The company: AgentSync
AgentSync is modernizing one piece of the complex, fragmented, and antiquated insurance ecosystem – how brokers and insurers connect and do business – by building a modern producer management tool. The deeply entrenched insurance industry is far from a “sexy” space for a startup, but AgentSync fundamentally believes that technology can bring scaled innovation to this unsexy sector.
By bringing state-of-the-art technology, transparency, and accountability to high-risk regulatory requirements previously handled in spreadsheets, AgentSync’s compliance-as-a-service solution is disrupting insurtech, and gaining notable attention in the process.
Why you should pay attention
Insurtech is just getting started. Insurance as an industry is around 300 years old and represents $1.32 trillion per year in the US alone. Its enormous size, multifaceted surface area, established processes, and highly regulated nature make it especially tricky to disrupt. One particular pain point is that insurance carriers and insurance agencies are required to track licensing data and carrier appointments to protect their customers and stay on the right side of compliance regulation.
The existing systems that carriers and agencies rely on to track vital producer data are stuck in another era. AgentSync is rocketing the sector forward with a SaaS solution built directly on the Salesforce platform that includes seamless integration to the industry’s repository of licensing data, the National Insurance Producer Registry (NIPR).
The cycle of managing insurance producers – onboarding, contracting, licensing verification, and ongoing compliance management – must be carefully managed to maintain compliance in this highly regulated industry. As you may guess, the details of doing so are incredibly complex. Licensing requirements vary state by state, as do renewal deadlines. Agencies and carriers must keep up with the latest regulatory changes in each state and pass those through to their producers.
AgentSync helps businesses navigate this with features like batch onboarding and applications, saving hours of time and eliminating tedious manual data entry, as well as automatic alerts and compliance reports, which reduce risk and offer peace of mind. It helps everyone move faster by eliminating friction and making the end-to-end experience better. Best of all, producers love using AgentSync – it takes the burden of paperwork off of them, so they can focus on doing what they were hired to do – sell insurance.
The platform can be set up in a week and customized to fit the needs of each unique carrier or agency. AgentSync is built to evolve and scale alongside each business using it, and the team is constantly listening to customer feedback and building new features to best fit their needs.
Why we’re obsessed
The sector is ripe for disruption. The outdated manual tools agencies and carriers have available to them are slow, inefficient, and highly prone to introducing errors.
AgentSync co-founders Jenn Knight (Dropbox, Stripe) and Niji Sabharwal (Zenefits) are the dynamic duo that’s well positioned to bring change. They have deep experience in both compliance requirements and technical infrastructures. (CTO Knight has built a technical team that’s mostly female, yet another way in which AgentSync is blazing the path forward.) And we’re not the only ones who can see AgentSync’s star is rising.
It’s easy for insurance carriers and agencies seeking compliance-as-a-service to get into AgentSync’s orbit. And that gravitational pull is also attracting top tech talent as the company grows to meet demand and capture the potential of this enormous market.
(P.S. They’re hiring!)