Insurtech 1Fort Raises $7.5M to Support AI Binding Tech for Brokers

1 Fort, AI Platform for Business InsuranceFor, for, for, for,. He announced that he collected $ 7.5 million in an extraordinary funding round headed by Bonfire Ventures.

The round also included Draper Associates (Tim Dripper). The founder of the ramp, cream Ita. And participation by all existing VCs: Village Global, Operator Partners, 8 Bit Capital, Character VC and Company Ventures. This latest round 1 Fort Total funding brings up to $ 10 million.

A large majority of the business still relies on insurance brokers and agents for coverage, but this process is manual and time, and many businesses remain low. 1 Fort empower brokers to make more advanced insurance policies using artificial intelligence.

Insurance said that the fund would improve the broker’s experience through the acquisition of AI innovations and talent and further expand the partnership with carriers and brokers.

The platform takes advantage of AI to automatically make various broker workflows, including auto -filing insurance applications, carriers to enter prices, compare defects, and integrate payment and financing options. Licensed in all 50 states, 1 Fruort said that the platforms that use each deposit saves an average of up to two hours and increases their binding rate by 20 %.

1 Fort also has complementary risk management software to help businesses manage policies and prevent claims or losses actively.

1 Fort said it has increased the revenue of about 200 % of the month for more than a month in 2024, and has already partnered with more than a dozen leading brokerage and A Rated carriers, including Arch, Tokyo Marine HCC and Markle. Brokers can refer to their prescribed markets directly or have to have spotious access to cyber, tech E&O, professional, and administrative responsibility insurance.

“The construction of software solutions as a service to modernize the heritage work flu in the insurance vertical, is one of the most interesting opportunities today,” said Jim Andelman, co -founder and managing director of Bonfire Ventures. “1 Fort has already made an impressive pace and is ready to revolutionize this trillion dollar market.”

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