Coverflow, an AI-driven insurance platform aimed at reducing $130 billion in waste, has secured $4.8 million in seed funding led by AIX Ventures, with participation from Founder Collective and Afore Capital. Its platform automates policy checks, flags discrepancies, and generates proposals, saving brokers over six hours per day.
The insurance brokerage industry generates $400 billion annually, yet over one-third—more than $130 billion—is wasted on manual tasks. Brokers often spend excessive time reviewing policy documents and entering data into outdated systems, which could be better used for client interactions.
Coverflow uses proprietary AI models to quickly analyze and extract key data from policy documents, populating systems and generating executive summaries in seconds. The platform requires no IT integration and guarantees data security, allowing brokers to automate workflows without writing any code.
KEY QUOTES:
“Coverflow was born from the realization that brokers shouldn’t spend their days buried in paperwork. By harnessing AI to automate every step, from policy ingestion and analysis to system updates and proposal generation, we’re empowering teams to reclaim hours out of their day and double down on client relationships and business growth.”
Matthew Fastow, co-founder and CEO of Coverflow
“Coverflow addresses some of the insurance industry’s largest bottlenecks caused by manual and paper workflows. By saving brokers 6+ hours each day, Coverflow is poised to become the operational backbone for every broker by helping them focus on growing their business and serving their customers.”
Jason McBride, a Partner at AIX Ventures
