How Pace is Building for the Next Century of Insurance

Pace, the AI operations platform for insurance, led by Jamie Cuffe and the team, has announced $46 million in Series B funding, co-led by Thrive Capital and Sequoia, with participation from Emergence and Pruven, to help the customers insure more of the world’s risk.

Since launching last year, Pace has enabled insurers to autonomously complete more than 250,000 insurance workflows using AI agents.

The platform is used by companies including Prudential, Palomar, and Convex to automate customer acquisition, resolve policy servicing tasks, and accelerate data ingestion for underwriting and renewals.

The broader goal is to help insurers scale operations and growth without proportionally increasing operational costs or headcount.

Terry Garrett said that the partnership with Pace combines aligned ambitions and complementary strengths aimed at improving outcomes for clients, employees, and the broader insurance industry, while delivering long-term impact on the business model.

Pace positions its platform as an AI operations partner for insurers, with purpose-built agents handling workflows across submissions, renewals, servicing, and claims.

The agents can reason over complex forms, manage multi-step communications across email and phone, and interact with legacy systems, including desktop software and green-screen terminals, while being configured through natural-language “Agent Operating Procedures.”

The new capital will support scaling the company’s agentic workforce to handle tens of millions of operational insurance tasks across the U.S., Europe, and global markets.

Pace believes a significant portion of the global insurance protection gap stems from operational inefficiencies, where servicing costs make certain policies economically unviable despite real demand and insurable risk.

By reducing operational costs through AI-native workflows, the company aims to enable new insurance products, improve service accessibility for smaller businesses, and accelerate claims processing from weeks to hours.

The company framed its long-term mission around helping close the estimated $9T global protection gap through AI-driven insurance operations infrastructure.