Insurance Brokers Buried Under Paperwork
Insurance brokers face a daily struggle with overwhelming amounts of paperwork. They spend hours sifting through dense policy documents, manually entering data into outdated systems, building complex spreadsheets, and filing endless forms. In an industry generating around $400 billion annually, over $130 billion is lost each year on these low-value, manual tasks.
On average, brokers spend more than 6 hours a day on routine tasks like policy checking, flagging discrepancies, and proposal generation—time that could be better spent advising clients or expanding their business.
The Paperwork Problem
Manual workflows are a major drain on both profitability and efficiency for insurance brokers. Individually, brokers lose countless hours rekeying information from dense policy documents into legacy systems. Industry-wide, these repetitive tasks waste over $130 billion annually in time and resources.
Coverflow’s AI-Powered Solution
Coverflow offers a web-based, fully managed platform that can quickly ingest, analyze, and extract key data from any policy document without needing templates or manual tagging. In seconds, it populates legacy brokerage systems, generates executive summaries, highlights coverage gaps, and drafts proposals.
The platform requires no IT integration or custom coding, managing every step from policy ingestion to system updates and proposal creation.
Matthew Fastow, co-founder and CEO of Coverflow, explains: “Brokers shouldn’t spend their days buried in paperwork. By automating every step with AI, we help teams reclaim hours each day to focus on client relationships and business growth.”
Strong Investor Backing
Coverflow recently secured funding led by Jason McBride, Partner at AIX Ventures and former Partner at Microsoft’s M12 VC. McBride also holds a J.D. from UCLA and is active in the legaltech space.
McBride commented, “Coverflow tackles some of the biggest bottlenecks caused by manual, paper-heavy workflows in insurance. Saving brokers 6+ hours daily positions Coverflow as an essential tool for brokers to grow their business and better serve customers.”
The company plans to invest the new capital in research, development, and customer success. Since launching in 2024, Coverflow has grown more than 3x month-over-month and processes thousands of policy and quote pages daily.
Why Now?
Insurance is an ideal industry for AI automation due to its aging workforce, manual processes, and lengthy documents. Both insurers and brokers seek ways to modernize, and Coverflow’s no-code, secure, fully managed platform lowers the barrier to adoption.
Brokers can deploy the platform in days instead of months and immediately reclaim hours of manual work.
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