#USA #New York #AI Platform #Business Insurance #1Fort

1Fort's Innovative Leap into Business Insurance Automation

In a significant development for the insurance industry, 1Fort, an AI-driven platform specifically designed for business insurance, has announced a successful funding round, securing $7.5 million. The round was led by Bonfire Ventures and supported by prominent investors including Draper Associates and Ramp’s founder, Karim Atiyeh. With this latest addition, 1Fort's total funding reaches approximately $10 million.

Addressing Challenges in Business Insurance

Insurance brokers often face tedious and manual processes when dealing with business coverage. Despite the fact that 70% of businesses rely on brokers for insurance, a staggering 75% remain underinsured, which exposes nearly 24 million businesses to increasing risks. The emergence of advanced technologies like cyberattacks and supply chain disruptions further amplifies these challenges.

1Fort aims to change this landscape by empowering brokers to efficiently secure quality insurance policies using AI technology. The platform automates crucial workflows such as filling out insurance applications, sourcing quotes from various carriers, and managing payment options. This efficiency enables brokers to save up to two hours per submission and boosts their policy binding rate by 20%.

A Strong Growth Trajectory

In 2024 alone, 1Fort reported an impressive nearly 200% month-over-month revenue growth. The company also established partnerships with over a dozen top-tier brokerages and rated carriers, including Arch, Tokio Marine HCC, and Markel. The newly acquired funding will allow 1Fort to continue enhancing the user experience for brokers by integrating innovative AI solutions and expanding its collaborations with insurance carriers.

Anthony Marshi, Co-Founder and CEO of 1Fort, expressed the company’s mission: “Our goal is to ensure that every business can access the financial protection necessary to navigate today’s rapidly evolving risks. Utilizing AI to streamline outdated broker workflows is essential to achieving this objective.” He also emphasized the importance of this funding, stating it would help 1Fort accelerate its growth and enhance its AI features, thereby strengthening partnerships with brokers and carriers.

Positive Industry Feedback

Notably, one of 1Fort's collaborators, Travis Hedge, Co-Founder of Vouch, commended the platform for enhancing their operational speed and product delivery. Hedge noted, “1Fort has been a great resource for our team, enabling us to respond quicker and offer quality products to our clients.”

Jim Andelman, Co-Founder of Bonfire Ventures, pointed out the substantial opportunities present in the insurance space for AI-powered solutions. He remarked, “1Fort has already exhibited remarkable momentum and is on the verge of revolutionizing this trillion-dollar market.”

The platform provides brokers with access to a variety of insurance products, including Cyber, Technology Errors and Omissions, as well as Professional and Management Liability insurance. 1Fort is currently licensed across all 50 states, reflecting its commitment to broadening its market reach.

Conclusion

In summary, 1Fort emerges as a valuable player in the insurtech sphere, leveraging advanced AI technology to modernize insurance practices. Its recent funding round indicates strong investor confidence in its growth potential. As the company continues to innovate, it may very well redefine how brokers and businesses interact within the insurance landscape. With a dedicated mission to reshape business insurance, 1Fort stands poised to lead the charge in an evolving market.