Outmarket, a startup using AI to handle insurance brokers' paperwork, has raised $34.5 million in Series B funding led by SignalFire. The round comes just four months after a $17 million Series A and values the company at $335 million, according to a person familiar with the deal. Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund also participated.
Founded in late 2023 by Vishal Sankhla, who previously led product at digital life insurance distributor Ethos and worked at Facebook and Uber, Outmarket targets commercial insurance. Sankhla notes that 95% of insurance is still sold through human agents and that commercial policies involve more than 250 types of coverage, each with different forms and documents. The company's AI automates these administrative tasks so brokers can focus on client-facing work.
Outmarket says it has signed up more than 300 insurance agencies, including 25% of the top 100, since launching its current product 14 months ago. It faces competition from other AI-focused startups like Fulcrum AI and Further AI, but the U.S. property and casualty insurance market generates over a trillion dollars in annual premiums, leaving room for multiple players.