InsurTech Bind AI has launched publicly with $10m in venture funding, offering an AI platform designed to automate commercial insurance workflows from submission intake to binding.
The New York-based company says it is already working with hundreds of insurance agencies and handling billions of dollars in commercial premiums. Its platform aims to reduce the administrative work facing brokers, freeing them to spend more time with clients.
The problem Bind AI is targeting is substantial. Agents and brokers sell roughly 90% of business insurance in the US, according to the company, but spend only around 10% of their time with clients. Much of the remainder goes towards repetitive tasks such as rekeying submission data, chasing insurers for quotes, preparing proposals and processing policies.
Bind AI automates these tasks across the quote-to-bind process. The company claims its platform saves agencies hundreds of hours each month.
Its approach differs from conventional workflow software. Rather than requiring brokers to adopt a separate portal, Bind AI operates directly through their email inboxes and carrier quoting portals. It processes incoming emails and documents, identifies the work required and completes tasks for brokers to review.
The company says this allows agencies to automate existing processes without changing their established working habits or adopting another standalone system.
Bind AI also operates within carrier quoting portals, where it says it has already quoted hundreds of millions of dollars in premiums. The company claims this has helped brokers win and retain millions of dollars in commercial business.
The $10m raised has supported Bind AI’s expansion across insurance agencies and brokerages nationwide, alongside growth in its New York team. Bonfire Ventures led the funding, with participation from Ramp co-founder Karim Atiyeh and Draper Associates.
Bind AI founder Tony Marshi said, “Agents and brokers didn’t get into insurance to do data entry, but that’s where their days go. We built Bind AI to be the AI teammate that handles the work no one wants to do, so brokers can be in front of clients instead of behind a screen. The hundreds of agencies live on Bind AI today are proof that when you deliver outcomes instead of tools, brokers adopt fast.”
Bonfire Ventures co-founder and managing director Jim Andelman added, “Building AI-powered, service-as-software solutions to modernise legacy workflows in the insurance vertical is one of today’s most exciting opportunities. Bind AI has already built impressive momentum and is poised to revolutionise this trillion-dollar market.”
The launch reflects a broader push to use AI to automate administrative work across insurance distribution. For established agency management and quoting platforms, the shift could also change how brokers interact with software. If AI systems can execute tasks through existing inboxes and carrier portals, standalone interfaces may become less central to day-to-day operations.
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