San Diego, CA — 15 October 2024 — ReFocus AI, a leading innovator in insurtech retention management, today announced the successful closing of a strategic funding round led by Avondale Insurtech Ventures, a prominent venture capital firm based in Chicago.
The funding round included major strategic investors, Jetfile Technologies, and the 2024 Cohort of the FIRE Accelerator presented by Erie Insurance and ValueMomentum. This diverse group of investors brings invaluable expertise and resources that will significantly enhance ReFocus AI’s mission to transform the insurance landscape.
ReFocus AI plans to utilize the new funding to accelerate growth and further automate the insurance renewal and servicing process. With renewals being one of the industry's most time-consuming and costly transactions, this investment is critical for developing advanced technologies that streamline operations and improve efficiency.
“We are excited to have the support of Avondale and our strategic investors, who share our vision for streamlining the insurance renewal process,” said Colby Tunick, CEO of ReFocus AI. “This funding will allow us to scale our operations and develop innovative solutions that save time and money for insurers and their clients, positioning us as a leader in the insurtech space.”
Karl Stark, Managing Director at Avondale Insurtech Ventures, stated, “ReFocus AI is at the forefront of addressing a critical pain point in the insurance industry. We believe their innovative approach to automating the renewal process will enhance operational efficiencies and improve customer experiences. We are thrilled to support their journey.”
Christina Lynch, COO at FirstMark Insurance Group, added, “ReFocus AI’s solutions have already begun to transform how we handle renewals. Their automation technology allows us to focus on building relationships with our clients rather than getting bogged down by administrative tasks. This investment will only accelerate our ability to provide exceptional service.”
The team at ReFocus AI is dedicated to making insurance renewals simpler, faster, and more efficient. By automating key aspects of the renewal process, the company aims to alleviate burdens faced by insurance professionals, enabling them to focus on delivering exceptional service to their clients.
