Bind AI launches with $10m for quote-to-bind software used by brokers

Bind AI launched publicly on 14 October with $10m raised to automate commercial insurance work from submission intake through to binding, the New York company said in a statement.

The company said its software is already live with hundreds of insurance agencies and touches billions of dollars in commercial premium. Its product works through brokers' inboxes and carrier quoting portals rather than requiring work to begin in a separate system.

There are no announced UK plans. Even so, the launch gives UK commercial brokers and software suppliers a US example of inbox-based automation covering several stages of placement.

Bind AI said the system processes each inbound email and document, identifies the required task and sends completed work to the broker for review. It covers submission intake, quoting, proposals and binding on a broker's behalf.

The product also operates inside carrier quoting portals. Bind AI said it has quoted hundreds of millions of dollars in premium across major carriers.

The company said agents and brokers sell roughly 90% of US business insurance but spend about 10% of their time with clients. It presented the gap as the case for automating administrative work.

"Agents and brokers didn't get into insurance to do data entry, but that's where their days go," founder Tony Marshi said in the announcement. He said the product was built to handle unwanted work so brokers could spend more time with clients.

Bonfire Ventures participated in the funding, alongside other venture capital investors. Bind AI also named Ramp co-founder Karim Atiyeh and Draper Associates among its backers.

It said its team is growing in New York.

Related coverage: AI insurance broker i23 raises £4.9m seed round from UK investors and CoverGo raises $6m in Series B1 led by Betatron for AI-native core platform.

Sources

• PR Newswire: Bind AI launches the AI workforce for insurance
• Insurtech Analyst: Bind AI raises $10m to automate commercial insurance

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