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After building one of the most successful insuretech startups to date (SquareTrade sold to Allstate for $1.4B), Ahmed set his sights on another large pain point in the insurance industry – the substantiative cost of customer acquisition for personal auto insurance. Large carriers, such as State Farm and Geico, spend $15B on marketing and have physical brick-and-mortar stores to fuel customer acquisition. The team at AutoComplete believes that personal auto insurance should be purchased at point of sale with a seamless tech enabled experience when the consumer is making the decision to either buy or lease a car.

Following Aon's acquisition of CoverWallet, where Rashmi was a co-founder, she experienced firsthand the extreme inefficiencies of the insurance back office. “Why are there more than twenty people copied on an email chain to reconcile $67.50?” she wondered. Typically, MGAs use a variety of systems, from policy admin to ePay to accounting, etc., and undertake a manual reconciliation process as all of these point solutions leave cracks in between them. Functional Finance looks to solve this pain point algorithmically by working with newly established MGAs that don't have this problem, as well as with existing MGAs that understand the pain point directly.

Having co-founded and built Snapsheet, one of the leading claims insuretech startups, CJ set his sights on the next phase of revolutionizing the claims space. At Snapsheet, the team made a choice to not build an end-to-end full stack claims TPA, a decision that in hindsight, CJ thought, prevented the company from fully reaching its potential by controlling the data and all aspects of the process. Reserv is a modern full stack TPA with technology underpinning all of its operations. Reserv leverages tech to drive efficiency and optimal claims outcomes and combines that with best-in-class customer service in an industry that is known for the opposite. Reserv is the first Altai Ventures incubated start-up.

Founded by twin brothers, Matthew and Michael, Lula emerged from another business they started in college. “In the same way that Stripe has built a payment API that eliminates the need for companies to build their own payment infrastructure, we decided we could build an insurance API that eliminates the need for companies to build their own insurance infrastructure.” Embedded insurance will continue to be a large opportunity for the broader economy to offer profitable financial products, while episodic insurance will continue to get traction with Gen Zers who utilize physical assets in a completely different way than prior generations.

Having started and successfully sold RiskMatch to Vertafore, Kabir decided to pursue the path of a repeat founder. Prior to RiskMatch as a broker at Marsh, Kabir witnessed the pain points insurance brokers faced with utilizing disparate data to provide effective solutions to clients. Many brokerages came together through acquisitions given the highly fragmented nature of the industry and, as a result, were stuck with numerous systems delivering poor and inconsistent data. In order to streamline insurance workflows and enable brokerages to effectively drive new and renewal business, Kabir set out to create a platform that could become the single source of truth for a brokerage's data and subsequently layer in meaningful analytics and insights.

Bobby's first foray into insurance began with his exploration of the E&S space, while working with Max Levchin's VC firm, SciFi Ventures. This experience led Bobby to launch Pathpoint Insurance, a tech first wholesale insurance broker. After scaling Pathpoint, Bobby decided that his true passion was being a zero to one founder and he set out to launch another startup in insurance, an industry he became deeply passionate about. Bobby believed that customer centricity lacked in the SMB insurance market and thus launched Rainbow Insurance to build verticalized solutions for SMBs one segment at a time, but with technology and risk management underpinning all verticals.

Following their respective careers at Google and Bridgewater Associates, Tom and Mike were in search of a complex problem that deep machine learning could tackle and decided on insurance claims workflow. In the evolution of insuretech to date, claims as an area has received the least attention and while other areas of insurance (distribution, underwriting, data, etc.) have matured, claims has continued to lag behind. EvolutionIQ's focus has been on disability and workers compensation claims, areas that represent large markets where the team aims to have data and machine learning models drive insight into a claims adjuster's everyday decision making.

Michael had spent a number of years launching a variety of products at CoverWallet and following its acquisition by Aon, decided to pursue his own venture. He personally experienced the painful process of purchasing life insurance and at that time paired up with Thrive Capital, a fund that incubated Oscar Health, to incubate another tech first insurance incumbent, but this time in life insurance and on the distribution side, which Michael knew from his time at CoverWallet. Michael partnered up with Jack as his CTO and Co-founder, whom he had known for many years and who was previously co- founder and CTO of Petal, another successful fintech startup.