1Fort Secures $7.5 Million Funding for AI-Powered Business Insurance Platform
InsurTech startup 1Fort has raised $7.5 million in funding to enhance the artificial intelligence (AI) capabilities of its business insurance platform. The platform is designed to empower insurance brokers by automating traditionally manual and time-consuming 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 currently employs AI to automate several broker workflows, including autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options. These AI tools enable brokers to 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 better retain clients by allowing businesses to manage policies and proactively prevent claims.
The funding round was led by Bonfire Ventures, with Jim Andelman, co-founder and managing director, stating that 1Fort’s solutions target a trillion-dollar market. “Building AI-powered, service-as-software solutions to modernize legacy workflows in the insurance vertical is one of today’s most exciting opportunities,” Andelman said.
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 revolutionize the business insurance industry by increasing efficiency and improving broker-client relationships.
