Insurmi, a conversational-AI powered customer engagement platform for insurance carriers, today announced it was selected as a semifinalist in the Fall 2019 round of the Arizona Innovation Challenge (AIC). The Arizona Commerce Authority (ACA) received 80 applications from Arizona companies, and only 25 were selected to advance to semifinalist positions.
“Since Insurmi’s launch in 2016, we’ve been on a mission to help insurance companies thrive throughout the 21st century by tapping into the power of advanced AI-technologies,” said Sonny Patel, founder and CEO of Insurmi. “But equally as important is our goal to positively impact the growing technology ecosystem in Arizona. Being chosen to be among this elite group of semifinalists confirms our efforts are right on target.”
The Arizona Innovation Challenge is a bi-annual business plan competition, overseen by the ACA, for the most promising early-stage companies in high-growth industries. The 25 companies advancing to this round have been assessed by independent judges against rigorous criteria including economic impact, technology potential, marketing strategy, and quality of management team.
After turning industry heads when it debuted, Insurmi validated its model by attracting a diverse array of customers from across the insurance sector, including two Fortune 500 insurance carriers. This recognition by the panel of independent judges further validates the potential of Insurmi’s technology-driven solutions for the insurance industry, as well as the contributions Insurmi is delivering to the local economy.
Patel founded Insurmi after recognizing how unnecessarily cumbersome and outdated the process of buying and selling insurance was, particularly when taking into account the buying behaviors of millennials and Gen Z. Today, Insurmi has evolved into a suite of digital tools that enable carriers to better serve their customers and simplify the insurance buying process.
In September, Insurmi announced a $1 million injection of capital in a fundraising round led by Coplex with participation from a group of prominent international angel investors and the Global Insurance Accelerator (GIA). The investment is helping the company to expand its operations in Arizona, creating more tech jobs locally.
About Insurmi
Insurmi is a conversational-AI powered customer engagement platform for insurance carriers. The digital engagement platform is used by top-tier global insurance carriers to give them a competitive edge on generating new business online, streamlining customer claims, and delivering an overall better customer experience through next-generation technology. Learn more at http://bit.ly/2NubRVP.
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, visit azcommerce.com and follow the ACA on Twitter @azcommerce.
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