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Axle raises $17.5m Series A to automate insurance verification
Axle says its platform processes more than $100 billion in coverage annually and that workflows have tripled in six months.
Axle, an insurtech company building an AI-native clearinghouse for the insurance industry, raised $17.5 million in a Series A funding round as it expands automation for insurance verification and related policy workflows, according to Reinsurance News.
The round was led by Base10 Partners, with additional investment from Y Combinator and Gradient, as well as participation from Stage 2 Capital and angel investors tied to the insurance industry, including the founders of Cover Genius. Axle also said early Plaid team members are among its existing investors.
Axle said its technology processes more than $100 billion in insurance coverage each year for more than 4,000 organizations. Its customers include companies across auto finance and lending, with Axle citing Rocket Mortgage, Avis, Experian, and Sonic Automotive, and it reported that the number of workflows handled by its platform has tripled over the past six months.
The company claims its system reduces the time required for certain insurance-related processes by up to 20 times and helps customers recover hundreds of millions of dollars in previously unrecovered losses. SIXT risk head Jordan Bannantine said the platform delivers an instant, accurate answer for renter insurance at the moment it matters, helping the company recover losses it previously wrote off each year.