Poetic emerges from stealth with $50M from OpenAI to automate insurance underwriting and compliance

Poetic, an AI startup that has been operating in stealth, has emerged with $50M in funding and a $500M valuation to automate some of finance’s most sensitive back-office work, from insurance underwriting to compliance and fraud checks. Its backers include OpenAI, Peter Thiel’s Founders Fund, and Kleiner Perkins.

The company was founded by Markie Wagner, a former Google and Waymo machine-learning engineer who previously ran the AI consultancy Delphi Labs. Its pitch is a single line: “turn your business into software.”

Poetic’s system ingests a firm’s procedures, training videos, and expert feedback, runs processes end-to-end, and, the company says, repairs itself when the underlying software changes. To make that affordable at scale, it has built its own programming language for directing AI.

Big claims, blue-chip names, thin disclosure

The customer list is the eye-catching part: SoFi, AIG, and Chime are named users. Poetic claims striking results, including 100 per cent accuracy on automated fraud decisioning, 99 per cent-plus quality processing insurance broker quotes for AIG, and $200M a year saved on fraud detection for one Fortune 500 financial firm.

“What Poetic has built is genuinely different,” said Leigh Marie Braswell, a partner at Kleiner Perkins, saying it executes complex processes “with accuracy that exceeds what human teams can deliver.”

Those are the company’s own figures, and they are large. Poetic has disclosed little about how the system actually works, which makes them hard to verify, the kind of opacity that matters most when the pitch is automating regulated, high-stakes decisions. The company says client data stays in the customer’s own environment with zero retention, and lists SOC 2 Type II, PCI, HIPAA, and GDPR compliance.

OpenAI is funding its own ecosystem

The more telling story may be the backer. OpenAI has steadily turned into a platform company with an investment arm, seeding application-layer startups that run on its models, from agent-swarm builder Isara to its own $10bn private-equity deployment vehicle. Each cheque deepens a network of companies that extend, and depend on, OpenAI’s technology.

Poetic is wading into a fast-filling category, enterprise workflow automation, where it is far from alone and where the shift from generative to agentic AI in finance is already under way. The open question is whether “100 per cent accuracy” survives contact with a regulator, an auditor, and the messy edge cases that make underwriting and compliance hard in the first place.

For now, the money, and OpenAI’s name, are betting it can.