This funding injection signals the arrival of a pioneering insurtech contender, challenging the dominance of entrenched legacy agency management systems.
The round was led by Markd, renowned for its commitment to driving advancements in the insurtech realm. This strategic investment ushers in an exciting new chapter, poised to redefine the conventional paradigms of insurance distribution processes.
According to reports, the seed round will fuel the scaling of the platform and implementation team, thereby providing the industry a much-needed escape route from the confines of traditional systems.
Irys, with its revolutionary spirit and no-nonsense approach, is ready to demonstrate what the future of insurance distribution can and should look like.
Founded in 2021, the insurtech has emerged as a trailblazing force with its open API software platform, engineered to dismantle the barriers fortified by long standing industry incumbents. At the heart of their cutting-edge offering lies the synergy of machine learning (ML) and generative artificial intelligence (AI), uniquely harnessed to empower insurance brokers with real-time, mission-critical insights.
Margeaux Giles, CEO of Irys, explained: “Parker Beauchamp, our lead investor, shares our vision of breaking free from outdated, restrictive insurance practices. We’ve assembled a group of intelligent, motivated, and unorthodox insurance entrepreneurs. We’re not just shaking the tree; we’re uprooting it.”
Markd’s Beauchamp also commented on the round, saying: “In my distribution experience, there was never a bigger drag on growth, profitability, innovation, and customer happiness than an agency management system. I have no issue with legacy claims of those to be the original insurtechs. They certainly act like it.”
He added: “In Margeaux and her team, we knew we had finally found someone who has been a successful insurance agency account and operations manager, and they created and will continually innovate an AMS other professionals like she all dream of having.”
Source: PR News Wire
