This AI startup just raised $7.5m to fix commercial insurance for America’s 24m underprotected small businesses
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Summary
New York-based start-up 1Fort has received $7.5m in seed funding to improve how small businesses obtain commercial insurance via its AI-powered platform.
The company looks to automate outdated manual processes that have left many small enterprises underinsured.
1Fort’s platform enables brokers to enter client details once, with the AI-powered software completing applications, retrieving carrier quotes, analysing coverage options and processing payments.
The platform has gained significant traction among insurance professionals, with brokers said to be saving up to two hours per submission, and increasing bind rates by as much as 20%.
The funding will be used to enhance the platform’s AI capabilities, grow the team and establish more carrier partnerships.