Innovating Insurance: Introducing Sixfold Generative AI
Working in enterprise tech - an industry that has notoriously struggled to stay on the cutting edge - I never needed much convincing that AI would one day unlock massive opportunity. While we are nowhere close to meaningful adoption of AI, that’s where we’re headed.
The first wave of generative AI has been horizontal with the release of GPT-4, Anthropic, Bard, and others. But the next wave will be vertical, marrying the summarization and reasoning superpowers of the LLMs with specially-trained models and industry expertise.
This is why today, I’m excited to announce the launch of Sixfold, the first generative artificial intelligence trained to solve the hardest problems in the insurance industry.
With $6.5 million in seed backing from Bessemer Venture Partners and Crystal Venture Partners, and leadership with decades of insurance experience, Sixfold is poised to rapidly transform how the insurance industry thinks about and uses AI.
To start, Sixfold Gen AI will focus on one of the most intractable challenges in insurance: the inefficiency of underwriting.
Underwriting is an art form, requiring human-level pattern recognition to capture all of the things that go into understanding a complex risk. For years, insurers have struggled to extract clear rules and standards for assessing risk because there has simply been too much information. Insurance carriers have a “front-door problem”: because of how manual and time-intensive the underwriting process is, insurers can’t provide quotes on all of the opportunities that come their way.
A smart underwriting platform like you’ve never seen before.
Prior attempts at AI in insurance haven’t gained much traction because they took a “black box” approach and thought they knew better than the underwriters. These failed attempts need way too much data and haven’t produced consistent results. Instead, we’ve trained generative AI models to "understand" all of this information and assist humans with the manual assessment. With the Sixfold Assistant, underwriters will be able to quickly evaluate and rate all submissions, thus improving underwriters’ capacity as well as the accuracy and traceability of their decisions.
Today, the Sixfold Assistant is best positioned to eliminate a lot of the “grunt work” that underwriters deal with on a daily basis: tracking down information from third parties, poring through thousands of pages of documents, and making sense of unstructured data. Sixfold will serve as a co-pilot to underwriters, plugging into existing technology so insurers don’t need to overhaul legacy systems in order to take advantage of Sixfold’s capabilities.
We’re thrilled to be launching with our customer BTIS, the commercial insurance provider focused on the construction and building trades industry. Sixfold will be an important tool for BTIS underwriters to improve the speed and accuracy of their underwriting efforts. Sixfold will ultimately make BTIS more competitive by allowing its underwriters to spend less time poring over data and more time issuing policies to its customers.
Sixfold is partnering at launch with BuildZoom, the leading provider of contractor profile data, property building permit data and contractor sourcing services. Sixfold will also expand its partner ecosystem to include consulting and advisory firms, cloud providers, risk and prior loss providers and medical records providers.
Sixfold’s initial focus will be on the commercial property & casualty and life insurance sectors, with plans to expand across the entire insurance industry, going after the over $100 billion spent annually in the US to underwrite insurance.
I’m particularly excited to launch Sixfold because of who I’m doing it with.
Our founding team is made up of former founders and operators, with deep experience in highly-regulated industries, including decades in insurance. Jane Tran is our COO and co-founder. Jane and I spent years working together as founding team members at Unqork, the $2 billion enterprise no-code platform. Our CTO and co-founder Brian Moseley, joins us from American Express where he was Head of Developer Experience.
A huge thanks to Charles Birnbaum and Jeremy Levine at Bassemer Venture Partners, and Jonathan Crystal and Stephen McGovern at Crystal Venture Partners for supporting us in this journey, to our ambitious customers, and to our partners.
Let’s rewrite the rules of insurance together!
This announcement was originally posted on LinkedIn
