AI-driven insurance intelligence platform Outmarket AI has raised $4.7mn in seed funding to accelerate its expansion.
Fika Ventures led the funding round, with additional investment from TTV and Dash Fund. This funding marks a key step in the company’s efforts to expand its presence in the InsurTech sector.
Outmarket AI specialises in AI-powered insights for the insurance industry, aiming to modernise commercial insurance by replacing outdated systems and manual processes.
The platform applies natural language processing, machine learning (ML), and insurance-specific knowledge graphs to deliver automation and data-driven insights.
- Outmarket is an advanced AI-powered platform designed to revolutionize broker efficiency by automating critical workflows and delivering actionable insights.
- From Submissions Intake and Quote Comparison to Policy Reviews and Proposal Generation, Outmarket streamlines operations, aligns broker activities with carrier appetites, and unlocks revenue opportunities.
- Outmarket’s tools enable faster, smarter decision-making, driving growth and enhancing the entire insurance value chain.
Serving as a connectivity layer for wholesalers, retail agencies, and carriers, the platform integrates structured and unstructured data to provide real-time insights into market trends, premiums, and client profitability.
The company plans to use the funding to expand its team, enhance platform capabilities, and strengthen partnerships with brokers and carriers. AI-driven recommendations will help users simplify data analysis, automate reporting, and identify cross-selling opportunities.
Early adopters have reported up to an 80% reduction in quote comparison and policy review times, significantly increasing efficiency.
Outmarket AI seeks to eliminate inefficiencies in the insurance industry by delivering real-time intelligence to improve decision-making.
Imagine an AI-powered assistant that:
- Understands risk and appetite across thousands of carriers in real-time
- Auto-generates submissions, pulling in all necessary data across emails, agency management system and PDFs
- Continuously analyzes books of business to surface growth and cross-sell opportunities
- Engages in intelligent workflows, automating end-to-end processes instead of isolated tasks
This is not an abstract vision of the future. This is Outmarket AI.
CEO Vishal Sankhla emphasised the platform’s role in modernising insurance operations, stating: “Brokers and carriers know they need to unlock the power of their data to stay competitive, but outdated systems and manual processes slow them down.”
Outmarket is the missing intelligence layer that modernises commercial insurance instantly. With AI-powered insights and automation, we help insurance professionals work smarter, win more deals, and grow revenue – fast.
CEO Vishal Sankhla
Co-founder and CTO Anshu Jain reinforced the company’s focus, stating: “Our vision is to empower every insurance professional with real-time intelligence at their fingertips. We are just getting started.”
Commercial insurance is an $800 bn industry, yet outdated workflows cost brokers and carriers billions in lost productivity each year.
Working together at Meta and then Ethos, the leading provider of tech for the life insurance sector, gave us firsthand experience with the industry’s significant challenges related to data fragmentation, inefficient processes and broker alignment.
“We began to envision a connectivity layer that unites retail agencies, wholesalers and carriers. Then, merging our combined backgrounds in product development and research, we built one and assembled an all-star team of AI researchers and insurance experts that includes alumni from IBM Watson, Meta, Uber and Adobe,” Anshu Jain said.
As Outmarket AI expands, it remains focused on AI-driven solutions to reshape the insurance industry and drive further growth.
