The insurance brokerage industry generates $400 billion annually but wastes over $130 billion each year on manual, repetitive tasks. Brokers typically spend up to six hours daily reviewing complex policy documents, entering data into outdated systems, managing spreadsheets, and handling paperwork: time that could be better spent advising clients and growing their business.
To address this productivity drain, Coverflow has created an AI-driven, web-based platform that automates the most tedious aspects of insurance brokerage operations. In an exclusive interview with TFN, the company’s founders, Matthew Fastow and Akash Samant, discussed their solution that processes hundreds of policies daily. The platform automates everything from policy checking and discrepancy flagging to proposal generation, eliminating over six hours of daily manual work for brokers, potentially reclaiming 1,500 hours per broker annually.
Today, Coverflow secured $4.8 million in seed funding led by AIX Ventures, with participation from Founder Collective and Afore Capital. When asked about the company’s valuation, Fastow responded, “We’re not disclosing valuation at this time.” He confirmed that “Coverflow has raised $4.8 million in seed funding to date.”
Behind Coverflow: Meet the founders transforming brokerages
Matthew Fastow, Coverflow’s CEO, previously worked as a full-stack software engineer at Roblox, Highlight, and Amazon, and holds a B.S. in Computer Science from Princeton. Akash Samant, CTO, was an AI and ML engineer at two startups, including Robust Intelligence, contributed early to LangChain, and earned a B.S. in Mathematics from Princeton.
Discussing the company’s origin, Fastow said, “Last year, Akash and I both saw a once-in-a-generation opportunity to build tools that will transform how we work across nearly every industry. We began examining which fields were being overlooked by big tech. We landed on insurance after speaking to dozens of brokerages here in the Bay Area and realising their industry generates $400B in revenue, yet wastes over $130B on manual, low-value work, like reviewing dense policy docs, data entry, spreadsheet juggling, and paperwork.”
“Those repetitive tasks are exactly what AI excels at automating,” he continued. “We spent hundreds of hours working with them to understand what they spend time on and what AI could do better. The result is a platform that helps save 6+ hours of manual work per broker each day, freeing them to focus on clients and growth instead of busy work.”
Coverflow is also committed to building a diverse team: “50% of our team are people of colour, and 25% are female,” the founders shared.
Reinventing insurance for the AI age
Coverflow’s technology is engineered specifically for brokers’ needs. “Our proprietary, template-free AI models can ingest any policy format, no custom tagging or templates required,” explained Samant. “We deliver end-to-end automation, from data extraction to system updates and proposal generation, running in a fully managed, web-based platform where no IT integration or code changes are needed.”
Enterprise security is paramount, he added: “Documents are encrypted in transit and at rest; sensitive data never leaves Coverflow’s secure environment.”
The platform’s innovation stands out in a sector known for legacy software and patchwork solutions. Unlike traditional SaaS tools or generic AI software, Coverflow offers purpose-built workflows designed for the specific challenges insurance brokers face.
“We don’t see any direct competitors,” Fastow noted. “Legacy SaaS solutions don’t provide our level of automation, while off-the-shelf AI tools like ChatGPT or GPT wrappers lack our custom workflows and security features.”
What’s next for Coverflow?
Looking forward, Coverflow has ambitious plans. “We’re working on feature expansion, such as automated compliance checks, advanced analytics, and natural-language reporting,” said Samant. “Deeper integrations with top brokerage systems, CRMs, and document archives are also in the pipeline. We aim to scale adoption by partnering with national broker networks and carriers, and we’re exploring adjacent workflows, like claims processing, underwriting audits, and regulatory reporting.”
“All of these efforts feed into our mission,” Fastow concluded. “Coverflow’s mission is to make the insurance industry ten times more efficient by eliminating repetitive tasks with AI. This seed round will accelerate product development and go-to-market efforts, solidifying Coverflow as the operational backbone for brokers worldwide.”
