Further AI, a company that has developed AI Assistants that handle complex insurance tasks, announced it has raised $5 million in new funding. Nexus Venture Partners led this new funding round through their $700 million AI-dedicated fund and will help Further AI to advance its mission of reducing expense ratios by 50%. This funding round also includes support from early-stage funds like Pioneer AI Fund, South Park Commons, Y Combinator, ConvergeVC, and strategic investors like Xceedance.
The company’s technology is already trusted by top insurers and carriers worldwide, and customers write more than $15 billion in premiums.
Further AI is also expanding into the UK, where insurers increasingly adopt AI to enhance underwriting efficiency and regulatory compliance.
Purpose-built for the insurance industry, Further AI also automates complex document processing and integrates disjointed systems to scale underwriting, compliance, and claims processing. Addressing the fact that commercial companies have long struggled with rising expenses, high loss ratios, and a shrinking talent pool, its AI-based platform provides:
1.) High accuracy: Achieves 140% higher accuracy compared to manual processing.
2.) Easy Integration and Growth: Works well with older systems and can scale across many uses, from underwriting to claims processing
3.) Flexible Design: Its “LEGO block” style design adapts quickly to current workflows.
Further AI’s technology is making a big impact for many insurers and carriers in several key areas, including:
1.) A large managing general agent (MGA) handling over $1.5 billion in premiums doubled its underwriter productivity by streamlining submission processes.
2.) A risk exchange estimates doubling the number of policies audited while cutting compliance audit times by 20%+ in the first year.
3.) A regional insurer boosted its policy comparison process by over 95%, leading to quicker and more accurate insights.
KEY QUOTES:
“When we first partnered with the insurance industry, many claimed it was slow to innovate and held back by repetitive tasks. We saw it differently: insurance isn’t inherently sluggish or mundane—it just needed more advanced technology. Now, with large language models, we’re unlocking the industry’s true potential. I’m thrilled that top investors recognize this opportunity, enabling us to drive real change in the industry.”
- Aman Gour, co-founder and CEO of Further AI
“We’ve seen a lot of untapped potential because traditional models don’t fully meet the unique needs of specialized insurance. At Further AI, we’re committed to building far better and more accurate solutions while upholding the strict privacy and compliance standards that the industry demands.”
- Sashank Gondala, co-founder and CTO of Further AI
“Further AI’s autonomous AI Assistants are set to transform commercial insurance industry: their solution’s accuracy and adaptability not only boost efficiency and competitiveness but also address what has been a long-enduring talent shortage in the industry. By automating tedious tasks, existing teams can focus on high-value, strategic work that not only eases the strain on current teams, but also makes the industry more appealing to the next generation of talent. We are thrilled to back Aman, Sashank and the team as they bring advanced AI to change traditional industries for the better.”
- Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners
