AI Insurtech Startup Outmarket Raises $34.5 Million in Series B Funding

Outmarket is set to announce a $34.5 million Series B funding round led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. This round comes just four months after the startup's previous funding round. The company was launched by Vishal Sankhla, a seasoned engineering executive and former product lead at digital life insurance distributor Ethos, with prior experience at Facebook and Uber. Outmarket utilizes AI to help insurance agencies and brokers automate tedious paperwork. The startup specifically targets commercial insurance due to the complexity and custom nature of these policies. With over 250 different types of coverages available depending on the business and risk, the application and documentation process is often manual and time-consuming. Outmarket's AI automates these administrative tasks, enabling brokers to quickly evaluate and recommend the best policies and focus on high-touch human work, such as emergency customer response. Since launching a new product 14 months ago, Outmarket has attracted over 300 insurance agencies, including 25% of the top 100. Sankhla noted that this represents significant growth for the typically slow-moving insurance industry.