ByJohn Hyatt,
Forbes Staff.
A
rtificial intelligence is meant to be the software industry’s great equalizer: agents and “vibe coding” tools that let small teams replicate what bloated companies sell, only faster and cheaper. The threat of AI to the enterprise software industry is readily apparent. One need only look at the recent stock declines of giant software incumbents like Adobe and Salesforce, whose shares are down over 30% in the last 12 months.
In a sleepy corner of the insurance business where little known cloud-based enterprise software companies compete for business from sprawling global insurance agencies, this disruption story has been turned on its head. Comulate, an AI startup founded in 2022 by two Silicon Valley engineers, has created an automation tool for insurance accounting that has won favor with major insurance agencies and brokerages. The company quickly hit 8-figure revenues and received financial backing from leading venture capital firms like Spark Capital and BOND, who hailed its “unprecedented” growth.
