UK government backs AI-based insurance risk management firm Intelligent AI in £1m fundraise

Risk management firm Intelligent AI raised circa £1m following its graduation from Lloyd’s Lab to develop its online Intelligent Risk platform aimed at commercial property insurers.

Breaking it down, the firm received backing from the UK government with £295,000 in grants including £295,000 from Innovate UK. To add on, the startup 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.

The funding will be used to develop its Intelligent Risk Management Platform as well as 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.

With a focus on the insurance ecosystem, the Intelligent AI platform helps insurers accurately predict the risk on commercial properties. Its cloud-based Intelligent Risk platform 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. The company claims it could help the commercial property insurance sector save over £500m a year in lost revenue.

The sector is indeed ripe for innovation. Lloyd’s property insurance lost circa £800m a year totalling £4bn between 2016 and 2020, driven by increases in man-made and natural hazard losses and the inability of 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 needs to be a top priority to ensure accurate premiums and risk mitigation programmes.

The answer to mitigating potential risks lies in AI and advanced data analytics which can help insurers, brokers and their clients to better identify and track risks, provide actionable insights. As a result, using technology – such as that provided by Intelligent AI – could mitigate health and safety risks as well as save the commercial property insurance sector hundreds of millions of pounds each year, it added.

Drawing on data from satellite image analysis, real-time IoT meters, open data and proprietary algorithms, pilot projects are already underway with Intelligent AI working with insurers and corporate organisations in the UK and US.

The firm 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.

Commenting on the need for commercial property risk, Intelligent AI CEO Anthony Peake said, “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.”

Peake carries a wealth of knowledge and expertise as he previously delivered risk management solutions for six of the top ten UK insurers and has held key roles at global technology companies including Apple, GE, BT and Oracle.

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