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The upshot: AgentSync won’t ever be an Apple- or Samsung-like tech brand name, but it could occupy a profitable niche powering whoever that turns out to be. Somebody’s going to invent the smartphone of the industry we’re going to be the Wi-Fi antenna, one of the companies that gets them there.” “You need 10 or 12 different items to line up perfectly.
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“There’s no smartphone without a Wi-Fi antenna, cheap and small data storage, long-lasting batteries,” he explained. He used the analogy of a smartphone, a powerful technological time-saver that relies on lots of little components to work. The company is now the only unicorn in the insurance infrastructure space, but Sabharwal thinks it will be the first of many, as the industry goes through more digital reinvention. The company says its annual recurring revenue is 3.5 times what it was a year ago, and its staff has almost doubled over that span, to about 100. The company currently claims more than 100 customers, ranging from large carriers, such as San Antonio–based GPM Life and Japan’s Tokio Marine, to online insurance agencies like Lemonade and Hippo. “Niji and his team were the unsung heroes during a chaotic time.”ĪgentSync’s growth since then suggests that Sabharwal and his backers were right about the opportunity. “Some of the best ideas, work products, and career successes are born out of crises,” Gracias told Fortune in an email. By then, the concept had made a strong impression on some of their future investors.
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“Those bottlenecks keep insurance companies from scaling up, and block new companies from forming, too.”īy the time Sabharwal came up with the concept, called Licensing+, Zenefits had gotten out of the insurance business it licensed the IP to Sabharwal, and he and Knight launched AgentSync in 2018. “We’d be taking all these bottlenecks out of the system,” Sabharwal told Fortune.
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Surveying the mess, Sabharwal spotted a business opportunity: He could build software that would speed up and streamline communication among agents, carriers, and regulators, selling it as a software-as-a-service (SaaS) offering that would spare insurers from having to build their own product.
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But the company didn’t do sufficient due diligence around agents’ licensing, and the resulting legal entanglements led to a series of fines and settlements and eventually cost Zenefits founder and CEO Parker Conrad his job. Zenefits, which specializes in serving small and medium-size companies, had begun using its platform to enable insurance sales. The key common denominator among Sabharwal, Gracias, and Sacks: All three were involved with employee-benefits software company Zenefits in 20, when that company ran into a huge compliance problem. Leading the round is Valor Equity Partners, whose CEO is Antonio Gracias among the other participants is Craft Ventures, whose cofounder and general partner is David Sacks. The company today announced a $75 million Series B funding round that values the company at $1.2 billion. Sabharwal’s spouse, Jenn Knight, is AgentSync’s cofounder and chief technology officer. Turning those lessons into the foundation for a whole new company is considerably rarer-and having that company attain a billion-dollar unicorn valuation is rarer still.Īs of today, Niji Sabharwal, the cofounder and CEO of insurance-tech startup AgentSync, can lay claim to this unusual trifecta, thanks in part to two investors who went through the painful learning process with him.ĭenver-based AgentSync specializes in software for “producer management”-insurance jargon for keeping track of licensing and other compliance requirements among the industry’s hundreds of thousands of independent sales agents. Learning from mistakes is a widely shared experience in the startup community.