US-based insurance-software start-up AgentSync has raised $50m in financing to help drive operational efficiencies for insurers and distributors.

The round, which brings the insurtech company’s total financing to $161m, was co-led by existing investors Valor Ventures and Craft Ventures.

AgentSync, which works with more than 200 insurance companies, including carriers, managing general agents (MGAs) and agencies, plans to use the proceeds to fund its development efforts.

The insurtech company will also use the money to accelerate the development of modern and connected producer management and compliance solutions.

These solutions provide enhanced distribution channel flexibility for carriers, agencies and MGAs.

Craft Ventures partner Brian Murray said: “AgentSync has become a core infrastructure for hundreds of insurance companies, helping them scale distribution and reduce costs.

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“We are excited to deepen our partnership with the AgentSync team as they continue to upgrade the resilience and efficiency of the insurance industry.”

AgentSync is engaged in providing modern insurance infrastructure to connect carriers, agencies, MGAs and producers.

The company’s solutions are designed to provide data intelligence and streamlined onboarding and compliance management processes to help increase efficiency, cut costs and get producers ready to sell in hours instead of weeks.

AgentSync co-founder and CEO Niji Sabharwal said: “With AgentSync, customers have the flexibility to quickly and intelligently ramp distribution channels up or down as needed. This drives massive distribution channel-related cost savings when efficiently executed through software.”

AgentSync board member and Guidewire insurance software CEO Mike Rosenbaum said: “This infusion of capital ensures they have the platform and support needed to move upmarket to larger and more complex carrier requirements and continue to charge ahead solving the extremely complex problems plaguing the insurance industry today.”