Ennabl: Transforming Insurance Brokerage

by Demren Sinik ( 2 min read )
Feb 28, 2022

Today, we’re excited to announce our investment in Ennabl’s Seed round. Ennabl is a platform that unifies data to enhance the ability of insurance brokers to source, advise, and manage clients.

Fresh Perspective on Insurance

Dating back 5 years, we’ve had the good fortune of being early investors in unicorn insurtechs like Hippo (home insurance) and Unqork (low code for carrier onboarding) and recent breakouts like HDVI (telematics-powered fleet insurance) and Spark Advisors (Medicare broker software). We’ve consistently backed insurtechs spurred on by two undeniable trends: (i) workflow digitization across the value chain and (ii) data becoming a meaningful, if not sole, driver in decision-making.

The industry has made incredible strides in digitization. On the frontend, technology has removed friction in the carrier-customer relationship: growing the list of policies available to customers globally and shortening the time to apply and receive quotes. On the backend, software has streamlined staff workflows: from sourcing and underwriting to claims.

BUT the data piece has yet to materialize. The explosion of insurance software has in many ways prevented brokers from optimizing their data usage. Not only is data locked within non-digital practices (physical paperwork and personal relationships), it’s now also siloed within point solutions. Beyond the documents on their desk, brokers interact with 10+ pieces of software: email, CRM, the Agency Management System,…the list goes on. Few of these systems communicate with each other and many require tedious data entry to function. Today, data does not work for brokers, brokers work for their data.

Enter Ennabl

Ennabl’s launch product, ennablData, unifies, organizes, and enriches broker data so that for the first time ever, it’s visible to brokers through a single pane of glass. ennablData sits on top of the existing brokerage tech stack (AMS, CRM, etc.), and through integrations, delivers the complete picture of client and organizational performance. With Ennabl, brokers no longer switch between disconnected systems and manually enter data. Instead, they deliver a superior client, colleague, and carrier experience empowered with internal information at their fingertips, enriched by external market data.

Data cloud is the tip of the iceberg for Ennabl. CEO Kabir Syed & his team are rapidly building a suite of solutions brokers have always needed but never received. These include conversational search engines, visualizations, and predictive analytics which go beyond saving brokers’ time. In a world of stiffening competition from digital-native MGAs/carriers, these are the tools necessary for brokers to discover new leads and grow their business.

If Ennabl sounds ambitious, that’s because it is. For a relationship-driven industry like insurance brokerage, transformational technology faces a steep adoption curve that is only smoothed by trust. Our conviction in Ennabl thus relies as much on the people involved as it does on the product. With decades of experience leading Marsh’s global marketing and risk segments and founding the insurance portfolio management platform RiskMatch (acquired by Vertafore in 2017), Kabir Syed is one of the industry’s most beloved and charismatic leaders. With RiskMatch, Kabir earned the trust of brokers who saw firsthand how his technology can be used to better understand and respond to the changing needs of their customers. Indeed, Kabir’s glowing reputation was a consistent theme throughout our diligence and we can’t think of a more qualified person to make brokers’ work more effective and their lives easier.

We are incredibly excited to partner with Kabir and the entire Ennabl team.