Pace, the artificial intelligence operations partner of the world’s largest insurance company, has raised $46 million in Series B funding, co-led by Thrive Capital and Sequoia Capital, with participation from Emergence Capital and Pruven Capital.
According to the announcement, Pace will use the funds this year to help clients expand their agent workforce to handle tens of millions of operational assignments in the U.S., Europe and globally.
“At Pace, our mission is to insure more of the world’s risks,” said Jamie Cuffe, Pace founder and CEO. “Closing the $9 trillion protection gap starts with AI-native operations, and Pace agents are purpose-built for the job.”
Pace’s technology is used by many brokers and public insurers, including WTW, Prudential, Newfront and The Mutual Group.
Since launching last year, Pace’s AI agents have autonomously completed more than 250,000 basic insurance workflows for leading industry companies.
Philip Clark, Partner at Thrive Capital, commented: “At Thrive, two things are really important to us when investing in a company: ideas that are ripe for time, and talent that is truly a good fit for the problem they are solving.
“We’re in this very unique moment where the most important high-value parts of the knowledge economy are being augmented and automated to a large extent through these models, and Jamie is one of those people who you tend to say yes to.”
At Prudential, Pace automates thousands of hours of manual work such as policy servicing and customer acquisition issuance.
By partnering with Ryze Claim Solutions, Pace reduced claim resolution cycle time by 30%, while at Convex US, AI agents accelerated data ingestion of new business and policy renewals.
Terry Garrett, head of strategy and operations for risk and brokerage at WTW, said: “We are delighted to be partnering with Pace. Our collaboration brings together shared ambitions, complementary strengths and a real commitment to do better for our clients, colleagues and the wider industry. This partnership will make a meaningful difference to our business model in the long term.”