Insurtech startup Allium Data, Inc., has secured a pre-seed funding round of $750,000 from Markd, an insurance/insurtech-focused venture capital firm.
The firm intends to use the funds to accelerate its growth and go-to-market strategy for all platform products.
Established in 2022, the company has several products currently in market. The firm’s data analytics product can source and digitize current in-force policy and premium data.
With nearly 40,000 policies and $10,000,000,000 of premiums analyzed, agents, brokers, and carriers can use this information to better prospect, price risk, and develop market insights.
Powered by state-of-the-art machine learning and generative AI, this product has been designed to empower insurance brokers by streamlining the client administration process.
Michael Rost, CEO of Allium, commented: “Parker Beauchamp is a bold, out-of-the-box thinker in the insurtech space He has a background rooted as an independent insurance broker, and because of that, he understands the failures and opportunities inherent in the legacy systems and distribution better than anyone I know.”
Parker Beauchamp, Managing Partner of Markd, added: “Michael is a sharp, veteran insurance lawyer that discovered a remarkable opportunity to help agents, brokers, carriers, and insureds. His use of data, powered by today’s technologies, for the purpose of good is exciting to be a part of.
“Further, his interest in sharing technology that he has created for his own purposes is an adjacent opportunity for those in the space. It is mind-boggling to think of the billions of hours wasted by those seeking the information account by account that then needs to be manually entered, all of which he already has available at his fingertips or can provide for others to use. I am proud of him.”
