1Fort, an AI platform for business insurance, has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures, bringing its total funding to $10 million. The investment will be used to improve the broker experience through AI innovations and expand partnerships with carriers and brokers.
The company aims to empower insurance brokers to bind more policies in less time for businesses. Currently, 70% of businesses rely on brokers for coverage, but 75% remain underinsured, leaving nearly 24 million businesses exposed to risks such as cyber attacks and supply chain disruptions.
1Fort’s platform automates various broker workflows, including autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options. Brokers using 1Fort save up to two hours per submission and increase their bind rate by up to 20%. The company’s risk management software also helps brokers retain clients.
1Fort has grown revenue nearly 200% month-over-month in 2024 and has partnered with over a dozen leading brokerages and A-rated carriers, including Arch, Tokio Marine HCC, and Markel. The company is licensed in all 50 states and offers brokers wholesale access to Cyber, Tech E&O, Professional, and Management liability insurance.
Anthony Marshi, 1Fort Co-Founder and CEO, stated that the investment will allow the company to “grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships.” Jim Andelman, Bonfire Ventures Co-Founder and Managing Director, noted that 1Fort is “poised to revolutionize this trillion-dollar market.”
Featured image credit
FAQs
Frequently Asked Questions
What is a Premium Domain Name? A premium domain name is the digital equivalent of prime real estate. It’s a short, catchy, and highly desirable web address that can significantly boost your brand's impact. These exclusive domains are already owned but available for purchase, offering you a shortcut to a powerful online presence. Why Choose a Premium Domain? Instant Brand Boost: Premium domains are like instant credibility boosters. They command attention, inspire trust, and make your business look established from day one. Memorable and Magnetic: Short, sweet, and unforgettable - these domains stick in people's minds. This means more visitors, better recall, and ultimately, more business. Outshine the Competition: In a crowded digital world, a premium domain is your secret weapon. Stand out, get noticed, and leave a lasting impression. Smart Investment: Premium domains often appreciate in value, just like a well-chosen piece of property. Own a piece of the digital world that could pay dividends. What Sets Premium Domains Apart? Unlike ordinary domain names, premium domains are carefully crafted to be exceptional. They are shorter, more memorable, and often include valuable keywords. Plus, they often come with a built-in advantage: established online presence and search engine visibility. How Much Does a Premium Domain Cost? The price tag for a premium domain depends on its desirability. While they cost more than standard domains, the investment can be game-changing. Think of it as an upfront cost for a long-term return. BrandBucket offers transparent pricing, so you know exactly what you're getting. Premium Domains: Worth the Investment? Absolutely! A premium domain is more than just a website address; it's a strategic asset. By choosing the right premium domain, you're investing in your brand's future and setting yourself up for long-term success. What Are the Costs Associated with a Premium Domain? While the initial purchase price of a premium domain is typically higher than a standard domain, the annual renewal fees are usually the same. Additionally, you may incur transfer fees if you decide to sell or move the domain to a different registrar. Can I Negotiate the Price of a Premium Domain?
In some cases, it may be possible to negotiate the price of a premium domain. However, the success of negotiations depends on factors such as the domain's demand, the seller's willingness to negotiate, and the overall market conditions. At BrandBucket, we offer transparent, upfront pricing, but if you see a name that you like and wish to discuss price, please reach out to our sales team.
How Do I Transfer a Premium Domain?
Transferring a premium domain involves a few steps, including unlocking the domain, obtaining an authorization code from the current registrar, and initiating the transfer with the new registrar. Many domain name marketplaces, including BrandBucket, offer assistance with the transfer process.
