1Fort Secures $7.5M in AI-Powered InsurTech Funding to Revolutionize Broker Workflows
1Fort, an innovative AI-powered InsurTech platform, is revolutionizing the commercial insurance industry by streamlining processes for brokers and agents. Recently, the company announced a successful funding round, raising $7.5 million, which was oversubscribed due to high investor interest.
Funding Details and Investment Partners
This latest investment round was led by Bonfire Ventures, with participation from notable firms including Draper Associates, co-founded by renowned investor Tim Draper, as well as Karim Atiyeh, co-founder of Ramp. Other existing investors contributing to this round include Village Global, Operator Partners, 8-Bit Capital, Character VC, and Company Ventures.
With this funding, 1Fort’s total capital raised has reached $10 million.
Enhancing Broker Efficiency with AI
1Fort’s platform is designed to assist insurance brokers in binding top-tier business insurance policies more quickly and efficiently. Key features of the platform include:
- Automated Workflow: Autofilling insurance applications to save time.
- Quote Sourcing: Sourcing quotes from various carriers seamlessly.
- Coverage Comparison: Comparing different coverage options effortlessly.
- Integrated Payments: Managing payments and financing tools within the platform.
Brokers using 1Fort can save up to two hours per submission and potentially increase their policy bind rate by as much as 20%. Additionally, the platform offers risk management software to help businesses proactively mitigate claims or losses.
Future Plans and Growth
The newly acquired funds will be instrumental in supporting 1Fort’s plans to:
- Enhance AI Capabilities: Continuously improve their AI features for better service.
- Recruit Talent: Expand their workforce to meet growing demands.
- Grow Partnerships: Strengthen relationships with A-rated insurance carriers and leading brokerages.
1Fort has experienced impressive momentum, boasting nearly 200% month-over-month revenue growth in 2024, along with collaborations with major carriers such as Arch, Tokio Marine HCC, and Markel. The platform is licensed to operate in all 50 U.S. states, allowing brokers to quote directly through appointed markets or gain wholesale access to various policies, including Cyber, Tech E&O, and Professional Liability.
Leadership Insights
Anthony Marshi, CEO of 1Fort, stated, “Our mission is to help every business obtain the financial protection they need to keep up with today’s fast-moving risks. Empowering insurance brokers with AI to automate their workflows is key to achieving this goal.” He expressed gratitude to their investors who share the vision of transforming business insurance.
Travis Hedge, co-founder of Vouch, noted, “1Fort has been a valuable resource for our team, enabling us to deliver exceptional products for our clients.” Jim Andelman, co-founder and managing director at Bonfire Ventures, added, “Creating AI-powered, service-as-software solutions to modernize legacy workflows in the insurance sector presents one of today’s most exciting opportunities.”
Previous Funding Milestones
Prior to this round, 1Fort raised $2.5 million, culminating in a total of $10 million in funding. The consistent investment underscores the growing interest and confidence in AI-driven solutions for the insurance industry.
For more information on the future of InsurTech and AI in insurance, check out our articles on InsurTech Trends and the impact of AI on the insurance industry.
