(Image source: Intelligent AI homepage.)
InsurTech Intelligent AI (Exeter, Devon) announced that it has raised £2m in seed funding, led by SuperSeed (London), following increasing traction in the market. Intelligent AI says investment will be used to develop its Intelligent Risk Underwriting Platform, to save the U.K. property insurance sector up to £500m a year in avoidable claims.
Intelligent AI says its cloud-based Intelligent Risk Underwriting Platform enables these savings, with more to follow globally, through better risk insights, risk selection, and greater risk mitigation to reduce unnecessary claims. Further, the InsurTech says, with Intelligent AI, insurers can boost revenue by underwriting with better terms and conditions, while increasing retention rates through a greater understanding of clients’ needs.
Explaining the timing of its traction and seed round, Intelligent AI notes that a recent survey by Intelligent AI and the Sense Consortium found that 88 percent of respondents stated it was “very important” or “important” to have real-time data of commercial property risks across their portfolios.
The InsurTech says its Intelligent Risk Underwriting Platform does this by bringing together over 300 data points, including AI document analysis, open data, satellite image analysis, property characteristics data, and real-time weather and flood risks, plus crime rates and fire service response times. This gives insurers greater clarity across 100 percent of their property portfolios, enabling them to identify, measure, predict, and mitigate property risks in real-time, Intelligent AI asserts.
“It’s imperative the industry moves away from a system based on incomplete, historical data, exacerbated by the fact that due to high costs only 10 percent of properties are assessed by risk engineers. Lloyd’s property underwriters alone lost on average £800m a year between 2017 and 2021,” comments Anthony Peake, Founder and CEO, Intelligent AI. “We provide the market with accurate property risk data with ‘Digital Twins of Risk’ to enhance understanding, whilst negating the need for costly onsite surveys.
“The funding will drive the development of our Intelligent Risk Underwriting Platform, so insurers can spend more time on risk assessment and underwriting and less time on admin, whilst delivering significantly more accurate premiums and supporting clients with risk mitigation programmes across their entire property portfolios,” Peake adds.
Great Engagement and Product/Market Fit
“We are delighted to be backing Intelligent AI and supporting their focus on intelligent automation of the commercial property sector, where they have already achieved great engagement and product/market fit,” says Dan Bowyer, Partner, SuperSeed. “This next stage of development will be transformational for the business, their customers, and the wider industry—there is enormous global potential here.”
Intelligent AI says the £2 million funding will enable the firm to grow its team of specialists to meet demand, drive global partnerships, and fuel the platform’s further development and expansion. This includes an AI Risk Report Analyser, which turns lengthy, unstructured risk reports into real-time dashboards that accelerate risk mitigation programmes for corporate clients and reduce claims for brokers and insurers, a company statement says.
Other participants in funding round include Cornwall & Isle of Scilly Investment Fund and several U.K.-based angel investors from prominent private equity, insurance, and property firms, according to the Intelligent AI statement. Intelligent AI reports that it has also been successful in winning over £400,000 in Innovate UK grants over the last two years.
The company notes that the funding follows a successful year for Intelligent AI that includes its graduation from the Lloyd’s Lab Accelerator, winning the Zurich Insurance UK Innovation Championship against 400 InsurTech start-ups, and running a number of large-scale global pilots of its Intelligent Risk Underwriting Platform.