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.

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