FurtherAI Raises $25M to Alleviate Insurance Industry’s ‘Busywork’ Burden

San Francisco-based insurance AI start up FurtherAI announced a $25 million Series A funding round led by Andreessen Horowitz to improve insurance workflows through AI.

Claiming that those who run the $7 trillion insurance industry are “doing trillion-dollar work with outdated tools,” FurtherAI aims to transform submissions processing, underwriting audits, claims handling, and policy comparisons through AI so industry professionals can focus on risk, clients, and growth.

Currently, busywork has the industry’s talented professionals “buried in PDFs and Excels, juggling manual reviews, and navigating disconnected systems,” the company maintains.

FurtherAI says its workspace lets insurance teams start with one workflow and expand across many, all while ensuring accuracy, auditability, and scale.

FurtherAI says it helps process billions in premiums each year, providing measurable impact such as “hours of work reduced to minutes, millions saved annually, and faster, more accurate workflows across underwriting, claims, and compliance.” The firm counts Accelerant, Millennial Specialty Insurance (MSI) and Leavitt Group among its customers.

The raise comes six months after its $5 million seed round. The round also included Nexus Venture Partners, Y Combinator, amongst others bringing the total funding to $30 million.

With this new funding, FurtherAI said it will expand its library of insurance-specific workflows, improve integrations with carrier and broker systems, and scale its go-to-market teams to meet surging demand.

“Insurance is under pressure on every front – talent is scarce, climate risk is rising, and regulators demand more transparency. Many insurers have already experimented with AI, but the results fall short: generic tools miss the nuances of complex insurance documents, while point solutions only solve a slice of the problem,” FurtherAI said in its announcement.

Topics Market