InsurTech startup 1Fort has raised $7.5 million in a funding round to enhance the artificial intelligence (AI) capabilities of its platform for business insurance.
The company’s platform is designed to empower insurance brokers by automating processes that are traditionally manual and time-consuming, 1Fort said in a Thursday (April 17) press release.
“This investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships,” 1Fort Co-Founder and CEO Anthony Marshi said in the release.
Currently, 1Fort employs AI to automate several broker workflows. These features include autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options, according to the release.
By utilizing these AI tools, brokers save up to two hours per…
