FurtherAI, an artificial intelligence (AI) startup for insurance, has announced that it has raised $25 million in a Series A funding round led by Andreessen Horowitz, aimed to automate insurance workflows with artificial intelligence (AI).
With this new investment, FurtherAI plans to expand its library of insurance-specific workflows, deepen integrations with carrier and broker systems, and scale its go to market teams to meet surging demand.
The insurance industry is under pressure on multiple fronts: a shortage in talent, rising climate risks, and increased regulatory scrutiny, FurtherAI highlights.
While many companies have experimented with AI, results fall short. The firm stated, “generic tools miss the nuances of complex insurance documents, while point solutions only solve a slice of the problem.”
FurtherAI’s goal is to help insurers with this “long awaited technology transformation by automating workflows like submissions processing, underwriting audits, claims handling, and policy comparisons through AI so professionals can focus on risk, clients, and growth.”
Their platform provides and insurance-native workspace that allows teams to start with a single workflow and progressively expand across their operations, ensuring accuracy, auditability and scalability
The company’s technology automates tasks like submissions processing, underwriting audits, claims handling, and policy comparisons, freeing up valuable time.
Aman Gour, Co-Founder and CEO of FurtherAI, commented: “We’re grateful to partner with leaders across the industry as they modernize operations. Insurance is the backbone of the economy, but the people running it have been stuck with outdated tools.
“With this funding, we’re doubling down on building AI workflows that give underwriters, brokers, and claims teams superpowers – freeing them to focus on the work that truly matters.”
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