Quandri, a Vancouver-based startup, has successfully raised $8.5 million in a Series A funding round led by FUSE, with participation from Defined Capital and existing investors. The company aims to transform the insurance industry by leveraging its unique digital workers, offering a specialized approach to robotic process automation (RPA). With this funding, Quandri has now raised a total of $10 million.
Co-founded by brothers Jackson and Jamieson Fregeau, Quandri is focused on addressing the repetitive manual work and data fragmentation still prevalent in the insurance industry. Jackson, previously the CTO of Revenue Accelerator, recognized the potential of automation while building bots to streamline data entry tasks. This experience led the brothers to develop a distinct spin on RPA.
Unlike generalist RPA tools, Quandri offers a “robot-as-a-service” model tailored specifically for the insurance sector. Rather than requiring customers to build their own automation, Quandri pre-builds bots to automate tasks for insurance brokers and agencies. By focusing on this niche market, Quandri aims to bridge the gap for companies lacking technical resources or expertise in operational automation.
Quandri currently provides three pre-built robots for the insurance industry. The Renewal Reviewer assists agents in comparing policies during renewal, ensuring accuracy and efficiency. Another tool helps users properly name and organize files, avoiding generic and unhelpful labels. Additionally, the Download Director matches policies, eDocs, and claims to the correct accounts, streamlining verification processes.
Jackson emphasized that Quandri’s primary focus is the insurance industry, specifically targeting North American brokerages. However, the company remains open to potential expansion into other sectors in the future.
Angela Trimble, President of Trustpoint Services, shared her excitement about the transformative impact of Quandri’s digital workers, stating, “Bots are a total game changer for our agency. We no longer worry about hiring additional employees for tedious paperwork tasks because we have bots in place.”
With this recent funding, Quandri is well-positioned to continue driving innovation and automation within the insurance industry, improving efficiency and productivity for insurance brokers and agencies.