Insurtech startup Intelligent AI complete seed funding raise of £400,000 from RLC Ventures, to accelerate AI enabled commercial property insurance platform
Investors in this round: RLC Ventures, FomCap, The Gupta Group
Intelligent AI has secured £400,000 in seed funding led by RLC Ventures following successful graduation from the Lloyds Lab Accelerator. The round also saw participation from FomCap, The Gupta Group and a number of UK based angel investors from leading private equity, insurance and property firms.
The company has also been successful in winning £295,000 in Innovate UK grants, matched with its own funding.
Intelligent AI has been launched by founder Anthony Peake, to help insurers more accurately predict the risk on commercial properties by using a cloud based Intelligent Risk platform that draws in over 300 data points; ranging from satellite image analysis, real-time weather and flood risks to crime rates and fire service response times.
Anthony Peake has previously delivered risk management solutions for 6 of the top 10 UK insurers and has held key roles at global technology companies, including Apple, GE, BT and Oracle. Anthony’s latest venture aims to transform the commercial property insurance sector.
Addressing commercial property risk is a key strategy for many insurers and brokers. Lloyd’s property insurance lost on average £800m a year (£4bn in total) between 2016 and 2020, driven by increases in man-made and natural hazard losses and the challenges of accurately assessing risk across huge property portfolios.* With only 5-10% of insured properties typically visited by risk engineers in the UK each year, improving the quality of analytical data is a top priority to ensure accurate premiums and risk mitigation programmes across 100% of the portfolio.
AI and advanced data analytics can now help insurers, brokers and their clients to better identify and track risks, providing actionable insights that could save the commercial property insurance sector hundreds of millions of pounds each year. Benefits for the customer include mitigated health and safety risks and greater business continuity.
The funding is being used to develop an Intelligent Risk Management Platform, including an AI Risk Report Analyser, which automatically turns lengthy unstructured risk reports into real-time dashboards to accelerate risk mitigations programmes for corporate clients and lower claims for brokers and insurers.
Drawing on data from satellite image analysis, real time IoT meters, open data and proprietary algorithms, pilot projects are now underway, with Intelligent AI working with insurers and corporate organisations in the UK and US.
Intelligent AI is also rolling out its Digital Twins of Risk AI programme, which provides risk profiles of all properties across a portfolio, not just those visited by risk engineers. A pilot study building 20,000 digital twins of global properties ranging from hotel groups and port authorities to wind turbine sites has started.
Anthony Peake, Founder and CEO of Intelligent AI, says: “ We need to move away from a system based on incomplete and historic data, which is failing to accurately define levels of risk in the marketplace.
“A typical insurer is able to send risk engineers to about 5% – 10% of insured locations representing 20% – 25% of the risk exposure. A huge proportion of insured properties are never visited, and the statistical models used to predict the risks in the 90% of unseen locations are, inevitably, prone to errors which is leading to over £4Bn of commercial property insurance losses over the last 5 years in the UK.”
Jeff Chowdhry, Partner at RLC Ventures, comments: “We are delighted to be backing Intelligent AI at the beginning of their journey. Real time data combined with the application of artificial intelligence presents the commercial property insurance sector with an opportunity to save millions every year. Intelligent AI will be strongly placed to capitalise on this huge opportunity and influence the commercial property insurance market.”