Outmarket secures $34.5M to revolutionize insurance paperwork with AI

Vishal Sankhala, former product leader at Ethos, launched Outmarket in late 2023, leveraging AI to automate insurance paperwork for brokers. He highlighted the inefficiencies in the $1 trillion U.S. property and casualty insurance market, emphasizing the need for automation. Outmarket focuses on commercial insurance, which requires complex customization, with over 250 coverage types. The startup now serves over 300 agencies, including 25% of the top 100, since launching its product 14 months ago. Outmarket raised $34.5 million in Series B funding, led by SignalFire, with participation from Fika Ventures and others. The round, four months after a $17 million Series A, valued the company at $355 million. Sankhala noted the potential for growth in an industry typically slow to change. Other startups like Fulcrum AI and Further AI are also targeting insurance brokers, but Outmarket aims to capitalize on the vast market by helping agencies work faster and smarter.