Sixfold Raises $30M for AI Underwriter
NYC-based insurtech Sixfold has secured $30 million in a Series B funding round to advance its "AI Underwriter" platform. The system is designed to automate and augment the quoting, selection, and pricing of insurance policies, signaling strong investor conviction in AI-driven underwriting. The funding was also highlighted as a key development in New York's insurtech ecosystem.
- The Series B round was led by Brewer Lane, a venture firm founded by John Kim, the former Chief Investment Officer of New York Life. Strategic investments also came from insurance software giant Guidewire, alongside existing investors Bessemer Venture Partners and Salesforce Ventures. - This latest funding brings Sixfold's total capital raised to over $50 million since its founding in 2023. The company had previously secured a $15 million Series A round in mid-2024. - The company was founded by CEO Alex Schmelkin, COO Jane Tran, and CTO Brian Moseley. Schmelkin and Tran are repeat co-founders, having previously founded the no-code enterprise platform Unqork. - Sixfold's AI platform has already processed over one million submissions for major carriers like Zurich North America, Guardian, and Generali GC&C. Zurich reported time savings of up to two hours per submission for its middle-market team, while Skyward Specialty cut its quote response time by an average of 35% using the tool. - The "AI Underwriter" is designed to integrate with existing policy administration systems and workbenches, allowing for faster implementation. Its capabilities include automated submission triage, surfacing appetite-aligned risk signals from documents and the web, and using AI agents to autonomously handle tasks like research and referrals. - The platform focuses on complex commercial lines as well as life and health insurance, aiming to shift underwriters from manual data entry and research to more strategic work like portfolio analysis and strategy.
