Sixfold, a groundbreaking InsurTech startup, has launched the first generative artificial intelligence (AI) specifically designed to tackle the most complex challenges faced by the insurance industry.
The company has secured a seed investment of $6.5m, generously provided by Bessemer Venture Partners and Crystal Venture Partners. This financial boost, along with Sixfold’s industry-savvy leadership, primes the company for a fast-paced transformation of AI application in the insurance sector.
Sixfold aims to make strides in the underwriting process, a notoriously inefficient facet of the insurance business. Using their generative AI, Sixfold will aid in pattern recognition, helping to untangle the myriad factors involved in assessing complex risk. This novel approach is intended to alleviate the longstanding struggles of insurers to standardise risk assessment amidst an overwhelming influx of information.
With this funding, Sixfold is initially focusing on streamlining underwriting. The company is deploying its AI assistant to help underwriters swiftly evaluate and rate submissions, improving their capacity as well as the precision and traceability of their decisions.
In contrast to previous unsuccessful attempts at incorporating AI into insurance, Sixfold’s AI doesn’t adopt a ‘black box’ approach. Instead, their generative AI models are trained to ‘understand’ the massive volumes of data and assist human professionals in manual assessment.
Sixfold’s AI assistant promises to take over much of the tedious groundwork that underwriters have to contend with daily. Working in tandem with existing technologies, Sixfold enables insurance providers to reap its benefits without the need to replace legacy systems.
Sixfold is launching with BTIS, a commercial insurance provider centred on the construction and building trades industry. Sixfold’s tools will be instrumental in enhancing the speed and precision of BTIS underwriters’ work, thus enabling BTIS to focus more on issuing policies.
The company is also launching in collaboration with BuildZoom, a leading provider of contractor profile data, property building permit data, and contractor sourcing services. Sixfold plans to extend its partner ecosystem to include consulting and advisory firms, cloud providers, risk and prior loss providers, and medical records providers.
The founding team of Sixfold includes former founders and operators, with extensive experience in heavily regulated industries. Jane Tran, former founding team member at Unqork, the $2bn enterprise no-code platform, joins as COO and co-founder. Brian Moseley, who was previously head of developer experience at American Express, has come on board as CTO and co-founder.
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