Agentsync Success Story: Insurance Compliance Software

Company Profile is an initiative by ListMyStartUp to publish verified information on different startups and organizations. The content in this post has been approved by AgentSync.

Gone are the days when the insurance industry operated using a traditional, in-person approach. With technology affecting all aspects of the corporate world, the insurance industry is no exception. Several companies now deploy technological innovations to make the insurance industry model cost-effective and efficient.

Now that the insurtech market is enormous, lucrative, and still developing, it is a prime space for technologically advanced companies to attack. AgentSync is one such ‘compliance as a service’ company that has been leading the insurance industry since 2018.

AgentSync - Company Highlights

  • Company Name-AgentSync
  • Headquarters-Denver, Colorado, United States
  • Primary Industry-Insurance
  • Founders-Niranjan "Niji" Sabharwal and Jennifer Knight
  • Founded In-2018

AgentSync - About

  • AgentSync is a developer of modern insurance infrastructure involved in connecting carriers, agencies, MGAs, and producers. The customer-centric design approach, along with APIs, automation, and premium quality service, enables AgentSync solutions to create onboarding, licensing, and appointing processes for insurers and producers while ensuring growth and compliance.

AgentSync - Industry

  • The insurance market is home to enterprises involved in researching, designing, and selling different types of insurance and analyzing and monitoring insurance data. The global insurance market size was estimated at $5946.74 billion in 2022 and is expected to reach $8603.8 billion in 2027, with a CAGR of 7.4% during 2023-2027.
  • Moreover, the rapid growth in internet penetration has led to the emergence of insurtech. The term insurtech combines two words, 'insurance' and 'technology.' It refers to using technology innovations to find cost-savings and efficiency from the conventional insurance industry model.
  • The global insurtech market size was estimated at $5.45 billion in 2022 and is expected to grow at a CAGR of 52.7% from 2023 to 2030.
  • Allianz Group, Axa Group, China Life Insurance, Anthem Inc, and Ping An Insurance are the major companies in the insurance industry. When it comes to the insurtech global market, ZhongAn, Oscar Health, Next insurance, and Wipro Limited are the top players.

AgentSync - Founders and Team

Niranjan "Niji" Sabharwal and Jennifer Knight are the company's co-founders.

Niranjan “Niji” Sabharwal

  • Niranjan "Niji" Sabharwal graduated from UC Santa Barbara with a degree in Arts, Business economics. Before co-founding and holding the CEO role, he worked at LinkedIn and Zenefits.

Jennifer Knight

  • Jennifer Knight graduated from Boston University with a degree in BA, International Relations. She has worked in multiple companies, including Bluewolf, LinkedIn, Dropbox, and Stripe, before holding the role of co-founder and CTO in AgentSync.
  • When it comes to the company's team, AgentSync is working with an entirely onshore team with approximately 250 employees.

AgentSync - Startup Story

  • The idea of establishing AgentSyn was born during Niranjan "Niji" Sabharwal's time at Zenefits. Sabharwal was focused on rebuilding Zenefits in a more compliant fashion. Thus, he built software that helped track agent complaints, a project which was later open-sourced and released by Zenefits.
  • AgentSync was formed after Sabharwal left Zenefits to establish his own company with his partner, Jennifer Knight. Zenefits signed the IP from the earlier project over to Sabharwal before his team created any code for AgentSync. It allowed the company to get a clean start; thus, AgentSync was officially set up in 2018.
  • In May 2022, the company launched a contracting solution for simplifying the carrier contracting experience. The Compliance library was launched in June 2022 to provide compliance information and updates to the insurance producer. Moreover, it launched the AgentSync ID – the industry's first connected producer identity platform in September 2022.

AgentSync - Mission and Vision

  • The mission of the company is to revolutionize and modernize insurance companies.

AgentSync - Business Model

  • AgentSync is a 'compliance as a service' application built on that helps insurance carriers and insurance agencies track insurance broker licensing data. Companies do not need to do this work with spreadsheets; instead, AgentSync's products and solutions offer a faster method while reducing the chance of error.

How SaaS Can Be the Future of the Insurance Industry?

  • Insurance is a $5,838.43 billion industry. This is how SaaS is transforming the insurance industry in 2023.
  • This software automatically enforces state producer licensing and appointment regulatory requirements by integrating with the National Insurance Producer Registry (NIPR) as a source of truth. The clients can minimize compliance costs and prevent regulatory violations by letting the application do the heavy lifting.

AgentSync - Revenue Model

  • The company earns revenue by charging per active agent its client has, with some price tiering based on the scale.

AgentSync - Products and Services

  • AgentSync is popular for offering 3 products, and these, are AgentSync Manange, AgentSync AutoPilot, and AgentSync APIs.

AgentSync - Funding and Investors

  • AgentSync has undertaken 4 funding rounds in which it has raised a total of $111.1 million. Its latest funding round - Series B Round, was conducted on December 7, 2021, and raised a total of $75 million. Presently, the company is funded by 19 investors, and the main ones are Craft Ventures, Tiger Global Management, Anthemis Group, Valor Equity Partners, Caffeinated Capital, and Atreides Management.

AgentSync - Mergers and Acquisitions

  • The acquisitions of AgentSync include Finvera in 2021 and eContractPro in 2022.

AgentSync - Growth

  • The estimated annual revenue of AgentSync is $29.3 million ($127,598 per employee) in 2021. The company's current valuation as of December 2021 stands at $1.2 billion. Moreover, its employee count increased by 219% last year, and the monthly website visit growth rate is reported to be -12.9%.

AgentSync - Partners

AgentSyn has partnered with other market leaders to expand its functionality. Its main partners are:

  • National Insurance Producer Registry (NIPR)
  • Salesforce
  • Varicent
  • DocuSign
  • Verified First
  • Accurate

AgentSync - Awards and Achievements

AgenSync is honored with multiple awards and achievements and is recognized as:

  • One of the Denver's Best Places to Work
  • Forbes Magazine Cloud 100 Rising Star
  • An Insurtech Insights Future 50 winner
  • Ranked 88 in Forbes – America's 500 Best Startup Employers 2022

AgentSync - Competitors

Some of its main competitors are:

  • Omnichannel
  • Sircon
  • regEd
  • SuranceBay
  • Rhoads online institute
  • Spyder
  • Certificate Hero
  • REG
  • Exdion

AgentSync - Future Plans

  • AgentSync declared that 2023 would be the year of compliance. The company is looking forward to managing compliance in a more technologically enabled way, as it's crucial for the players across the insurance industry.


What is AgentSync and what does the company do?

  • AgentSync is an insurtech company that provides automated insurance compliance for agencies, brokers, and carriers. The platform helps manage licensing and appointment-related tasks.

How is AgentSync modernizing the insurance industry?

  • AgentSync is using cloud-based technology to simplify and automate insurance compliance, which helps insurance companies save time and resources while remaining compliant with regulations. This enables companies to focus more on growth and innovation.

Type above and press Enter to search.