FurtherAI Raises New Funding To Help Commercial Insurers Reduce Expense Ratios by 50%

FurtherAI, the tech company behind AI Assistants that handle complex insurance tasks, has raised $5 million in new funding. Its innovative technology is already trusted by top insurers and carriers around the world, with customers writing more than $15 billion in premiums.

This new funding round was led by Nexus Venture Partners through their $700 million AI-dedicated fund and will help FurtherAI to advance its mission of reducing expense ratios by 50%. The round also includes support from early-stage funds like Pioneer AI Fund, South Park Commons, Y Combinator, ConvergeVC, and strategic backers like Xceedence. FurtherAI is also expanding into the UK, where insurers are increasingly adopting AI to enhance underwriting efficiency and regulatory compliance.

Purpose-built for the insurance industry, FurtherAI automates complex document processing and integrates disjointed systems to advance underwriting, compliance, and claims processing at scale. Addressing the fact that commercial companies have long struggled with rising expenses, high loss ratios, and a shrinking talent pool, its AI platform offers: 

• High accuracy: Achieves 140% higher accuracy compared to manual processing.
• Easy Integration and Growth: Works well with older systems and can scale across many uses—from underwriting to claims processing
• Flexible Design: Its “LEGO block” style design adapts quickly to current workflows.

FurtherAI’s technology is already making a big impact for many insurers and carriers in several key areas, including:

• A large managing general agent (MGA) handling over $1.5 billion in premiums doubled its underwriter productivity by streamlining submission processes.
• A risk exchange estimates doubling the number of policies audited while cutting compliance audit times by 20%+ in the first year.
• A regional insurer boosted its policy comparison process by over 95%, leading to quicker and more accurate insights.

Aman Gour, co-founder and CEO of FurtherAI, said, “When we first partnered with the insurance industry, many claimed it was slow to innovate and held back by repetitive tasks. We saw it differently: insurance isn’t inherently sluggish or mundane—it just needed more advanced technology. Now, with large language models, we’re unlocking the industry’s true potential. I’m thrilled that top investors recognize this opportunity, enabling us to drive real change in the industry.”

Sashank Gondala, co-founder and CTO of FurtherAI, said, “We’ve seen a lot of untapped potential because traditional models don’t fully meet the unique needs of specialized insurance. At FurtherAI, we’re committed to building far better and more accurate solutions while upholding the strict privacy and compliance standards that the industry demands.”

Commenting on the investment, Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners, added, “FurtherAI’s autonomous AI Assistants are set to transform commercial insurance industry: their solution’s accuracy and adaptability not only boost efficiency and competitiveness but also address what has been a long-enduring talent shortage in the industry. By automating tedious tasks, existing teams can focus on high-value, strategic work that not only eases the strain on current teams, but also makes the industry more appealing to the next generation of talent. We are thrilled to back Aman, Sashank and the team as they bring advanced AI to change traditional industries for the better.”