Scout InsurTech Interview with Powerbroker AI

Powerbroker AI is an AI insurance specialist company. They seek to help P&C agencies generate revenue and improve margins. Chris Luiz sat with Co-Founder, Patrick Cooney, to learn more about how Powerbroker AI is impacting the industry.

Who are Powerbroker AI’s clients?

Our clients are primarily large, middle-market independent brokerages, though we also work with some larger publicly traded brokerages. Typically, our customers have significant property and casualty practices or specialized practice groups within their agencies. We serve both the production and service sides of their businesses. Recently, we’ve started working with MGAs and carriers as well, though historically, our focus has been on agencies.

What does your product do?

Our product can read and audit insurance documents, assist with quotes and renewals, auto-generate proposals and check policies. It’s designed to create significant scalability within an agency’s industry practice groups by improving margins and generating new revenue without the need to hire additional staff.

How much capital have you raised?

To date, we’ve raised $4.2 million. Our lead investor in the pre-seed round was Manchester Story, one of the leading InsurTech funds in the United States. We’re excited about their confidence in our business.

Was the company born from within or outside of the industry?

Powerbroker AI was born from within the industry. Marcus Gallagher, my co-founder, has a background in machine learning and AI. He was previously the head of product at Attune and Coalition Cyber. My background is also rooted in the industry, and our experience gives us a deep appreciation for its intricacies and challenges, which we’re eager to address.

What metrics have you accomplished over the last 12 months?

We’re currently serving over 50 customers, primarily large middle-market brokerages in the U.S. These agencies have tested and rolled out our product across both their revenue-generating and service sides. We’re seeing continued growth and strong market demand both domestically and internationally, with expansion into the UK and Canada.

What is the current challenge that the industry is facing?

The biggest challenge is achieving scale. The industry faces a talent shortage, difficulties in teaching its complexities and the increasing need for specialization. Our tools address these issues by enabling agencies to scale their operations and specialization efforts. We also automate many manual tasks, allowing specialized personnel to focus on customer service and higher-value work.

How does Powerbroker AI take a unique approach to providing value?

Unlike multi-tenant SaaS platforms, we take a higher-touch approach. We work closely with agencies to understand their specific practices, workflows and needs. While our tools are available out of the box, we customize them to fit each agency’s unique requirements, enabling scalable, tailored outcomes.

What inspired the team to start this company?

We’re passionate about the insurance industry and its people. Having worked within the industry, we understood the challenges it faces and saw an opportunity to solve them with generative AI. Traditional tools required significant manual input, hindering adoption. Our tools streamline processes, reduce manual workloads and generate actionable insights, offering a clear ROI for brokers.

Can you share any goals for the next 12 months?

We’re close to achieving Series A metrics and will continue expanding into new markets. Our goals include converting more potential customers, solving additional industry challenges and extending our focus to carrier networks and other risk-taking entities.

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