Sixfold, the insurtech empowering underwriters with a generative AI solution for end-to-end risk analysis, has raised $15 mn in Series A funding.
Sixfold, using its innovative patent-pending technology, secured investment led by Salesforce Ventures, with contributions from Scale Venture Partners and previous investors including Bessemer Venture Partners and Crystal Venture Partners.
The investment will support the expansion of Sixfold’s team of AI/ML engineers, enhance product capabilities, and accelerate research and development efforts. This funding will facilitate Sixfold’s market expansion from North America to the UK and the European Union.
In the 12 months since its inception, Sixfold’s customer base includes commercial P&C, Specialty, and Life insurers, such as AXIS Capital, Zurich Insurance Group, Generali Global Corporate & Commercial, and Mosaic Insurance.
Sixfold has also expanded its partner ecosystem with several firms, including EXL, and has become a Guidewire Insurtech Vanguard.
As a firm that invests heavily in vertical SaaS innovation, we see Sixfold as a company capable of transforming the insurance industry with a purpose-driven generative AI solution
Laura Rowson, Principal at Salesforce Ventures
“With Sixfold’s AI, insurance carriers review and close more business, helping them to increase profitability. Sixfold’s traction over the past year demonstrates the value it clearly delivers.”
Sixfold has been selected for the prestigious Lloyd’s Lab Accelerator program. Recognized among the top 25 startup hubs in Europe by the Financial Times and Statista, Lloyd’s Lab promotes global innovation to address significant challenges.
This program allows Sixfold to collaborate with Lloyd’s mentors, creating innovative solutions for the leading insurance and reinsurance marketplace, which will aid in the company’s expansion into the UK and beyond.
Sixfold has won the Zurich Innovation Championship 2024. This annual program, sponsored by Zurich Insurance Group, partners with startups worldwide to develop new value propositions and deliver innovative services and products.
Out of over 3,000 global applicants, Sixfold was one of nine selected and will engage in a four-month accelerator to develop a new commercial underwriting solution.
In the insurance industry, underwriters are inundated with a remarkably high volume of submissions. It is not uncommon to respond to as few as 10% as they are left frustrated by not knowing where to focus.
Compounding the problem, approximately 50% of underwriters are burdened with manual tasks, and 66% have issues accessing the right data for quick and accurate risk assessments. Sixfold was developed to address these issues and more.
Sixfold works as the underwriting brain that enhances confidence in every decision. Leveraging its 10 proprietary AI models, Sixfold’s superpower is to understand an insurer’s unique risk appetite to provide tailored recommendations that fit with customers’ underwriting guidelines.
With generative AI, and our patent-pending technology, it’s possible for every underwriter to have their own virtual team of researchers and assistants to evaluate risk
Alex Schmelkin, Sixfold CEO
“Our AI is built to deliver the greatest efficiency and user experience in the industry. What we have created and continue to refine is more than just a tool for underwriters. It’s a comprehensive end-to-end risk analysis solution”, said Alex Schmelkin.
Sixfold is the first generative AI solution purpose-built for insurance underwriting. The platform streamlines the underwriting process, enabling underwriters to focus on decision-making rather than manual tasks. As a result, Sixfold improves the accuracy and transparency of decisions while simultaneously increasing underwriting capacity.
