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ITA Pro Weekly, March 12,2021

AI and ethics, the worst C&W song, AgentSync raises $25 mil

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Hot off the presses!

Artificial intelligence (AI) is playing a bigger role than ever in every aspect of the insurance transaction. In this week’s Electronic Chat, we interview Anne-Laure Klein, CCO of Akur8, a Paris-based SaaS insurtech startup specializing in insurance pricing optimization using its proprietary product called Transparent AI.
 
“The challenge of ethical technology, and especially ethical AI, is becoming a profound trend. As a matter of fact, tech giants have taken strong positions toward responsible technology and data transparency. AI has particularly come under the spotlight, notably due to the bias its use can entail if you are using a generic black-box AI.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

Of all the challenges facing emerging insurtechs, one of the most pervasive sounds like a bad country & western song: “I Hate My Current Vendor, but I Can’t Work with You Because You’re Not My Current Vendor.” In his “Eye of the Storm” blog, HazardHub’s Bob Frady outlines three steps insurtechs must take when engaging with insurance carriers. The first? Establish who you are.
 
“One of the hardest things to do as an insurtech is to let people know who you are and to get them to understand that you’re a real company. Accelerators can be helpful -- places like Plug and Play have their role. But many times the innovation people who visit these accelerators are just as frustrated by overly complex internal processes.”

 

AgentSync, a provider of a licensing validation tool built for agencies, carriers, and MGAs that integrates with National Insurance Producer Registry (NIPR), announced a $25 million Series A, earmarked to accelerate product development. This brings the company's valuation to $220 million, ten times higher than when the company raised its seed funding in mid-2020.

"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."


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