1Fort Raises $7.5M to Enhance AI Automation for Business Insurance Brokers

InsurTech startup 1Fort has secured $7.5 million in funding to advance the AI capabilities of its business insurance platform. The company focuses on automating traditionally manual insurance broker processes, resulting in significant time savings and improved bind rates.

1Fort's AI-driven platform automates application autofill, quote retrieval, coverage comparison, and integrates payment and financing options, enhancing operational efficiency for brokers. The platform's capabilities allow brokers to save up to two hours per submission and improve bind rates by approximately 20%.

In addition to automation, 1Fort offers risk management software to help brokers retain clients by managing policies and proactively preventing claims. 1Fort has established partnerships with over a dozen brokerages and carriers and experienced nearly 200% month-over-month revenue growth in 2024.

The funding round was led by Bonfire Ventures, emphasizing the substantial potential in modernizing legacy workflows in insurance through AI-powered software-as-a-service solutions. This development aligns with broader trends in the insurance industry, which benefits from extensive operational data and advanced technological infrastructure, giving it an advantage in AI adoption.

Other InsurTech companies, such as Latin American Olé Life and Australia-based Cover Genius, have similarly raised substantial funding to expand their AI-driven insurance offerings and digital platforms, underscoring the growing market focus on leveraging AI within insurance to enhance productivity, distribution, and claims processing.