Insurmi

Insurmi

White-labeled, conversational interface platform designed to engage users online & generate quality leads for insurers.

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DateInvestorsAmountRound
-investor investor investor

€0.0

round

$1.0m

Early VC
Total Funding000k

Financials

Estimates*

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Revenues, earnings & profits over time
USD202120222023
Revenues000000000000
EBITDA000000000000
Profit000000000000
EV000000000000
EV / revenue00.0x00.0x00.0x
EV / EBITDA00.0x00.0x00.0x
R&D budget000000000000

Source: Company filings or news article, Dealroom estimates

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More about Insurmi
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Insurmi, founded in 2016 by Sonny Patel, operates from Phoenix, Arizona, as a developer of a conversational AI-powered platform for the insurance industry. Patel's journey into entrepreneurship was influenced by his family's business background and his own early ventures. The idea for Insurmi crystallized during his time as a sales director and financial advisor at a life insurance company, where he identified significant inefficiencies and a confusing sales process. This first-hand experience as an agent, coupled with observations of the industry's outdated technology during his freshman year of college, fueled his mission to simplify the insurance purchasing experience.

The company initially launched as a B2C life insurance comparison website, aiming to help shoppers calculate their coverage needs and compare policies. However, realizing the crowded nature of the consumer market, Insurmi pivoted to a B2B SaaS model in 2018. This strategic shift focused on licensing its software to insurance carriers. The firm's core product is a white-label, AI-driven digital assistant named Violet, which is designed to automate and streamline sales, claims processing, and customer service for insurance companies. Violet engages customers through a conversational interface, available 24/7, to answer policy questions, process claims, and generate new business leads. This addresses the insurance carriers' challenges in connecting with digital-first consumers and reduces reliance on labor-intensive call centers.

Insurmi's platform is built to be highly customizable and integrates with core systems from providers like Duck Creek Technologies, Majesco, SAP, and Salesforce. The technology leverages natural language processing and machine learning and is trained specifically on insurance-related inquiries. Revenue is generated through a licensing model, providing this technology to insurance carriers. The company has secured $1.04 million in funding over two rounds, with investors including Coplex, Global Insurance Accelerator, and Plug and Play. This capital was intended to facilitate market expansion and team growth. Insurmi has worked with notable clients, including Fortune 500 carriers like Principal Financial Group and Farm Bureau Financial Services. Despite its initial traction and funding, some sources indicate that the company is now defunct.

Keywords: conversational AI, InsurTech, insurance automation, customer engagement platform, B2B SaaS, white-label insurance software, AI assistant, Violet AI, claims processing automation, lead generation insurance, Sonny Patel, insurance chatbot, digital insurance, customer service automation, Global Insurance Accelerator, Coplex, insurance technology, enterprise software, financial services technology, policyholder support

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