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What do London, New York, and Bermuda all have in common? If you ask Jamie Cuffe, the answer is that each is a major insurance hub.<\/p>\n
Cuffe grew up across all three cities, as his father worked for Lloyd\u2019s of London, the world’s oldest and most vaunted insurance market. He spent years in startups and has come full circle: Today, Cuffe is the CEO and cofounder of Pace, an agentic AI startup focused on insurance operations, especially around business process outsourcing (or BPOs).\u00a0<\/p>\n
\u201cThe Internet is really what gave rise to outsourcing,\u201d said Cuffe. \u201cIn the 1990s, 2000s, for the first time, you could basically do this work wherever you were and send it back. Now we\u2019re seeing the same thing, where all of this work that was being outsourced offshore can now be outsourced to AI.\u201d<\/p>\n
Pace\u2014founded in 2024 by Cuffe\u2014counts Prudential, The Mutual Group, and Newfront among its customers. The startup just raised $10 million in Series A funding from Sequoia Capital, Fortune<\/em> has exclusively learned. In insurance, the BPO market is around $70 billion in annual spend, and if you include the broader financial services operations around the industry, that number ticks up to $400 billion, said Cuffe. <\/p>\n \u201cThat\u2019s the part of the market that Pace really addresses,\u201d said Bryan Schreier, the Sequoia partner leading the deal, who worked with Cuffe at his last startup, Cheer, which sold to Retool in 2020. \u201cThe thesis behind Pace is that the next wave of disruption on the operations side of insurance\u2014this $100 billion market\u2014is AI because it\u2019s a perfect fit.\u201d <\/p>\n Each in their way, both Schreier and Cuffe point out something I\u2019ve thought about many times: That AI is an exceptional reader of massive quantities of material. It\u2019s particularly suited to tasks that involve mountains of documents and technical verbiage. It\u2019s why the \u201cAI moment\u201d hit the legal industry so hard, with the rise of mega-unicorns like Harvey and Legora. Cuffe argues this is why an \u201cAI moment\u201d is clearly coming for insurance. <\/p>\n \u201cLegal took off first because copilots were useful, and there were a lot of people doing that work,\u201d Cuffe told Fortune<\/em>. \u201cIn insurance, the tasks are at much, much higher scale\u2014hundreds of thousands or millions of submissions, tens of thousands of claims, for some of these insurers. They need to be able to process that\u2026 The agent moment is what\u2019s unlocking the insurance industry for us.\u201d<\/p>\n See you tomorrow,<\/p>\n Allie Garfinkle Joey Abrams curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here.<\/p>\n This story was originally featured on Fortune.com<\/p>\n #Exclusive #Pace #raises #million #Sequoia #enterprise #collides #insurance<\/p>\n","protected":false},"excerpt":{"rendered":" What do London, New York, and … <\/p>\n","protected":false},"author":1,"featured_media":16160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[10665,1854,459,603,913,10481,1569,1175,2200,1570,1571],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/16159"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16159"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/16159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/16160"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
X:<\/strong> @agarfinks
Email:<\/strong> alexandra.garfinkle@fortune.com
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