Source: PR Newswire

Insurance brokers and agents face manual, time-consuming processes when serving businesses. Yet 70% of businesses still rely on them for coverage, according to the Hiscox. Despite this reliance, 75% remain underinsured—leaving nearly 24 million businesses exposed as risks grow in severity and frequency with advancing technologies, such as cyber attacks and supply chain disruptions.

1Fort solves these challenges by empowering brokers to bind more top-tier insurance policies for businesses faster using AI. The platform leverages AI to automate various broker workflows, including autofilling insurance applications, retrieving quotes from carriers; comparing coverages; and integrating payment and financing options. Brokers who use 1Fort save on average up to two hours per submission and increase their bind rate by up to 20 percent. Brokers also better retain clients with 1Fort’s complementary risk management software, which businesses manage their policies and proactively prevent claims or losses.

“Our mission is to help every business obtain the financial protection they need to keep up with today’s fast-moving risks, and empowering insurance brokers with AI to automate their antiquated workflows is the way to achieving it,” said Anthony Marshi, 1Fort Co-Founder and CEO. “This investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships. We’re grateful for our investors who share our vision in transforming business insurance.”

Read the full article: https://www.prnewswire.com/news-releases/1fort-raises-7-5m-to-automate-business-insurance-with-ai-302430881.html