What Authentic Insurance does

Authentic Insurance is a New York-based insurtech founded in 2022 that builds program insurance infrastructure for insurance brokers, carriers, and SaaS platforms/communities serving small businesses. The company's core offering is a program management OS with a rate-quote-bind engine, real-time data visibility, and configurable pricing, complemented by 'Captive in a Box' for rapid captive program creation and 'Custom Builds' for vertical-specific programs built on proprietary forms and pricing. Programs can be created in hours rather than days and span more than 10 verticals including Main Street, Restaurants, Gyms, LRO, Vape Shop, Grocery, Workers Comp, Podcast, Independent Power Producer, and Builders Risk, backed by five A-rated capacity partners.

The business model is enterprise B2B, with direct field sales targeting brokers managing books of $1M-$100M+ in premium and carriers seeking program infrastructure. Pricing is custom and not publicly disclosed, but value is delivered through brokers earning 25% higher commissions on average and through lower administrative burden from automated underwriting and bordereaux management. The company has launched over 10 customers (SaaS platforms, communities, and broker partners) that collectively reach 1 million+ small businesses, with Hilb Group named as a flagship broker partner targeting a $10M trading relationship within 24 months.

Authentic is led by founders Cole Riccardi (CEO), Kyle Babirad (COO), and Saravana Kumar (CTO), has raised $16.5M across a $5.5M seed round (September 2023, Slow Ventures) and an $11M Series A (May 2024, FirstMark Capital), and plans to expand into workers' compensation and health insurance. Underlying technology includes a year-over-year data pattern analytics layer used to inform underwriting decisions. Headcount sits in the 11-50 band across Manhattan and Dayton offices.

Name

Authentic Insurance

Legal name

Authentic Insurance

Website

https://authenticinsurance.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Authentic Insurance is a New York-based insurtech (founded 2022) that provides program insurance infrastructure, including its 'Captive in a Box' platform, to brokers, carriers, and SaaS platforms serving small businesses across more than 10 verticals.

Ownership category

akta.pro rank

Product category

Insurance Program Management Software

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Other Insurance Related Activities (52429)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Captive Insurance Advisory & Management (FSAEADAF)

akta.pro secondary industry

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

Keywords

• Program insurance infrastructure
• Captive insurance platform
• Insurance broker software
• Specialty insurance programs
• Insurance carrier technology

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Insurance Program Infrastructure Fees: Provides infrastructure for brokers and carriers to deliver captive insurance programs. Revenue likely comes from platform fees, program setup fees, and/or premium participation as the infrastructure provider enabling program insurance.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Authentic Insurance provides a purpose-built program insurance infrastructure platform that enables insurance brokers and carriers to create, price, and manage specialized captive insurance programs. The offering centers on a unified operating system with a rate-quote-bind engine, pre-configured coverages, configurable pricing, and real-time data visibility, complemented by a turnkey "Captive in a Box" product for rapid captive program launches.

Product overview

Authentic Insurance provides program insurance infrastructure for brokers and carriers, featuring a unified OS platform with rate-quote-bind capabilities and real-time data visibility. The core offering includes 'Captive in a Box' for rapid captive insurance program creation and 'Custom Builds' for tailored coverage configurations. The company supports multiple specialized programs including Main Street, Restaurants, Gyms, Lessor's Risk Only, Grocery Store, Workers Compensation, and more. Brokers earn 25% higher commissions on average while carriers benefit from improved margins through tech-enabled distribution.

Differentiator

Problem solved

Functional benefit

Brands

• Captive in a Box: A turnkey platform that enables vertical SaaS companies and franchises to quickly establish captive insurance programs, providing benefits such as tailored coverage and additional revenue streams.

Products and services

• Program Insurance Infrastructure OS An end-to-end program management platform with an integrated rate-quote-bind engine that enables insurance brokers to manage all programs in one place, featuring real-time data visibility, configurable pricing, and pre-configured coverages, limits, and options. Built for brokers and carriers delivering specialized insurance programs.
• Captive in a Box A turnkey captive insurance platform that enables vertical SaaS companies, franchises, and communities to quickly establish captive insurance programs for their small business members, providing tailored coverage and additional revenue streams.
• Custom Builds Customized insurance programs that can be created for risk-similar groups, franchises, or associations, built on customer data and pricing with proprietary forms, limits, and coverage. Programs can be built in hours and are scalable from $1M to $100M+ in premium.
• Specialty Vertical Insurance Programs A suite of 10+ specialized insurance programs covering Main Street businesses, Restaurants, Gyms, Lessor's Risk Only, Vape Shop, Grocery, Workers Compensation, Podcast, Independent Power Producer, and Builders Risk. Each program is backed by A-rated capacity partners and configurable to broker needs.

Quantifiable outcome

• Brokers earn 25% higher commissions on average
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Two partnerships are on record, tiered core and notable.

• Five A-Rated Capacity PartnerscoreStrategic or Co-development PartnerCapacity providers backing the insurance programs. These carriers provide the financial backing and risk capacity for Authentic's program insurance offerings across 10+ verticals.
• Hilb GroupnotableChannel Partner/ Reseller/ DistributorInsurance brokerage firm using Authentic's platform for programs. Joe Padula, Commercial P/C Practice Leader, is on a path to a $10 million trading relationship with Authentic in under 24 months.

Scale indicators6 records

Recent moves3 records

Expansion highlights5 records

Broad incumbents

• Next Insurance: Direct digital insurer offering small-business commercial policies across multiple verticals. Comparable in SMB and vertical specialization but operates as a carrier rather than as program infrastructure.
• CoverWallet: SMB-focused commercial insurance marketplace (acquired by Aon). Comparable to Authentic's SMB-customer focus and broker/carrier distribution model, though broader and more incumbent.
• Thimble: Small-business insurance provider offering flexible, on-demand coverage. Comparable SMB target customer, though consumer/agency-fronted rather than captive-program infrastructure.
• Embroker: Digital commercial insurance broker leveraging technology for specialty and SMB lines. Comparable as a tech-enabled commercial insurance intermediary, though at broader scale and with different customer mix.

Direct peers

• Boost Insurance: Insurance infrastructure-as-a-service platform powering embedded insurance products for digital brands and SaaS platforms. Closely comparable to Authentic's program-infrastructure model for SaaS and community distribution.
• Bold Penguin: Commercial insurance exchange connecting small-business agents and carriers via a centralized platform. Directly comparable to Authentic's role as infrastructure between brokers and carriers for program insurance.
• Tarmika: Commercial insurance rating and workflow platform for independent agents and brokers. Comparable to Authentic's rate-quote-bind engine serving broker-led program creation.
• Relay Platform: Insurance platform-as-a-service for brokers and carriers enabling program business and embedded distribution. Closely aligned with Authentic's program-infrastructure-as-a-service model.
• Vouch Insurance: Digital commercial insurance provider targeting startups and SMBs with tech-enabled underwriting. Closely comparable to Authentic in serving small businesses with streamlined, vertical-aware insurance infrastructure.

Emerging players

• Slice Labs: Cloud-based insurance platform enabling on-demand and embedded insurance products. Comparable to Authentic on the embedded/affinity distribution model, though focused more on personal and gig-economy lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/authentic-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Authentic Insurance