The funding, raised in a round led by Superseed, will be used to develop the Intelligent Risk Underwriting Platform, grow its team and drive global partnerships
UK Insurtech firm Intelligent AI has raised £2m in seed funding to support the growth and development of its underwriting platform for the UK property insurance sector.
The funding, raised in a round led by Superseed, will be used to develop the Intelligent Risk Underwriting Platform, grow its team and drive global partnerships.
Intelligent AI has also been successful in winning over £400,000 in Innovate UK grants over the last two years.
The latest funding round saw participation from the Cornall and Isle of Scilly Investment Fund and several UK-based angel investors, including private equity, insurance and property firms.
Speaking on the potential of Intelligent AI’s platform, Anthony Peake, founder and chief executive officer, said: “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.”
Intelligent AI says its platform can save the UK property insurance sector up to £500m a year in avoidable claims through better risk management.
The platform uses numerous data points, including AI document analysis, open data, crime rates and fire service response times, to allow insurers to mitigate property risks in real time.
Peake said: “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% of properties are assessed by risk engineers.”
He added: “Lloyd’s property underwriters alone lost on average £800m a year between 2017 and 2021.”
Dan Bowyer, partner at Superseed, commented: “We are delighted to be backing Intelligent AI and supporting their focus on intelligent automation of the commercial property sector.
“This next stage of development will be transformational for the business, their customers, and the wider industry—there is enormous global potential here.”
Image: Intelligent AI