Insurance brokers are buried under mountains of paperwork. Every day, they sift through dense policy documents, manually enter data into legacy systems, build complex spreadsheets, and file countless forms. In an industry that generates roughly $400 billion in revenue annually, over $130 billion is estimated to be wasted on these low-value, manual tasks.
Brokers routinely spend 6+ hours each day on routine policy checking, discrepancy flagging, and proposal generation, time that could be spent advising clients or growing their book of business.
To solve these problems, a new AI startup, Coverflow, is emerging from stealth with a platform it claims can save brokers 6+ hours a day, 1,500+ annually, by automating these manual tasks.
To do it, the company just raised a $4.8 million seed round led by AIX Ventures, with participation from Founder Collective and Afore Capital.
The paperwork problem
Insurance brokers face a sobering reality: manual policy workflows are a massive drain on profitability and productivity. At an individual level, brokers often spend countless hours poring over dense policy documents and rekeying information into outdated systems. Across the industry, these repetitive tasks add up to over $130 billion in wasted time and resources every year.
Coverflow’s AI-powered solution
Coverflow’s answer is a fully managed, web-based platform that it claims can ingest, analyze, and extract critical data from any policy document, no templates or manual tagging required. In seconds, the system populates legacy brokerage platforms, generates executive summaries, highlights coverage gaps, and even drafts proposals. Brokers don’t need IT integration or custom coding, Coverflow claims to handles every step end-to-end.
“Coverflow was born from the realization that brokers shouldn’t spend their days buried in paperwork,” said Matthew Fastow, co-founder and CEO of Coverflow. “By harnessing AI to automate every step, from policy ingestion and analysis to system updates and proposal generation, we’re empowering teams to reclaim hours out of their day and double down on client relationships and business growth.”
Strong investor backing
Investors are taking note. The round was led by Jason McBride, a Partner at AIX Ventures and former Partner at Microsoft’s M12 VC. McBride also holds a J.D. from UCLA and is deeply involved with the legaltech industry.
“Coverflow addresses some of the insurance industry’s largest bottlenecks caused by manual and paper workflows,” said McBride. “By saving brokers 6+ hours each day, Coverflow is poised to become the operational backbone for every broker by helping them focus on growing their business and serving their customers.”
Coverflow plans to invest the new funding in R&D and customer success. According to the company, growth metrics are already impressive: since its 2024 founding, it has grown more than 3x month-over-month, processing thousands of policy and quote pages every day.
Why now?
The company believes insurance is the perfect industry to deploy AI automation in due to its aging workforce, manual and high friction workflows, and long documents.
As insurers and brokers alike seek ways to modernize, Coverflow’s no-code, “secure, fully managed” approach lowers the barrier to entry. Brokers can deploy the platform in days, not months, and immediately reclaim hours of manual work.
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