Pibit.AI raises USD $7 million to expand AI underwriting platform
Insurance technology firm Pibit.AI has secured USD $7 million in Series A funding to develop its Centralised Underwriting Risk Environment (CURE) platform. The funding round was led by Stellaris Venture Partners, with backing from Y Combinator and Arali Ventures. The company plans to use the capital to accelerate product development and expand adoption among insurers and managing general agents.
Funding details
The investment is intended to help Pibit.AI grow its engineering team, update its AI models, and enhance integration capabilities with insurance sector clients. More than 125 people currently work for Pibit.AI, which already counts insurers such as HDVI, Shepherd Insurance, RMS Insurance Brokerage, Kinetic, and Method Insurance Company as customers.
Platform features
CURE is designed as a unified system intended to handle the entire underwriting process. It automates the intake of insurance submissions, document parsing, research, risk analysis, and workflow management. Modules within the platform - ClearCURE for triage, DocumentCURE for document handling, ResearchCURE for data enrichment, RiskCURE for portfolio-level evaluation, and WorkflowCURE for collaboration - are meant to support underwriters' decisions and reduce manual intervention by staff.
According to the company, these features allow teams to shift from handling administrative workload to managing outputs and risk insights across portfolios. The platform's services layer is said to maintain an emphasis on enabling underwriter oversight and review, rather than a fully automatic process.
Customer impact
Pibit.AI states that its clients have seen underwriting cycles accelerate by up to 85%, alongside a 32% increase in gross written premium per underwriter. Loss ratios have also improved by as much as 700 basis points. These outcomes suggest higher throughput without corresponding growth in operational overheads, according to the company.
"Pibit.AI was built around one idea: that AI should empower underwriters, not replace them. Too many systems prioritise speed over trust. We're building something that's transparent, explainable, and decision-ready - a system that gives underwriters confidence in every output while helping them move faster than ever before," said Akash Agarwal, Founder and CEO, Pibit.AI.
Operational challenges
The insurance industry is grappling with increased submission volumes and a shrinking pool of underwriting talent. Sector professionals reportedly spend up to a third of their working hours on manual data entry, triage and enrichment. By automating these repetitive tasks, platforms such as CURE are seen as a method to redeploy expertise and reduce processing times from days to hours, without cutting out human judgment.
Pibit.AI clients report handling greater volumes of business and achieving higher accuracy levels on account decisions. Method Insurance Services and Kinetic both cite efficiencies in their own operations since deploying the platform.
"Pibit.AI helps us to handle more than a billion dollars in submissions on an annual basis without scaling our overhead costs, and grow our business by close to 100% in premium because we're able to get those looks and quotes up and running," said Adam Price, CEO, Kinetic.
Investment rationale
Stellaris Venture Partners pointed to the potential for workflow automation and centralised data platforms to improve risk management for insurers.
"Underwriting has long been constrained by manual reviews, inconsistent data and tools that haven't kept pace with rising submission volumes. With CURE, Pibit.AI automates and unifies these workflows, improving accuracy, reducing costs and accelerating quote generation to drive higher revenue. We're excited to partner with Akash and lead Pibit.AI's Series A round as it scales," said Alok Goyal, Partner, Stellaris Venture Partners.
