Peak3, formerly known as ZA Tech, has reached a major milestone in its journey, marking the beginning of an exciting new chapter in its growth and evolution. The company is proud to announce two pivotal achievements: a strategic rebranding and the successful close of its latest funding round.

Rebranding: From ZA Tech to Peak3

The rebranding from ZA Tech to Peak3 is more than just a name change—it signifies a comprehensive strategic evolution. This transformation underscores Peak3’s focus on technology advancements, reinforcing its commitment to empowering insurers and industry leaders with cutting-edge capabilities in cloud, data, and artificial intelligence (AI). The rebrand comes as the company expands its ambitions globally, particularly into Europe, the Middle East, and Africa (EMEA), with plans to continue its growth trajectory.

Funding Round Success

Peak3 has also successfully completed its Series A funding round, raising an impressive $35 million. The round was led by EQT Group and Alpha JWC Ventures, signaling strong confidence in Peak3’s vision and market leadership in the InsureTech space. This funding will enable the company to accelerate its mission, expand its innovative initiatives, and fuel further growth into North America and Africa.

Leadership's Response

Bill Song, CEO of Peak3, expressed his excitement about these achievements, stating:

"Your dedication and expertise have been integral to achieving this milestone, and this success belongs to each one of you."

He also extended heartfelt gratitude to the company’s shareholders, business partners, colleagues, and supporters who have contributed to Peak3's success over the past six years.

What Lies Ahead

With its rebranding and new funding, Peak3 is well-positioned for continued growth and innovation. Recent achievements include the launch of a multi-tenant core modernization in Europe and the issuance of over 1 billion insurance policies globally. As Peak3 builds on this momentum, it remains committed to transforming the insurance landscape, focusing on customer-centric solutions powered by AI, cloud, and data-driven insights.

Peak3 looks forward to sharing more updates as it solidifies its role as a global leader in the InsureTech space.

The insurance industry, once a bastion of traditional practices and slow innovation, is undergoing a seismic shift thanks to the emergence of InsureTech unicorns. These privately held startups, valued at over $1 billion, are revolutionizing the way insurance is underwritten, sold, and managed. As we approach 2025, here are some of the most innovative InsureTech unicorns that are redefining the landscape of the insurance industry.

1. Unqork

Valuation: $2 billion
CEO: Gary Hoberman
Country: United States

Unqork, founded in 2017 by former MetLife CIO Gary Hoberman, is a no-code platform that aims to democratize software development in the insurance industry. By enabling insurers to build complex applications without writing a single line of code, Unqork reduces development time from months to weeks. This platform is a game-changer for insurers looking to rapidly innovate and respond to market demands.

2. Newfront

Valuation: $2.2 billion
CEO: Spike Lipkin
Country: United States

Newfront is transforming the insurance brokerage experience by combining cutting-edge technology with human expertise. Its digital platform streamlines policy management, automating routine processes and allowing brokers to focus more on client relationships and strategic advice. This modernization of the traditional brokerage model is set to significantly enhance service quality and client satisfaction.

3. Accelerant

Valuation: $2.4 billion
CEO: Jeff Radke
Country: United Kingdom

Accelerant is focused on empowering underwriters in the specialty insurance market. By connecting specialty underwriters with risk capital and providing advanced data analysis tools, Accelerant enhances risk assessment accuracy and pricing in niche insurance markets. This approach supports small to medium-sized insurers and managing general agents (MGAs), enabling them to compete more effectively with larger insurers.

4. Next Insurance

Valuation: $4 billion
CEO: Guy Goldstein
Country: United States

Founded in 2016 by Guy Goldstein, Alon Huri, and Nissim Tapiro, Next Insurance is revolutionizing small business insurance. Using an AI-powered platform, Next Insurance offers tailored policies to small businesses, simplifying the insurance process and saving entrepreneurs significant time and money. By automating underwriting and claims processes, Next Insurance makes business insurance more accessible and affordable.

5. Coalition

Valuation: $5 billion
CEO: Joshua Motta
Country: United States

Coalition is a standout in the realm of cyber insurance and security. This unicorn combines insurance coverage with cybersecurity tools, offering a holistic approach to risk management. Coalition's platform analyzes billions of security events daily, helping clients reduce their cyber risk. By integrating insurance with active risk management, Coalition is redefining how businesses approach cybersecurity and cyber insurance.

The Power of Innovation

These InsureTech unicorns are not just disrupting traditional insurance models; they are also leveraging cutting-edge technologies like AI, blockchain, IoT, and 5G to create a more efficient, personalized, and secure insurance ecosystem.

Artificial Intelligence and Machine Learning

AI and ML are at the heart of many InsureTech innovations. These technologies enable predictive analytics, personalized policy recommendations, and faster claims processing. For instance, Next Insurance uses AI to automate underwriting and claims, while Coalition leverages ML to analyze security events and predict cyber threats.

Internet of Things (IoT)

IoT devices such as smart home systems and wearable health monitors are providing real-time data that insurers can use for more accurate risk assessment and preventive measures. Unqork's no-code platform can be integrated with IoT data to build tailored insurance applications quickly, while Coalition uses IoT data to enhance its cybersecurity offerings.

Blockchain Technology

Blockchain is set to streamline the claims process, reduce fraud, and enhance data security. Smart contracts powered by blockchain will automate and expedite claims settlements, minimizing disputes and increasing trust between insurers and policyholders. This technology has the potential to transform the transparency and efficiency of insurance transactions.

On-Demand Insurance

The rise of the gig economy and changing consumer expectations have led to an increased demand for flexible, on-demand insurance solutions. InsureTech companies are developing policies that allow customers to purchase coverage for specific durations or events, offering more control and customization over their insurance needs.

The Future of Insurance

As we look towards 2025, the InsureTech landscape is characterized by rapid innovation and a focus on customer-centric solutions. Here are some key trends that will continue to shape the industry:

Personalization through Data Analytics

Insurers are moving towards offering highly personalized insurance policies based on individual risk profiles and preferences. By leveraging data analytics, companies like Next Insurance and Coalition can price policies accurately and tailor coverage to the needs of their customers.

Customer-Centric Platforms

The digital transformation of the insurance industry prioritizes customer experience. InsurTech companies are developing customer-centric platforms that offer seamless, user-friendly interfaces for purchasing policies, managing claims, and accessing support. AI-driven chatbots and virtual assistants are providing 24/7 customer service, enhancing convenience and satisfaction.

Sustainability and ESG Integration

Environmental, Social, and Governance (ESG) factors are becoming increasingly important. InsurTech companies will focus on integrating sustainability into their business models, offering insurance products that promote green initiatives and using data analytics to assess climate-related risks more accurately.

Conclusion

The InsureTech unicorns of 2025 are not just mythical creatures; they are real game-changers in the insurance industry. With their innovative use of technology, these companies are making insurance more accessible, efficient, and personalized. As the industry continues to evolve, one thing is clear: these unicorns are here to stay and will continue to redefine the future of insurance.

So, who wants to pet the unicorn? It seems that in the world of InsureTech, everyone does, as these innovative companies lead the way towards a more modern, customer-centric, and technologically advanced insurance industry.

InsureTech companies are revolutionizing the insurance industry by leveraging artificial intelligence (AI) and machine learning to streamline processes, enhance customer experiences, and optimize risk management. Below are some notable InsureTech companies, their founding dates, and key members of their leadership teams.

1. Gradient AI (Founded 2017)
Leadership:
Stan Smith (CEO and Founder): Stan Smith brings extensive experience in AI and insurance to Gradient AI. His vision is to enhance every aspect of the insurance business using advanced AI tools and machine learning models.
Focus: Gradient AI specializes in accurate risk assessment, identifying expensive claims, and providing automation services for business owners, commercial auto, and group health insurance.

2. Tensorway (Founded 2018)
Leadership:
Emily Brown (CEO and Co-founder): With a background in data analytics and machine learning, Emily Brown co-founded Tensorway to leverage advanced AI technologies for optimizing risk management and enhancing customer experiences.
Focus: Tensorway uses data analytics and machine learning to create tailored insurance products, increasing profitability and customer satisfaction.

3. Avaamo (Founded 2014)
Leadership:
Ram Menon (CEO and Co-founder): With a strong background in enterprise software, Ram Menon co-founded Avaamo to provide a conversational AI platform that streamlines processes for insurance providers.
Sriram Chakravarthy (CTO and Co-founder): Sriram Chakravarthy's expertise in AI and machine learning has been instrumental in developing Avaamo's capabilities.
Focus: Avaamo’s chatbots provide real-time assistance, making customer interactions smoother by reducing the time to produce quotes, file claims, and underwrite policies.

4. Chisel AI (Founded 2016)
Leadership:
Ron Glozman (CEO and Founder): With a background in AI and insurance, Ron Glozman founded Chisel AI to offer a purpose-built solution for commercial insurance, capable of reading unstructured data 400 times faster than a human.
Focus: Chisel AI’s platform identifies over 500 insurance-specific data points and automates high-volume routine processes such as policy checking and quote comparison.

5. Accubits (Founded 2012)
Leadership:
Ahmar Zaman (CEO and Founder): Ahmar Zaman brings expertise in AI and blockchain to Accubits. His goal is to revolutionize the insurance industry through data-driven insights and predictive analytics.
Focus: Accubits enhances underwriting, claims processing, and risk assessment, helping insurers make informed decisions, reduce fraud, and optimize operations.

6. InData Labs (Founded 2014)
Leadership:
Igor Mikhailov (CEO and Co-founder): With a background in data science and AI, Igor Mikhailov co-founded InData Labs to offer advanced AI solutions in data analytics, predictive modeling, and machine learning.
Focus: InData Labs helps insurers make more informed decisions, streamline claims processing, and improve customer experiences while ensuring data security and compliance.

7. Lemonade (Founded 2015)
Leadership:
Daniel Schreiber (CEO and Co-founder): Daniel Schreiber co-founded Lemonade to enhance customer experiences using AI technologies.
Shai Wininger (President and Co-founder): Shai Wininger brings his expertise in technology and entrepreneurship to drive innovation at Lemonade.
Focus: Lemonade uses AI-powered chatbots to automate various insurance processes, including claims management and customer service, offering quick and efficient customer interactions.

8. Insurify (Founded 2013)
Leadership:
Snejina Zacharia (CEO and Founder): With a background in technology and insurance, Snejina Zacharia founded Insurify to use AI to match customers with car and home insurance that fits their needs.
Focus: Insurify’s RateRank algorithms determine the best policy options based on factors like location and desired discounts.

9. Bold Penguin (Founded 2016)
Leadership:
Ilya Bodner (CEO and Founder): Ilya Bodner founded Bold Penguin to provide AI-powered tools that help insurance companies write competitive policies faster.
Focus: Bold Penguin’s tools like SubmissionLink and ClauseLink analyze documents, identify key data points for underwriters, and compare insurance clauses against competitors’ policies.

10. Nayya (Founded 2019)
Leadership:
Akash Magoon (CEO and Co-founder): Akash Magoon co-founded Nayya to guide individuals and companies through health benefits using AI.
Sina Chehrazi (CTO and Co-founder): With expertise in AI and machine learning, Sina Chehrazi plays a key role in developing Nayya’s platform.
Focus: Nayya’s platform helps match customers with the benefits plans best suited to their needs by considering factors such as age, health history, and preferred coverage options.

These companies are at the forefront of integrating AI into the insurance industry, driving innovation in areas such as underwriting, claims processing, customer service, and risk management. Their forward-thinking approaches are shaping the future of insurance, making it more efficient, personalized, and customer-centric.

Sub: How Peak3’s CEO is Redefining the Future of Insurance with SaaS and AI 

I recently came across a captivating interview with Bill Song, the CEO and co-founder of Peak3, an innovative company that’s making waves in the Insurtech industry. Song’s journey from a chemical engineer in the petrochemicals sector to leading a cutting-edge SaaS-based insurance solutions provider is an extraordinary story of vision, adaptability, and relentless pursuit of efficiency. His background, steeped in Six Sigma methodology and operational excellence, laid the foundation for what has become one of the most forward-thinking companies in the insurance space today.

In a world where legacy systems and outdated technology have long been the norm, Peak3 has emerged as a game-changer, offering cloud-native solutions designed to modernize the insurance landscape. But Song's vision goes beyond merely upgrading tech stacks—it’s about transforming the way insurance operates at its core. Peak3 is at the forefront of integrating artificial intelligence and scalable SaaS models to help insurers become more agile, responsive, and customer-centric.

During the interview, Song shared some fascinating insights into his career transition, the inspiration behind founding Peak3, and the challenges he’s faced along the way. He also provided a glimpse into the future of Insurtech, where AI-powered agents and seamless digital integration will revolutionize the way insurers serve their clients. For anyone interested in the future of insurance, Song’s story is a masterclass in leadership, innovation, and resilience.

From Chemical Engineering to Insurtech

Bill Song didn’t start out in the insurance world; he was a chemical engineer at GE Plastics, where he honed his skills in Six Sigma, a quality management method. His expertise in streamlining operations eventually led him to Allianz, where he transitioned into the insurance industry and later became the COO of Allianz China. It was here that Song recognized the importance of IT systems in determining a company's efficiency, costs, and competitiveness—planting the seeds for what would become Peak3.

The Birth of Peak3

The frustration of dealing with legacy systems and inefficient IT infrastructure at Allianz pushed Song toward a vision: a cloud-native SaaS system that could not only modernize insurance operations but also enable continuous tech upgrades. Drawing from his experience at ZhongAn, China’s largest digital-only insurer, Song helped launch a system capable of handling high policy volumes and innovative insurance products. This laid the foundation for Peak3, which he launched in 2018 to tackle these exact challenges in the insurance industry.

The SaaS Revolution

Peak3 is different from typical Insurtech startups. Rather than focusing on small-scale digital insurance products, they’ve built a robust SaaS platform that modernizes core insurance systems. Song proudly notes that Peak3’s system is cloud-native, microservices-based, and highly scalable. They’ve developed an end-to-end SaaS core system that enables insurers to gradually modernize their processes, making it possible to manage multiple countries or regions on a single, integrated platform.

AI-Powered Transformation

A key differentiator for Peak3 is its integration of AI into insurance operations. The platform allows for real-time interaction with AI models, potentially paving the way for autonomous AI agents to handle core insurance processes in the future. Song emphasized that this flexibility and the ability to integrate third-party AI solutions give Peak3 a competitive edge, especially in streamlining operations and improving customer experience.

Building for the Future

Song’s vision for Peak3 goes beyond just technology. He’s focused on creating strong partnerships across the insurance ecosystem, from traditional insurers to digital platforms like Grab, Southeast Asia’s leading super app. Their collaboration with GrabInsure has been a shining example of embedded insurance done right, providing innovative, affordable, and accessible insurance solutions to millions.

Key Takeaways

1. Innovation Rooted in Experience: Song’s journey shows the power of cross-industry expertise and applying it to revolutionize a sector.
2. SaaS is the Future of Insurance: Peak3’s cloud-native platform offers insurers the flexibility and scalability they need to stay competitive.
3. AI and Data Integration: Leveraging AI to streamline processes and enhance customer engagement will be the next big wave in Insurtech.
4. Partnerships Matter: Building an ecosystem of partnerships will be crucial to Peak3’s growth and the wider Insurtech landscape.

Bill Song’s Peak3 is a company to watch in the Insurtech space. With its cloud-native architecture, AI integration, and customer-centric innovations, Peak3 is well-positioned to shape the future of insurance globally.

Ever heard of Birdeye? If you're a local business owner trying to navigate the wild world of online reviews and customer experiences, you probably have. And if you haven't, it might be time to get acquainted!

So, who's the mastermind behind this game-changing platform?

Enter Naveen Gupta, the Co-founder and CEO of Birdeye.

Naveen Gupta: The Man, the Myth, the Visionary

Naveen isn't your average CEO. He's a serial entrepreneur, a product innovator extraordinaire, and a leader who's passionate about helping local businesses thrive in the digital age.

With a background in electrical engineering and an MBA from NYU, Naveen's got the brains. But it's his vision and drive that truly set him apart. He saw a need in the market – local businesses struggling to manage their online reputations and connect with customers in a meaningful way. And he decided to do something about it.

Birdeye: Born from a Simple Dream

Naveen's vision led him to co-found Birdeye in 2013. The idea was simple: create a platform that empowers businesses to manage their entire customer experience, from reviews and referrals to appointments and payments, all in one place.

But Birdeye is more than just a platform – it's a movement. Naveen's not just interested in helping businesses get more reviews or book more appointments. He's on a mission to reinvent marketing around customer happiness.

Experience Marketing: The Birdeye Way

Naveen believes that the key to business growth isn't just about traditional marketing tactics. It's about creating exceptional customer experiences that people want to share.

That's where Experience Marketing comes in. It's about understanding your customers, anticipating their needs, and going above and beyond to delight them at every touchpoint. And Birdeye is the tool that makes it all possible.

Birdeye for Insurance: Protecting Your Reputation, One Policy at a Time

Even the insurance industry, often seen as traditional, isn't immune to the digital revolution. Birdeye recognizes this and offers tailored solutions to help insurance agencies thrive in the online world.

Think seamless integrations with popular insurance software, automated review requests after policy purchases, streamlined online presence management, and AI-powered insights to understand customer sentiment. It's all about helping insurance agents build trust, attract new clients, and provide top-notch service in an increasingly competitive market.

Naveen's Impact: Beyond the Bottom Line

Under Naveen's leadership, Birdeye has grown into a powerhouse, serving over 100,000 businesses, 5,600 financial services clients and helping millions of customers have better experiences. But his impact goes beyond numbers.

Naveen is recognized as an industry leader, named an Entrepreneur Of The Year® 2021 Southwest Award winner. He's a sought-after speaker and advisor, sharing his insights on Experience Marketing and the future of customer engagement.

But perhaps his greatest legacy is the countless local businesses he's helped to thrive. By empowering them to build stronger relationships with their customers, Naveen's not just changing the way businesses operate – he's changing the way people experience the world around them.

So, next time you see a glowing review or book an appointment online with ease, remember Naveen Gupta, the Birdey behind Birdeye, making customer happiness a reality one business at a time.

If you think insurance is boring, you clearly haven't met Balachander Sekhar. As the co-founder and CEO of RenewBuy, he's on a mission to make insurance in India not just accessible, but downright enjoyable. Yes, you read that right.

From Civil Engineering to Insurance Innovator: A Twist in the Tale

You might be wondering how a civil engineer ends up shaking up the insurance industry. Well, Balachander's story is proof that sometimes the most exciting journeys involve unexpected turns. After graduating from the prestigious Indian Institute of Technology, Bombay, he decided to switch gears and pursue a management degree from the Indian Institute of Management, Calcutta. And that's where his love affair with insurance began.

A Trailblazer in the Making

With over 18 years of experience in the insurance and financial sectors, Balachander has an impressive track record. He's held leadership positions at major companies like MetLife, Reliance Retail Insurance, and American Express. But his true passion lay in making insurance work for everyone, not just the privileged few.

The Birth of RenewBuy: A Vision for Change

In 2015, Balachander co-founded RenewBuy with a clear vision: to tackle the problem of insurance under-penetration in India, particularly in smaller cities and towns. He realized that traditional insurance models were failing to reach a large segment of the population. So, he decided to do something about it.

Technology as the Game-Changer

Balachander knew that technology was the key to unlocking the potential of the Indian insurance market. RenewBuy's platform leverages cutting-edge technology to simplify the insurance buying process, making it more accessible and transparent for customers. It's like having your own personal insurance advisor, right at your fingertips!

Empowering Insurance Advisors

But Balachander didn't stop there. He also wanted to empower insurance advisors, giving them the tools they need to reach customers in even the most remote corners of India. RenewBuy's digital platform allows advisors to offer insurance products seamlessly, even in areas where traditional insurers struggle to operate.

What's Next for RenewBuy (and Balachander)?

Under Balachander's leadership, RenewBuy is poised for continued growth and innovation. They're constantly exploring new ways to use technology to simplify insurance and make it more accessible to everyone.

Balachander's Advice for Aspiring Entrepreneurs

Balachander believes that the key to success is identifying a problem and finding a solution that makes a real difference in people's lives. His advice for aspiring entrepreneurs? "Don't be afraid to dream big and think outside the box. With hard work and dedication, you can achieve anything you set your mind to."

In a Nutshell: Balachander Sekhar is the insurance superhero India needs. He's breaking down barriers, simplifying complex processes, and making insurance accessible to everyone. With his passion for innovation and his commitment to customer satisfaction, he's truly changing the game. So, the next time you think insurance is boring, remember Balachander Sekhar and his team at RenewBuy. They're proof that insurance can be exciting, empowering, and even a little bit fun!

The Maverick Behind the Mission

In the world of insurance, it's easy to feel lost in a sea of confusing jargon and impersonal policies. But then comes a disruptor, someone who dares to shake things up and make insurance actually work for the people who need it most. Meet Guy Goldstein, the co-founder and CEO of Next Insurance, the insuretech company that's putting small businesses first.

From Fighter Pilot to Insurance Innovator: A Unique Journey

Guy's path to insurance innovation wasn't a straight line. Before diving into the world of premiums and policies, he served as a Major and Jet Pilot in the Israeli Air Force! This experience likely instilled a sense of discipline, strategic thinking, and the ability to make decisions under pressure – skills that undoubtedly come in handy when leading a rapidly growing startup.

Armed with dual degrees in Software Engineering and Business from Tel Aviv University, Guy's entrepreneurial spirit took flight. He co-founded Check, a mobile payments company that soared to success, eventually being acquired by Intuit for a cool $360 million. But Guy wasn't done yet.

The Birth of Next Insurance: Filling the Gap

Guy saw a glaring gap in the insurance market. Small businesses and self-employed professionals were struggling to find coverage that fit their unique needs. Traditional insurance was often too complex, too expensive, and simply didn't understand the nuances of running a small business.

In 2016, Next Insurance was born. Guy and his team set out to revolutionize the industry, leveraging technology to create digital, affordable, and customized insurance solutions tailored specifically for small businesses.

The Tech-Powered Difference

Guy's background in technology isn't just a footnote on his resume – it's woven into the very fabric of Next Insurance. The company's platform is a testament to his tech-driven vision:

• Digital-First: Forget about endless paperwork and confusing phone calls. Next Insurance lets you purchase and manage policies entirely online, making it a breeze for busy entrepreneurs.
• AI & Machine Learning: Guy's team harnesses the power of AI and machine learning to simplify the insurance process, provide more accurate pricing, and personalize coverage for different business types.
• Mobile-First: Need to update your policy on the go? No problem. Next Insurance's mobile-friendly platform puts the power in your hands, wherever you are.

What's Next for Next Insurance (and Guy)?

Under Guy's leadership, Next Insurance is soaring to new heights. But they're not stopping there. The future looks bright, with plans for:

• Continued Growth: Expanding their reach to serve even more small businesses across the U.S.
• Innovation: Leveraging cutting-edge technology to make insurance even simpler and more affordable.
• Market Leadership: Aiming to become the go-to insurer for small businesses nationwide.

Guy's Advice for Aspiring Entrepreneurs

Guy's journey is proof that with passion, determination, and a bit of tech-savvy, you can disrupt an entire industry. His advice to aspiring entrepreneurs? "Don't be afraid to challenge the status quo. Identify a problem, find a solution, and build a team that shares your vision."

In a Nutshell: Guy Goldstein is the CEO making insurance work for the little guys (and gals!). He's a testament to the power of innovation, proving that even the most traditional industries can be transformed with a fresh perspective and a dash of technological magic.

Valuation grows by 10x as carriers, agencies, and MGAs turn to AgentSync for broker onboarding, licensing, and compliance.

AgentSync, the company modernizing the tools and infrastructure powering the insurance industry, today announced a $25 million Series A. AgentSync will use the funds to accelerate product development as the company builds the industry's most trusted and comprehensive producer management solution. The round was co-led by Elad Gil and David Sacks' Craft Ventures, with participation from Marc Benioff, Caffeinated Capital, Operator Collective, and Nine Four Ventures. This brings the company's valuation to $220 million, ten times higher than when the company raised its seed funding in mid-2020.

AgentSync is tackling one of the biggest barriers to growth and innovation in the fragmented, complex insurance ecosystem – how brokers and insurers connect. By leveraging automation and technology to do the heavy lifting surrounding the compliance and management of insurance distribution channels, AgentSync is building the most tech-forward producer management system on the market. The new funds and steadily growing revenue stream will accelerate product development as the company pursues an ambitious plan to develop new solutions to common pain points for producers and insurers.

"I'm attracted to companies demonstrating the potential to transform back-office operations for massive industries, and AgentSync is doing exactly that," said Elad Gil, investor, entrepreneur, and operating executive. "By tackling one of the most tedious, manual processes plaguing the insurance industry today, AgentSync is creating efficiencies for the entire market."

AgentSync Manage, the company's first product, uses automation and technology to do the heavy lifting of producer management and licensing compliance. Its modern design built on the Salesforce platform and direct integration with NIPR (National Insurance Producer Registry) create massive efficiencies and enable carriers, agencies, and MGAs to grow and scale. AgentSync has 100% customer retention and early customers include Hippo Insurance, Lemonade, Hub International, Embroker, iptiQ (a subsidiary of Swiss Re), Beam Dental, Centene, and Rippling, among others.

The comprehensive platform AgentSync is developing – with  tools both upstream and downstream of its core licensing compliance product – position the company to meet the industry's full range of needs.

"It's rare to see a product like AgentSync that so clearly impacts revenue and has no competition," said David Sacks, co-founder and general partner of Craft Ventures. "Automating licensing and compliance is just the first step of AgentSync's ambitious road map. We see an opportunity for the company to expand vertically by adding certifications, recruiting, and territory management and to expand horizontally to serve any industry that requires certifications."

By eliminating back-office bottlenecks and creating operational efficiencies, AgentSync is ultimately fueling the growth of industry incumbents while reducing friction for new insurtech disruptors as they enter the market and scale. AgentSync is quickly becoming the insurance industry's trusted, centralized platform for all-things producer management.

"Managing onboarding and compliance for over 6,000 insurance brokers is no small feat. There's a definite need in the market for the type of end-to-end broker solution AgentSync is building," said John Albright, Chief Legal Officer of HUB International. "Their core licensing and compliance product should create huge efficiencies for our broker licensing processes, and we're excited to see what AgentSync's new products will do to further improve operations across our teams."

AgentSync co-founder and chief executive Niji Sabharwal said, "We're solving for some of the most inefficient processes bogging down the trillion-dollar insurance market. Our core product is already creating positive change for our customers, and we're excited to keep building for an industry that's eager to adopt innovative, automated technology to work smarter, not harder."

About AgentSync

AgentSync is empowering the insurance industry to scale by reducing friction, increasing efficiency, and maintaining compliance. The company is improving the broker onboarding and contracting process with its best-in-class licensing validation tool built for agencies, carriers, and MGAs that integrates with National Insurance Producer Registry (NIPR). AgentSync was founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight and was named one of Forbes Magazine's Cloud 100 Rising Stars in 2020. The company is headquartered in Denver, Colorado. To learn more, reach out to sales@agentsync.io or visit AgentSync.io.

SOURCE AgentSync.

David has worked across insurance, media and tech companies. He understands what decision makers are looking for and what needs to be delivered as part of a market-leading solution.

Watch the video interview and learn more:

• What’s the problem Artificial is solving? – Which business units are raising their hands and requesting P-O-Cs?
• How do you make sure the platform is applicable to every insurer and each line of business within -- and is it secure?"
• What is your day-to-day role as the Chief Commercial Officer of Artificial Labs
• There have been a few rounds of funding, Artificial Labs has actually raised 7.5 million pounds in Seed capital, which is over $10 Million US dollars - How important is it to invest in talent and expertise?
• How was name ‘Artificial Labs’ was created?
• How do insurers manage their data?
• Can you tell us more about Machine Learning? What are the relating factors required and maybe an example?
• As a startup and especially during a pandemic survival is critical, can you share your insights on challenges, growing and scaling?
• What are you seeing as far as competition? How are you differentiating yourselves?
• What’s your regional focus? Do you do business abroad and are there cultural differences?

About Artificial Labs

We're making insurance frictionless. We help insurers to provide their customers with great experiences, digitise processes and leverage machine learning. Our pricing is transactional, meaning insurers and brokers of all sizes can scale fast without significant upfront costs.

Visit us:  http://artificial.io

Twitter: @artificiallabs
Instagram: @artificiallabs
Linkedin: @artificiallabs

Hippo Enterprises Inc. (“Hippo”), the home insurance group that created a new standard of care and protection for homeowners, has entered into a definitive business agreement with Reinvent Technology Partners Z (“Reinvent”) (NYSE:RTPZ), a special purpose acquisition company (“SPAC”) that takes a “venture capital at scale” approach. Upon the closing of the transaction, the combined company will be publicly traded.

Hippo: A Protective, Modern Approach to Home Insurance

Founded in 2015, Hippo’s goal is to make homes safer and better protected by taking a proactive approach designed to prevent losses. Harnessing real-time data, smart home technology, and a growing suite of home services, the company is creating the first vertically integrated, end-to-end home protection and insurance platform.

Hippo’s licensed property casualty agent, Hippo Insurance Services, is a leader in the transformation of the $105 billion United States home insurance industry, digitizing the entire home insurance process in order to create lasting advantages and efficiencies across the customer lifecycle. The company built an insurance experience that is simple, modern, and proactive. Its proprietary underwriting engine leverages augmented intelligence and machine learning to prefill customer applications and accurately assess and price risk at the point of purchase, enabling accurate quotes in under a minute and purchase in just five minutes on average.

Hippo’s omni-channel distribution allows customers to buy policies however and wherever they want: online, through an agent, or with one of the company’s growing number of partners. Hippo’s coverage is designed for today’s homeowners, replacing coverage for items such as fur coats and china sets with more protection of crucial items such as home office equipment and water back-up. This modern coverage lowers the chance of its customers encountering unexpected gaps in coverage in the event of a loss.

In addition, Hippo’s industry-leading Smart Home Program is designed to help prevent events such as water damage, fires, and break-ins. The company also uses live data to anticipate and track major weather events, enabling its claims team to reach out in advance to help protect homeowners. For example, ahead of recent storms in Texas that impacted millions, Hippo reached out to customers to help them prepare for frozen pipes or water damage, offering Hippo Home Care support for live video calls to prevent and resolve any immediate DIY issues. Hippo’s intuitive and proactive protection platform is designed to reduce the likelihood of loss, while deepening its customer relationships and improving loyalty and retention.

Home insurance products offered through Hippo Insurance Services are currently available in 32 states, covering more than 70% of the U.S. population, and the company expects its products to be available to 95% of the U.S. population by the end of 2021.

Management Comments

Assaf Wand, Chief Executive Officer and Co-Founder of Hippo, said:

“We set out with a bold vision: to shift the focus of the home insurance industry back to the end customer - the homeowner. In an industry that has traditionally referred to its customers as ‘policyholders,’ Hippo has carved out its own path. We’ve built products and services with a human touch to broaden home protection to include proactive, smart insurance coverage. Our guiding principle is that the best claim is one that never happens, and if it does happen, then we should make our customers' experience as smooth as possible. The evolution of our industry must be grounded in meeting today’s customer needs. Through this strategic partnership with Reinvent and an incredible team of world-class entrepreneurs, investors, and employees, we can’t wait to transform the homeowner experience and accelerate our growth.”

Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of Reinvent, said:

“Guided by Assaf’s visionary leadership, Hippo is deploying impressive speed and skill to transform the home insurance industry. Hippo has created its own industry category by rewriting the homeowner experience through insurance. Reinvent’s goal has been to help build industry-leading technology companies at scale for the long-term, and we see ample opportunity to ignite growth and scale Hippo’s business; we believe that Hippo is defining a model that will set the path for years to come in home insurance. With its differentiated technology, insurance expertise, and vertical integration of homeowner services, Hippo fits squarely into our ‘venture capital at scale’ approach. Together, we will strive to create truly revolutionary outcomes for homeowners and this industry.”

Mark Pincus, Co-Lead Director of Reinvent, said:

“Hippo is reimagining home insurance to serve the needs of the modern homeowner. Through deep investments in technology, data, and homeowner services, Hippo has built the country’s most radically user-friendly home insurance company that provides it with a competitive advantage over industry incumbents. Hippo is positively disrupting the insurance industry by offering consumers the first online buying experience that is fast, friendly, and affordable.”

Hippo is Poised to Scale

The U.S. home insurance industry is expected to reach nearly $140 billion by 2025,1 and Hippo has a significant opportunity for further transformation with its proven track record of growth and execution. Hippo has grown historical total written premiums by 69% over the last 3 calendar years, and it launched in 12 new states in 2020 alone. The company has attractive customer dynamics, with an average annual premium of $1,200, an average 1-year retention rate of 87%, and an overall net promoter score of 75 out of 100, 2x the industry average in 2020.

Having completed two acquisitions in 2020, including the acquisition of Spinnaker Insurance Company, a national insurance carrier licensed in all 50 states with a Financial Strength Rating of A- (Excellent) by AM Best, Hippo continues to build an all-inclusive home protection platform encompassing home warranty, smart home tech, home maintenance and professional monitoring services. The company is positioned to gain significant market share through growth plans that are aggressive but also disciplined, achievable, and validated by compelling unit economics. The lifetime customer value is 5.4X the average customer acquisition cost and the company has developed meaningful partnership distribution channels, including home builders and mortgage servicers giving Hippo a strong competitive advantage.

Transaction Overview

The transaction has been unanimously approved by the Boards of Directors of both Hippo and Reinvent. It is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including the approval of shareholders of Reinvent and the stockholders of Hippo.

The combined company is expected to have approximately $1.2 billion in cash at closing, including up to approximately $230 million of cash held in Reinvent’s trust account from its initial public offering on November 23, 2020. The transaction is further supported by a $550 million PIPE at $10 per share that was led by current investors (including Dragoneer, Lennar and Ribbit), top tier mutual funds and Reinvent Capital. After the closing of the merger, Hippo’s existing stockholders are expected to own approximately ~87 percent of the pro forma combined company.

Reinvent believes in structuring its transactions to ensure maximum long-term alignment with the company in which it invests. Consistent with this approach, Reinvent and Hippo have agreed to a long-term lock-up on founder shares for up to two years, and a robust earnout structure with full vesting not realized until the share price reaches $20 per share. Major stockholders and key executives of Hippo have agreed to enter into separate lockup agreements as well.

Pursuant to the business combination agreement, a Reinvent appointed director will join Hippo’s Board of Directors at the transaction closing.

Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, has been provided in a Current Report on Form 8-K filed by Reinvent today with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.

Advisors

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as co-financial advisors to Hippo and Latham & Watkins LLP is acting as its legal counsel. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC also acted as joint placement agents on the PIPE transaction. Barclays is acting as financial advisor to Reinvent and Sullivan & Cromwell LLP is serving as its legal counsel.

About Hippo

Hippo offers a different kind of home insurance, built from the ground up to provide a new standard of care and protection for homeowners. Our goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their homes and the life within. Harnessing real-time data, smart home technology, and a growing suite of home services, we are creating the first integrated home protection platform. Hippo is headquartered in Palo Alto, California with offices in Austin and Dallas, Texas and insurance products available to more than 70 percent of U.S. homeowners in 32 states. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing information, visit www.hippo.com.

About Reinvent

Reinvent is a special purpose acquisition company led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a “venture capital at scale” approach. Reinvent was formed to support a technology business to innovate and achieve entrepreneurship at scale by leveraging its team’s operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in its initial public offering.