Outmarket Raises $34.5M Series B to Automate Insurance Brokerage Workflows

Outmarket, an insurtech startup using artificial intelligence to automate administrative work for insurance agencies and brokers, has raised $34.5 million in Series B funding.

The round was led by SignalFire, with participation from Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund. According to a person familiar with the investment, the financing values Outmarket at $335 million.

The new round comes only four months after the company raised a $17 million Series A, highlighting the rapid expansion of interest around AI tools designed to modernize insurance brokerage operations.

Founded by Vishal Sankhla in late 2023, Outmarket is focused on a part of the insurance industry that remains heavily dependent on human agents and manual administrative processes.

Bringing AI into insurance brokerage

Sankhla previously led product at digital life insurance distributor Ethos, which went public earlier in 2026. Before Ethos, he worked at Facebook and Uber.

After leaving Ethos in late 2023, Sankhla launched Outmarket with the idea of applying AI to the operational work that consumes significant amounts of time for insurance agencies and brokers.

According to Sankhla, around 95% of insurance in the U.S. and globally is still sold through human agents.

While agents remain important for customer relationships and complex decisions, a substantial amount of their day-to-day work involves paperwork, applications, documentation and policy research.

Outmarket is targeting those administrative workflows.

The company provides AI-powered tools that can help insurance professionals process information, evaluate policies and make recommendations more efficiently.

The goal is not simply to replace the broker. Instead, Outmarket is positioning its technology as an operating layer that allows insurance professionals to spend less time on repetitive administrative tasks and more time on activities requiring human judgment and customer interaction.

Commercial insurance is particularly complex

Outmarket has chosen to focus on commercial insurance, where policies can require significant customization depending on the business and its risk profile.

Commercial customers may need multiple forms of coverage, including general liability, workers' compensation and directors and officers liability.

Sankhla said there are more than 250 different types of insurance coverage available depending on the business, its risks and what it needs to protect.

Each type of coverage can require different applications, documentation and evaluation processes.

For brokers, that creates a large amount of work before a policy can even be recommended to a customer.

Insurance professionals may need to review applications, collect documents, understand a company's operations, compare coverage options and determine which policies are appropriate.

Outmarket's AI is designed to automate parts of this process.

By processing insurance documents and helping brokers evaluate policy options, the company aims to reduce the administrative burden involved in commercial insurance.

More than 300 agencies using the platform

Outmarket has gained more than 300 insurance agencies as customers since launching its new product around 14 months ago.

The company said 25% of the top 100 insurance agencies are among its customers.

That customer adoption is notable given the traditionally slower pace of technology adoption within insurance.

Outmarket says its customers are using the platform to handle workflows that previously required significant manual effort.

The company's broader proposition is that insurance brokers can use AI to accelerate the parts of the process that are repetitive while retaining people for customer-facing and high-context work.

For example, responding to customers during emergencies requires communication, judgment and relationship management. Outmarket's technology is intended to handle more of the paperwork surrounding those interactions rather than replacing the human relationship itself.

A rapidly expanding AI insurance market

Outmarket is entering a growing group of startups attempting to build AI infrastructure for insurance brokers and agencies.

Other companies mentioned in the market include Fulcrum AI and FurtherAI, which are also developing tools aimed at improving insurance brokerage workflows.

The opportunity is significant because of the sheer size of the insurance market.

The U.S. property and casualty insurance market alone generates more than $1 trillion in annual direct premiums, according to data referenced in the source.

Even a relatively small improvement in how insurance agencies process applications, documentation and policy information could therefore affect a large volume of economic activity.

For startups like Outmarket, the challenge is translating AI capabilities into workflows that can handle the complexity and regulatory requirements of commercial insurance.

$34.5M follows $17M Series A

The Series B arrives just four months after Outmarket's $17 million Series A.

With the latest financing, the company has secured significant backing in a relatively short period as it expands its platform and customer base.

SignalFire led the latest round, joined by Fika Ventures, Permanent Capital Ventures, TTV Capital and Dash Fund.

The $335 million valuation reported in connection with the Series B represents another major milestone for the company only a few years after its founding.

The investment also reflects growing investor interest in vertical AI companies that target specific industries rather than attempting to build general-purpose AI products.

Insurance is particularly suited to this approach because much of the work involves structured documents, specialized terminology, complex workflows and large volumes of repetitive information processing.

Building an AI operating layer for brokers

Outmarket's longer-term ambition is to become an AI operating layer for insurance brokerages.

Instead of treating AI as a standalone assistant, the company is building around the workflows that insurance professionals already perform.

That includes processing applications and documents, evaluating coverage options and helping brokers make recommendations.

The approach could allow agencies to handle more business without increasing administrative workloads at the same pace.

For brokers, the potential value is particularly relevant as commercial insurance becomes increasingly complex and customers expect faster responses.

Outmarket's customer growth suggests there is already demand for software that can address these operational challenges.

The company now has more than 300 agencies using its platform, including a significant portion of the industry's largest agencies.

With $34.5 million in new funding only months after its Series A, Outmarket has more capital to expand its product and pursue a market where insurance remains heavily dependent on human expertise and manual workflows.

The next stage will show how broadly AI can be integrated into insurance brokerage operations while keeping human professionals at the center of complex customer and risk decisions.