD certificate with the relevant holders, additional insureds and endorsements attached.
An ACORD Certificate, officially known as a Certificate of Insurance, is a standardised, one-page document that serves as verifiable proof of business insurance coverage.
The launch follows the introduction of an AI-powered loss run extraction and analysis tool, employee benefits capabilities and a unified data intelligence platform.
