Silicon Valley venture capital group Andreessen Horowitz has invested $US25 million ($38.58 million) in Californian insurtech FurtherAI.

The artificial intelligence start-up says it helps insurance professionals who are “overwhelmed, doing trillion-dollar work with outdated tools, buried in PDFs and Excel, juggling manual reviews and navigating disconnected systems”.

It says generic AI tools miss the nuances of complex insurance documents or only partially solve problems, while FurtherAI helps process billions of dollars in premiums each year, reducing hours of work to minutes across underwriting, claims and compliance.  

“With this funding, we’re doubling down on building AI workflows that give underwriters, brokers and claims teams superpowers,” co-founder and CEO Aman Gour said.

“The goal is simple: help insurers with ... long-awaited technology transformation by automating workflows like submissions processing, underwriting audits, claims handling and policy comparisons through AI, so professionals can focus on risk, clients and growth.”

FurtherAI says its customers – brokerage Leavitt Group, underwriting group Accelerant and managing general agency MSI – are doubling productivity, reaching more than 95% accuracy in policy comparisons and generating proposals 10 times faster.

Leavitt project officer Laurie Flanagan said: “Implementing FurtherAI has been game-changing – faster turnarounds, higher accuracy and a platform we can keep expanding.”