Intelligent AI, an Exeter, UK-based InsurTech startup, raised £2 million in seed funding for its AI-based property insurance underwriting software.
The round was led by Superseed, with support from the Cornwall and Isle of Scilly Investment Fund, and various angel investors.
The fund will be used to develop its software, including a risk report analyzer feature that turns reports into risk mitigation programs.
“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 a risk engineer,” said Anthony Peake, founder, and CEO of 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,” added Peake.
Intelligent AI has created a risk-underwriting platform for property insurance providers to write the terms and conditions of their policies.
Company: Intelligent AI Limited
Raised: £2.0M
Round: Seed Round
Funding Month: December 2022
Lead Investors: Superseed
Additional Investors: Cornwall & Isle of Scilly Investment Fund
Company Website: https://www.intelligentai.co.uk/
Software Category: AI-based Property Insurance Underwriting Software
About the Company: Intelligent AI was launched by founder Anthony Peake, to help insurers more accurately predict the risk on commercial properties by using a cloud-based "intelligent risk platform. Intelligent AI is disrupting insurance risk management through AI and data analytics solutions to identify, measure, predict and mitigate global risk and bring clarity to insurers and commercial property owners through digital Twin location profiles on 100% of locations within a portfolio. The platform creates a digital twin of a physical property to map out potential risks. It uses AI to analyze more than 300 data points, such as satellite imagery. Intelligent AI is part of the Innovate UK-funded KnowRisk Consortium, bringing together for the first time, insurance risk, supply chain risk, and audit risk to deliver a 360-degree view of risk across the enterprise.
Source: https://www.uktech.news/ai/intelligent-ai-seed-funding-20221202