Insurance technology start-up Bind AI has secured $10m in venture funding as it looks to automate the administrative processes that consume much of commercial brokers’ working day.
The New York-based company has launched publicly with an AI platform that works through brokers’ existing email inboxes and insurer quoting portals, handling tasks across the commercial insurance process, from initial submissions to policy binding. Rather than asking brokers to adopt another software platform, Bind AI aims to carry out work within the systems they already use. Its technology processes incoming emails and documents, identifies the next steps and completes tasks for brokers to review.
The approach is designed to address a longstanding productivity challenge in insurance distribution. According to Bind AI, agents and brokers account for around 90% of US business insurance sales but spend only about 10% of their working time with clients. Administrative duties, including entering submission data, following up on quotes, preparing proposals and processing policies, take up much of the rest. By automating these processes across the quote-to-bind cycle, Bind AI says it can save agencies hundreds of hours each month.
The company reports that hundreds of insurance agencies are already using its platform, which it says handles billions of dollars in commercial premiums. It has also quoted hundreds of millions of dollars in premiums through carrier portals, claiming the technology has helped brokers win and retain millions of dollars in commercial business. The $10m funding round will support the company’s expansion across US agencies and brokerages, as well as the growth of its New York team. Bonfire Ventures led the investment, with participation from Ramp co-founder Karim Atiyeh and Draper Associates.
Bind AI founder Tony Marshi said the company was built to take administrative work away from brokers so they could spend more time with clients.
“Agents and brokers didn’t get into insurance to do data entry, but that’s where their days go. We built Bind AI to be the AI teammate that handles the work no one wants to do, so brokers can be in front of clients instead of behind a screen,” Marshi said.
He added that adoption across hundreds of agencies demonstrated the appeal of delivering completed work rather than providing brokers with another tool to operate.
Jim Andelman, co-founder and managing director at Bonfire Ventures, said AI-powered services that modernise established insurance workflows represented a significant market opportunity.
“Building AI-powered, service-as-software solutions to modernise legacy workflows in the insurance vertical is one of today’s most exciting opportunities,” Andelman said.
Bind AI’s launch comes as InsurTech providers explore how AI can take on operational work traditionally performed by brokers and insurance staff. Its inbox-based model also raises questions about the future role of standalone software interfaces in insurance distribution.
If AI systems can manage tasks across existing email and carrier platforms, brokers may increasingly judge technology by the work it completes rather than the software they need to navigate. Bind AI is now available to insurance agencies and brokers across the US.
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