It was announced that Insurmi was one of just 10 promising early stage companies to be named a winner in the highly competitive Arizona Innovation Challenge (AIC). Insurmi will receive a total of $150,000 – released in phases as it reaches certain milestones – to expand its technology, hire additional team members, and increase marketing efforts.
The Arizona Commerce Authority (ACA) received 80 applications for the business plan competition, which is focused on supporting the growth of early stage companies in high-growth industries. Following rigorous judging criteria, only 10 winners were chosen.
“The Arizona Innovation Challenge is among the most competitive and largest startup competitions in the U.S., attracting some of the most innovative technology ventures to compete,” said Sonny Patel, founder and CEO of Insurmi. “Being recognized by the ACA is a testament to Insurmi’s potential to revolutionize the insurance industry through technology-driven solutions, as well as our contributions to the local economy. This award will help fast-track our innovation roadmap and allow us to hire more talent locally.”
Insurmi was founded in 2016 when Patel was working at a life insurance agency and realized how cumbersome and outdated the process of buying and selling insurance was. After debuting the solution and turning industry heads, Insurmi quickly validated its model by attracting customers from across the insurance sector, including multiple Fortune 500 insurance carriers. In September 2019, Insurmi secured $1 million in a fundraising round led by Coplex with participation from a group of prominent international angel investors and the Global Insurance Accelerator (GIA) to help the company expand its operations in Arizona.
Today, Insurmi offers a suite of digital tools that enable carriers to better engage their policyholders and simplify the insurance customer experience. Patel has plans to expand the platform to serve other communities within the insurance industry.
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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