InsurTech Intelligent AI has raised close to £1mil following its successful graduation from the Lloyd’s Lab, to develop and launch its online Intelligent Risk platform, which utilises 300 real-time data sources ranging from satellite image analysis, real-time weather and flood risks to crime.
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.
Anthony Peake, CEO said: “There is a huge global opportunity across the commercial property insurance sector. 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. Having real-time, accurate data on risks, and risk mitigation, could ultimately help to prevent catastrophic incidents like Grenfell Tower.”
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. Intelligent AI focuses on helping the insurance ecosystem understand risk better, make insight-led decisions and do so in a timely and efficient manner. The need for this digital-led transformation is significant and urgent, and Intelligent AI is at the forefront in being able to provide immediate value to insurers, clients, brokers and consulting companies.
Intelligent AI, founded by entrepreneur and innovator Anthony Peake, is backed by the UK government, with £295,000 in grants, including from Innovate UK. The start-up also secured £400,000 in seed funding led by RLC Ventures, with participation from FomCap, The Gupta Group and a number of UK based angel investors from leading private equity, insurance and property firms.
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.