The latest news from Ancep for you;
Ancep, a London company building AI agents for commercial insurance brokers, has raised $8.5m to help brokers place the risks they currently turn down and earn revenue they would otherwise never book. Creandum led the round with Kleiner Perkins and Vicus Ventures participating, alongside angel investors including Christa Davies, ex-CFO of Aon, and operators from OpenAI, Anthropic and Google DeepMind.
Ancep’s agents are live with one of the largest credit insurance brokers in Austria, ACIC Financial Advisory, a top 10 UK broker and the specialty lines of one of the top US brokers. The chief operating officer of one customer division reports a 10% revenue increase within six weeks of going live.
Ancep’s raise comes in the context of global commercial insurance rates having fallen 6% in the second quarter of 2026, an eighth consecutive quarterly decline due to abundant capacity and a surplus of capital. Placing a risk takes roughly the same effort whether the commission is a few hundred pounds or tens of thousands, so below a certain size brokers decline the work or leave it at the bottom of the queue. Ancep estimates that up to 30% of the risks a broker sees fall below that line and that about half could be placed profitably: 5 to 10% in revenue a large brokerage never books, which Ancep’s agents help recover within a few weeks and without adding headcount.
Ancep’s agents carry out the routine stages of a placement: reading the client’s submission, building the broker’s standard documents from it and approaching insurers for terms by email, portal or API. They work inside the platforms brokers already run, including policy admin systems, e-trade portals, and CRMs rather than through individual integrations. For the largest brokers, which often run dozens of policy systems side by side, that is the difference between a rollout measured in days and one measured in years.
The broker stays in charge: only an authorised broker can bind cover, and every agent output is reviewed by the broking team before it takes effect. Each client runs in its own isolated environment and nothing is pooled or trained on across brokerages without explicit consent. The company where the founders previously worked sold AI to the testing, inspection and certification industry, where an error can put physical infrastructure at risk, and Ancep is built to the same standard.
Ancep deploys one workflow at a time, starting where the pain is worst and the benefits come quickest, and shows a working prototype within two days of signing an NDA. It charges a portion of the value created by the agents, so it is paid only when the broker is.
At ACIC Financial Advisory, which specialises in credit insurance and surety, brokers used to spend much of their week on reading complex policy wordings, comparing insurer terms line by line, preparing market submissions and pulling information out of large document sets. Ancep’s agents support this groundwork, and jobs such as detailed contract and policy review now take a fraction of the time they did. The firm has taken on more clients without adding administrative headcount, and its specialists have moved the recovered hours into advising clients, opening new markets and designing insurance products the team did not previously have time to build.
Gagan Khurana, co-founder and CEO of Ancep, commented: “There have been enough vendors selling brokers time saved and cost reduced which just don’t resonate and get stuck in two year procurement cycles. What we sell is net new revenue. Plenty of people are betting brokers get disintermediated. We think the opposite: brokers have huge leverage, and no chatbot is going to replace it. So we are not building around them, we are building for them, and we are starting with the twenty largest in the world.”
Christoph Zawadil, Managing Director at A.C.I.C. Financial Advisory, remarked: “Credit insurance and surety is specialist work, but a lot of a broker’s week goes on comparing insurer wordings, preparing market submissions, extracting information from large volumes of documents. Ancep understood that workflow deeply, rather than trying to sell us generic AI, which is why adoption across the business has been exceptionally high. We did not do this to cut costs but to get our specialists’ time back, and they are now using it to advise clients, expand into new markets and build insurance products we didn’t have the capacity to design previously.”
Simon Schmincke, Partner at Creandum, said: “Commercial insurance is a $3 trillion market that has absorbed ten years of software promises without much changing inside the largest brokers. Gagan and Jake built something that works within the systems those firms already run, meaning they are live and expanding across lines of business within weeks. Most AI in this market is a bet against the intermediary, but Ancep is the first company we have seen that makes it more valuable instead. We’re excited to back them in that mission.”
Mamoon Hamid, Partner at Kleiner Perkins, added: “Commercial insurance is a large market where too much business still goes unserved because the economics don’t work. Ancep is using AI to change that equation while keeping brokers at the center. We’re excited to support Gagan, Jake, and the Ancep team as they expand what brokers can profitably serve.”
Ancep will use the new funds to support growth and hiring.
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