Backend system for insurance tech

The problem wasn’t the accountants. It was the architecture. Insurance finance teams have been forced to operate inside fragmented, reactive systems—where the only way to prove compliance is to rebuild the past. Every month. Every audit. Every adjustment. We knew that wasn’t sustainable. So we started with a different question: What if financial compliance wasn’t a function layered on top—what if it was a property of the system itself? That’s the approach we took when designing IRYS accounting. We didn’t build an “accounting module.” We built an operational backbone that makes every transaction defensible as it happens—not months later when it’s already too late. Here’s how we solved it: 🎯 Dual-state accounting—Estimated and Settled—with built-in controls that prevent premature booking 🧮 Commission calculations backed by zero-knowledge proofs—no manual rate tables, no audit drama 🧾 Suspense-led payment enforcement—if it’s not validated, it doesn’t move 🔄 Native lifecycle handling of endorsements, cancellations, financing—without journal entry hacks 🔎 Role-based transparency so producers, accountants, and auditors see what they need—with full provenance, always This isn’t theoretical. It’s already live inside IRYS Insurtech. We didn’t patch the problem. We re-architected the solution. If you’re serious about financial integrity and tired of systems that fight the business they’re meant to support—this is the blog to read. 🔗 https://lnkd.in/etNBni3g #IRYS #InsuranceAccounting #ComplianceByDesign #ArchitecturalIntegrity #NotJustSoftware #SystemicFix #TheLisaZone

There’s something about insurance that makes most people’s eyes glaze over until you realize it’s a $50B inefficiency machine held together by duct tape, tribal knowledge, and PDFs from 2007. Then it starts sounding like opportunity with a siren on top. And Further AI? Yeah, they’re not just automating, they’re quietly tearing down and rebuilding the guts of #commercialinsurance workflows with #AIcoworkers who don’t call in sick or get stuck in email chains. Founded in late 2023 and already processing over $15B in premiums, FurtherAI just locked in $5M in seed funding to fuel its mission. Nexus Venture Partners led the charge with their $700M #AI war chest, joined by Pioneer AI Fund, South Park Commons, Converge VC, @Xceedence, and the Y Combinator W24 crew. You don’t draw that kind of lineup unless your product speaks fluent pain point and your team executes like they’ve done this dance before; which they have. CEO Aman Gour’s last stop was Microsoft, and he already co-founded TurboHire. CTO Sashank Gondala cut his teeth at Apple building #AIautomation systems. Now they’ve assembled a crew blending deep tech chops with insurance veterans who know exactly where the friction lives. Think less “move fast and break things,” more “move precisely and eliminate everything that wastes time or money.” The pitch is straightforward but powerful: #AIcoworkers that handle the back-office grind, #policycomparisons, #submissiontriage, #complianceaudits, and now, #claimsmanagement. The result? A 140% boost in accuracy, 95–97% precision on policy comparisons, 20% faster compliance checks, and over $400K in annual savings per client. One #MGA even doubled its #underwritingthroughput. No press release fluff, just cold numbers that hit like a sledgehammer. Behind the scenes, it’s a #hybridarchitecture stacked with multiple #LLMs, #visionlanguagemodels for messy data, and integrations with legacy systems insurance teams are shackled to. #SOC2, #ISO27001, #GDPR, you name it, they’re already compliant. The product doesn’t replace the team. It amplifies it. The UK operation went live in Q1 2025. Next up? Specialty verticals like D&O and E&O. The roadmap includes #renewalsmanagement, real-time #risktools, and voice-based #AIsystems that can hold a conversation while surfacing #policyexceptions. They’re building for depth, not just breadth and that’s what moves the needle in insurance. Aman Gour, Sashank Gondala, and the rest of the FurtherAI squad aren’t just “in” insurtech, they’re reengineering the cost structure of an entire sector. With the right capital, the right product, and a team that’s been through the fire, this is a bet on execution, not just vision. #Startups #StartupFunding #EarlyStage #VentureCapital #Insurtech #Insurance #InsuranceAI #Technology #Innovation #TechEcosystem #StartupEcosystem

Last week Wesley tried to renew his car insurance. He thought it’d take 10 minutes. It took 2 days, 3 back-and-forth calls, and an email thread with someone who had to “check with another team.” All they needed was his policy details to send a quote, and a payment link. The rep was polite, but the process was broken. Not the tech itself, but the glue work between systems, approvals, and processes. The hidden cost in insurance isn’t just fraud, it’s friction. That’s where CozmoX AI (YC W22) AI comes in. We’ve built Voice AI Employees that own it end to end for insurance companies. Here’s how it plays out technically for top insurers: 1. Caller Interaction (Telephony Layer) We integrate natively with SIP or cloud telephony (Twilio, Genesys, Avaya, etc.) to receive inbound or make outbound calls. Our AI Employee answers instantly with natural-sounding speech, no IVR menus. 2. Intent Recognition (NLP Layer) Using deep context windowing (vLLM + custom NLU), we detect whether the caller wants to file a claim, ask about a policy, or renew—no rigid keyword matching needed. 3. Contextual Memory (Session + External Memory Layer) Our AI Employee remembers. It pulls customer info live from CRMs (Salesforce, etc.), policy systems, or claims platforms (Guidewire, Duck Creek) via secure APIs. 4. Action Execution (RPA/API Layer) Once intent is confirmed, the AI triggers backend actions: Files FNOL Fetches policy docs Updates payment status Starts renewal workflows All done via REST/SOAP APIs or RPA if systems are legacy. 5. Real-Time CRM Sync (Logging Layer) Everything is logged: transcript, summary, outcome, next steps compliance ready and analytics-friendly. This isn’t a chatbot with a voice. It’s a full-stack operational AI built for regulated, high-stakes, high-volume industries like insurance. And the impact with an insurance aggregator we are working with - 80–90% automation of inbound/outbound calls - 50% drop in average handling time - 2x boost in customer satisfaction - Full traceability with structured logs + consent capture We’re not replacing people. We’re removing the repetitive glue work that stops them from working at the top of their license. If your team is still stitching together CRMs, call scripts, and manual workflows - we should definitely talk.

🗺️ Navigating the future of insurance requires a deep understanding of technology - In a recent report, Boston Consulting Group (BCG) highlights how embedded insurance is transforming the industry and why having the right tech stack is critical for success. This shift sees consumer-facing businesses integrating insurance directly into their offerings, creating new opportunities for growth but also demanding significant technological adjustments from traditional insurers. BCG projects that embedded insurance could account for over $70 billion in gross written premiums by 2030, a substantial increase from today's $13 billion. To capitalize on this, insurers must move beyond legacy systems and adopt a flexible, dynamic, and customizable tech stack. Key Takeaways: ✅ Flexible Product Engine: Insurers need software that allows them to rapidly create and dynamically adjust products for different partners without writing new code. ✅ Real-Time Data & Digital Marketing: Success hinges on using granular, real-time data analytics to optimize offers based on user behavior and running real-time A/B tests to refine pricing and coverage. ✅ Dynamic Software & Automation: To handle real-time transactions and automate back-end operations, insurers need software that can process data instantly and use flexible workflows, supported by AI and machine learning. ✅ Plug-and-Play Integration: Standardized, well-documented APIs are essential for seamless integration, allowing partners to embed insurance with minimal development effort. ✅ Scalable & Compliant Infrastructure: A scalable, cloud-based infrastructure with secure APIs is crucial to handle high transaction volumes, especially with the rise of short-term and micro policies. ✅ Greenfield vs. Brownfield Implementation: Insurers can either build a new tech stack separate from legacy systems (greenfield) for maximum flexibility or extend their existing infrastructure (brownfield). While both can succeed, greenfield often offers greater speed and flexibility. 🔗 Access the report here 👉 https://www.bcg.com