Kalepa raises $75M Series B at $470M valuation for insurance AI

Seven stages of underwriting

The company argues that insurers, under pressure from rising losses, retiring experienced staff and new AI-native competitors, need AI that carries connected workflows through to the end rather than automating isolated tasks. Its platform supports underwriting in seven stages. It starts with submission intake, automatically classifying hundreds of document types, from standard ACORD forms and statements of values (SOVs) to loss runs and supplemental applications, and extracting their data.

From there it covers detection of competing submissions, missing documents and sanctions checks, prioritization of deals most likely to bind, risk analysis of exposures and terms, rating, creation of quotes and binders, and portfolio management.

An insurance-specific AI layer coordinates the agents doing this work, adjusting the level of automation to the task and its risk. Human staff step in where expertise or approval is needed, and every result is verified, traceable and auditable.

Reported results and plans

Insurers using Kalepa report 30% to 60% more premium per underwriter, a 58% cut in time to quote, a 960 basis point improvement in combined ratio and a doubling of quote-to-bind rates.

Over the past year, revenue and customer count have each tripled, and the volume of work processed on the platform has grown fourfold. The company says it has been cash-flow positive for more than two years. It will use the new funds to broaden its AI product lineup and enter new markets, and plans to double its headcount in 2027.