Sixfold Raises $30M for AI Underwriting
Insurtech firm Sixfold raised a $30 million Series B round to build out its "AI underwriter" platform. The company aims to automate risk selection and quoting processes for insurance carriers. The new capital is intended to help reduce the manual work and potential for errors in traditional underwriting workflows.
- The $30 million Series B round was led by Brewer Lane, with strategic investment from Guidewire and continued support from existing investors Bessemer Venture Partners and Salesforce Ventures. - This round brings Sixfold's total funding to $51.5 million, raised across three rounds since its founding in 2023. - The company was co-founded by CEO Alex Schmelkin and COO Jane Tran, who were both part of the founding team at insurance no-code platform Unqork, and CTO Brian Moseley, who was previously Head of Developer Experience at American Express. - Based in New York City, Sixfold is developing an AI platform that uses generative AI and proprietary models to automate underwriting workflows, aiming to reduce manual research and improve decision consistency for property and casualty insurers. - The "AI Underwriter" platform has already processed over one million submissions for insurers representing a combined $265 billion in gross written premium, including clients like Zurich North America and Guardian. - Case studies show significant efficiency gains; for example, Zurich North America reported time savings of up to two hours per submission after implementing the platform for over 200 underwriters. - Sixfold was a winner of the 2024 Zurich Innovation Championship and participated in the Lloyd's Lab accelerator program to develop its solutions for the commercial underwriting market. - The new capital is intended to expand the research and engineering teams to further develop autonomous agents for its AI underwriting platform and to scale commercial operations globally.
