FurtherAI Raises $4 Million to Increase AI Automation in Insurance
FurtherAI Inc., a startup company focused on artificial intelligence that is committed to enhancing automation in the insurance industry, has managed to raise $4 million from its recent round of funding.
The round was spearheaded by Nexus Venture Partners, using its $700 million AI-specific fund, and was joined by various other investors, including Y Combinator, ConvergeVC, Pioneer AI Fund, South Park Commons, and Xceedence.
The company is developing a set of AI agents intended to help insurance firms by automating some of the routine, time-consuming, and frequently monotonous processes involved in underwriting and claims handling.
According to FurtherAI, its AI agents show 140percent more accuracy than human insurance claim processors. The agents are made for easy integration into insurers' software platforms, owing to an innovative ‘LEGO block-style design’.
The startup says its AI agents are giving instant relief to insurers that are struggling with issues like increasing expenses, excess loss costs, and a shrinking talent pool. Since it launched last year, FurtherAI claims its agents have made a tangible dent in the industry, enabling early adopters to underwrite a combined $15 billion in premiums.
One of its eight current clients, a major managing general agent handling over $1.5 billion in premiums, reported that it doubled its underwriting productivity by utilizing FurtherAI’s agents to streamline submission processes. Additionally, a risk exchange client noted that it has been able to double the number of policy audits conducted since implementing the agents, while also reducing compliance audit times by 20percent.
A third customer, who was a ‘regional insurer’, enhanced its policy comparison function by more than 95percent, resulting in quicker and more accurate insights for its staff.
Aman Gour, co-founder and CEO of FurtherAI, acknowledged that the insurance industry has often been criticized for its slow adoption of innovation. However, he believes that the industry is not inherently sluggish or mundane; rather, it requires advanced technology to unlock its full potential. “With large language models, we’re unlocking the industry’s true potential”, he stated.
With the additional funding, FurtherAI intends to ramp up its work on creating more specialized AI agents for the insurance industry. The firm also hopes to expand into the U.K., where it believes there is great potential, as insurers in the country have been highly interested in AI-powered automation.
Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners, emphasized that FurtherAI’s agents do more than just enhance efficiency; they also address a long-standing talent shortage that poses a threat to the insurance industry. “By automating tedious tasks, companies can focus on high-value, strategic work”, he explained. “This not only alleviates pressure on current teams but also makes the industry more attractive to the next generation of talent”.
The round was spearheaded by Nexus Venture Partners, using its $700 million AI-specific fund, and was joined by various other investors, including Y Combinator, ConvergeVC, Pioneer AI Fund, South Park Commons, and Xceedence.
The company is developing a set of AI agents intended to help insurance firms by automating some of the routine, time-consuming, and frequently monotonous processes involved in underwriting and claims handling.
According to FurtherAI, its AI agents show 140percent more accuracy than human insurance claim processors. The agents are made for easy integration into insurers' software platforms, owing to an innovative ‘LEGO block-style design’.
The startup says its AI agents are giving instant relief to insurers that are struggling with issues like increasing expenses, excess loss costs, and a shrinking talent pool. Since it launched last year, FurtherAI claims its agents have made a tangible dent in the industry, enabling early adopters to underwrite a combined $15 billion in premiums.
One of its eight current clients, a major managing general agent handling over $1.5 billion in premiums, reported that it doubled its underwriting productivity by utilizing FurtherAI’s agents to streamline submission processes. Additionally, a risk exchange client noted that it has been able to double the number of policy audits conducted since implementing the agents, while also reducing compliance audit times by 20percent.
A third customer, who was a ‘regional insurer’, enhanced its policy comparison function by more than 95percent, resulting in quicker and more accurate insights for its staff.
Aman Gour, co-founder and CEO of FurtherAI, acknowledged that the insurance industry has often been criticized for its slow adoption of innovation. However, he believes that the industry is not inherently sluggish or mundane; rather, it requires advanced technology to unlock its full potential. “With large language models, we’re unlocking the industry’s true potential”, he stated.
With the additional funding, FurtherAI intends to ramp up its work on creating more specialized AI agents for the insurance industry. The firm also hopes to expand into the U.K., where it believes there is great potential, as insurers in the country have been highly interested in AI-powered automation.
Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners, emphasized that FurtherAI’s agents do more than just enhance efficiency; they also address a long-standing talent shortage that poses a threat to the insurance industry. “By automating tedious tasks, companies can focus on high-value, strategic work”, he explained. “This not only alleviates pressure on current teams but also makes the industry more attractive to the next generation of talent”.
