Denver-based insurtech startup AgentSync announced Thursday that it has acquired Finvera, a software platform that verifies the identity of licensed brokers, for an undisclosed amount.
AgentSync’s software streamlines the connection between insurance carriers and insurance brokers by integrating directly with the databases of regulatory governing bodies.
Finvera allows brokers to store their credentials in its secure cloud identity passport system, allowing them to verify their identity and licensing and share their credentials with insurance agencies and carriers.
Finvera helps eliminate the hassle of identity and licensing verification associated with antiquated onboarding procedures, furthering AgentSync’s work to help brokers and underwriters connect more efficiently.
“We’re doubling down on our promise to develop the insurance industry’s most comprehensive platform for producer management, and Finvera accelerates our efforts to improve the broker experience,” AgentSync co-founder and CEO Niji Sabharwal said in a statement.
With the acquisition, Finvera founder Cameron Nordholm will join AgentSync as the head of product. On Twitter, Nordholm said he appreciates AgentSync’s goal of simplifying the complex insurance industry.
“Americans pay trillions of dollars in insurance premiums every year but the infrastructure around shifting risk away from households is truly broken and few companies have focused on the regulatory foundation that makes it so costly,” he wrote. “Here, we’re doing just that.”
AgentSync was founded in 2018 and relocated its business from San Francisco to Denver in April of 2020. The company raised a $25 million funding round in March and opened a new office in RiNo to accommodate its growing team in September.
