This insurtech sector funding news just came in earlier today FYI;
Insurtech PeppercornAI has raised £3.25 million in its latest funding round. The funding, of which Wealth Club raised £1.9m, included high net worth investors, existing investors EHE Capital and Angels Invest Wales. The round was heavily oversubscribed despite reports showing investment into UK fintech and insurtech was down 34% last year.
The insurtech, which recently won the Celent Model Insurer Award for Digital and Emerging Technology, uses conversational AI to reduce operational costs, better protect risk and deliver a superior customer experience for buying and managing insurance policies. Last year, the insurtech launched its SaaS platform Pipr to support the motor industry amid rising cost pressures. Pipr supports the rapid digital transformation of the insurance industry, enabling providers to benefit from reduced operating costs and better risk protection.
The funding will be used to further develop the company’s conversational AI platform and support the pipeline of B2B demand in the UK and from overseas.
Nigel Lombard, CEO and Founder of PeppercornAI commented: “The insurance industry has barely changed since insurance started being sold online thirty years ago. Technology, specifically AI, has the potential to completely change the way consumers buy and manage their insurance policies and can also deliver significant benefits to providers at the same time.
“However, as an industry that’s historically been slow to adopt technology, insurance providers are worried about keeping up with the pace in which AI is developing. That’s where PeppercornAI comes in. Our team of insurance experts has built and proven a new model that allows providers to unlock the benefits of the technology now, can be integrated seamlessly and quickly, and ensures their businesses aren’t left behind. My thanks for the continual support of EHE Capital, to Angels Invest Wales and for the brilliant team at Wealth Club for making the raise so successful.”
Be the first to comment