AgencyKPI, which has developed a business intelligence platform designed to address and manage the abundance of data produced by multiple software programs and legacy systems across the insurance industry, has closed on $5 million in Series A funding.
The Series A round of funding is led by EMC Insurance Companies of Des Moines, Iowa. Two insurance agency networks are also investing in AgencyKPI: Keystone Insurers Group of Northumberland, Pennsylvania, and Austin-based Combined Agents of America.
Keystone Insurers Group, founded in 1983, has grown to almost 300 independent agency partners across 14 states. It is ranked third on Insurance Journal’s Top 100 Property/Casualty Agencies list for 2019.
Combined Agents of America is comprised of 75 independent insurance agencies and is ranked sixth on Insurance Journal’s Top 100 Property/Casualty Agencies list for 2019.
AgencyKPI was started in 2017 by Trent Richmond, an insurance industry veteran, and Bobby Billman, a seasoned high tech executives.
In 2019, the company raised $3 million in seed- and strategic-round funding from insurance networks, carriers, independent agencies, and C-level executives in the insurance industry. This year, AgencyKPI will use the new funds to hire more software developers and data scientists to accelerate the development of the company’s additional business intelligence platforms.
Also in 2019, AgencyKPI launched its business intelligence platform for networks, called Harmony, which addresses mass data fragmentation and unifies data from various sources, so insurance networks can begin to see how they are performing on any given level. Today, the Harmony platform handles $15.8 billion in written premium from more than 8,800 affiliated agencies.
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