FurtherAI Inc., an artificial intelligence startup that’s focused on furthering automation in the insurance industry, has gotten the money it needs to do that after closing on a $4 million round of funding.
Today’s round was led by Nexus Venture Partners, which invested via its $700 million AI-dedicated fund, and saw participation from a host of other backers, including Y Combinator, ConvergeVC, Pioneer AI Fund, South Park Commons and Xceedence.
The startup is developing a range of AI-powered agents designed to help insurance firms out by automating various mundane, time-consuming and likely mind-numbingly boring tasks involved in the underwriting and claims processing business.
FurtherAI makes some big claims, saying that its AI agents have shown 140% greater accuracy compared to humans manually processing insurance claims. It says its AI agents can quickly and easily integrate with insurer’s software platforms thanks to its innovative “LEGO block-style design.”
According to the startup, its AI agents are providing instant relief for insurers in an industry that’s challenged by rising costs, high loss ratios and a shrinking talent pool. It reckons its agents have already made a significant impact too, helping its early adopters to underwrite a combined $15 billion in premiums since its launch last year.
One of its eight existing customers, a large managing general agent that handles more than $1.5 billion in premiums, was able to double its underwriting productivity by using FurtherAI’s agents to streamline its submission processes. Meanwhile, a risk exchange customer estimates that it has been able to double the number of policy audits it has carried out since using its agents, while also cutting compliance audit times by 20%.
A third customer, described as a “regional insurer,” was able to improve its policy comparison process by more than 95%, resulting in much faster and more accurate insights for its personnel.
FurtherAI co-founder and Chief Executive Aman Gour said insurers, for years, have been accused of being slow to embrace innovation, and that many questioned his focus on the industry because of this.
“But we saw it differently,” he said. “Insurance isn’t inherently sluggish or mundane, but it needed more advanced technology to make a difference. With large language models, we’re unlocking the industry’s true potential.”
With today’s funding, FurtherAI plans to double down on its efforts to build more specialized AI agents for the insurance industry. At the same time, it’s also planning to expand into the U.K., where it sees a lot of potential as insurers there have shown lots of enthusiasm for AI-powered automation.
Nexus Venture Partners Managing Director Jishnu Bhattacharjee said Further AI’s agents do much more than just boost efficiency, as they also solve a long-enduring talent shortage problem that threatens to cripple the insurance industry.
“By automating tedious tasks, companies can focus on high-value, strategic work,” he said. “[This] not only eases the strain on current teams, but also makes the industry more appealing to the next generation of talent.”
Image: FurtherAI
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