InsurTech startup 1Fort has secured $7.5 million in funding to enhance its artificial intelligence (AI) capabilities for its business insurance platform. The platform is designed to empower insurance brokers by automating traditionally manual processes. According to 1Fort’s press release, the investment will be used to double down on AI features and strengthen broker and carrier partnerships. 1Fort’s Co-Founder and CEO, Anthony Marshi, stated that the funding will enable the company to grow even faster.
1Fort currently employs AI to automate various broker workflows, including autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options. These AI tools help brokers save up to two hours per submission and increase their bind rate by as much as 20%. The company also offers complementary risk management software that helps brokers retain clients by allowing businesses to manage policies and prevent claims.
The funding round was led by Bonfire Ventures, with Jim Andelman, co-founder and managing director, noting that 1Fort’s solutions target a trillion-dollar market. Andelman emphasized that building AI-powered solutions to modernize legacy workflows in the insurance sector is one of today’s most exciting opportunities.
The insurance industry is well-positioned to leverage AI due to its technological sophistication and deep libraries of operating data. Other InsurTech companies, such as Olé Life and Cover Genius, have also secured significant funding to boost their growth and invest in new technologies.
1Fort has partnerships with over a dozen leading brokerages and carriers and saw nearly 200% month-over-month revenue growth in 2024. The company’s AI-powered platform is poised to continue making significant strides in the business insurance sector.
