Exeter-based Intelligent AI has raised £2m in seed funding for its AI-based property insurance underwriting software.
Intelligent AI has created a risk underwriting platform for property insurance providers to write the terms and conditions of their policies. The platform creates a digital twin of a physical property to map out potential risks. It uses AI to analyse more than 300 data points, such as satellite imagery.
“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 engineer,” said Anthony Peake, founder and CEO of Intelligent AI.
Intelligent AI will use the seed funding to develop its software, including a risk report analyser feature that turns reports into risk mitigation programmes.
Superseed led the round with support from the Cornwall & Isle of Scilly Investment Fund, along with various angel investors. It builds on the £400,000 in Innovate UK grants it has previously received since it was founded in 2020.
Intelligent AI is also a part of the KnowRisk Consortium, which is backed by Innovate UK.
“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.
Earlier this year the firm took part in the Lloyd’s Lab Accelerator, born out of a partnership between Lloyds of London and L Marks.
Funds targeting the South West of England include the recently announced British Business Bank’s £200m South West Investment Fund.