By then, the concept had made a strong impression on some of their future investors. “Those bottlenecks keep insurance companies from scaling up, and block new companies from forming, too.”īy the time Sabharwal came up with the concept, called Licensing+, Zenefits had gotten out of the insurance business it licensed the IP to Sabharwal, and he and Knight launched AgentSync in 2018. “We’d be taking all these bottlenecks out of the system,” Sabharwal told Fortune.
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Surveying the mess, Sabharwal spotted a business opportunity: He could build software that would speed up and streamline communication among agents, carriers, and regulators, selling it as a software-as-a-service (SaaS) offering that would spare insurers from having to build their own product.
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But the company didn’t do sufficient due diligence around agents’ licensing, and the resulting legal entanglements led to a series of fines and settlements and eventually cost Zenefits founder and CEO Parker Conrad his job.
Zenefits, which specializes in serving small and medium-size companies, had begun using its platform to enable insurance sales. The key common denominator among Sabharwal, Gracias, and Sacks: All three were involved with employee-benefits software company Zenefits in 20, when that company ran into a huge compliance problem. Leading the round is Valor Equity Partners, whose CEO is Antonio Gracias among the other participants is Craft Ventures, whose cofounder and general partner is David Sacks. The company today announced a $75 million Series B funding round that values the company at $1.2 billion. Sabharwal’s spouse, Jenn Knight, is AgentSync’s cofounder and chief technology officer. Turning those lessons into the foundation for a whole new company is considerably rarer-and having that company attain a billion-dollar unicorn valuation is rarer still.Īs of today, Niji Sabharwal, the cofounder and CEO of insurance-tech startup AgentSync, can lay claim to this unusual trifecta, thanks in part to two investors who went through the painful learning process with him.ĭenver-based AgentSync specializes in software for “producer management”-insurance jargon for keeping track of licensing and other compliance requirements among the industry’s hundreds of thousands of independent sales agents. Learning from mistakes is a widely shared experience in the startup community.
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