Outmarket AI, an intelligence platform focused on the commercial insurance sector, has garnered $4.7m in seed investment, marking its official launch.
The funding round was led by Fika Ventures, with additional contributions from TTV and Dash Fund.
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Outmarket will use this infusion to expand its headcount, expedite platform innovation and support its partnerships with brokers and carriers.
The company uses natural language processing, machine learning (ML) and “insurance-specific knowledge graphs” to help brokers and carriers incorporate AI-driven insights and automation into their existing workflows.
Outmarket was established by Vishal Sankhla and co-founder/CTO Anshu Jain, who have assembled a team of AI researchers and insurance professionals.
The company aims to serve as a “connectivity layer” for wholesalers, retail agencies and carriers.
Customers who have adopted Outmarket AI reported reducing quote comparison and policy review times by up to 80%, the company said.
Outmarket AI enables brokers and carriers to access structured and unstructured data, providing real-time insights into market trends, premiums and client profitability.
The platform enables users to ask questions in natural language and receive AI-powered recommendations.
It aims to simplify data analysis, automate reporting and identify cross-selling and profit opportunities.
Outmarket AI CEO Sankhla said: “Brokers and carriers know they need to unlock the power of their data to stay competitive, but outdated systems and manual processes slow them down.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.”
Jain added: “Our vision is to empower every insurance professional with real-time intelligence at their fingertips. We are just getting started.”
