PeppercornAI: US$4.1m Funds for AI-Driven Insurance Tech
PeppercornAI, a UK-based insurtech startup, is making significant developments in the insurance sector with a recent funding boost of £3.25m (nearly US$4.1m).
This investment will aid the expansion and enhancement of its AI-driven solutions aimed at revolutionising customer experiences and operational efficiencies in the insurance industry in the UK and overseas.
Last year, PeppercornAI unveiled its new SaaS platform, Pipr, tailored specifically for insurance companies, brokers and MGAs. The conversational AI platform is designed to streamline costs and lower expense ratios, enhance risk management to reduce loss ratios and improve customer experience.
Leveraging AI for Improved Efficiency
The company is focusing on leveraging AI to automate and personalise the insurance process, making it more intuitive and user-friendly for customers. Initiatives include the development of conversational AI technologies to assist in routine tasks and customer interactions, which aims to streamline processes and reduce overheads. This is in line with broader industry trends where AI integration is crucial for the modernisation of legacy systems in insurance, improving underwriting and claims processing.
Nigel Lombard, CEO and Founder of PeppercornAI says, “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.
“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.”
Gayle Bowen, head of direct company investments at Wealth Club, says: “We believe PeppercornAI has the potential to transform the insurance industry and it became clear to us that Nigel and his team were the people to do it given their deep sector knowledge and network.
"The fact that they were able to prove the technology works, demonstrating tangible results and achieving industry-leading metrics significantly contributed to their success in securing investment.
“The company looks well positioned to grow its B2B offering, which is its next big step. For many early-stage companies, it’s been one of the most difficult periods to raise capital – but not for PeppercornAI. Wealth Club members were quick to spot this potentially stand-out company and within a month the round was heavily oversubscribed.”
Guy Remond, founder of EHE Capital, says: “To raise £3.25m in the current climate is a glowing testament to the strength of the PeppercornAI team and their mission to bring substantial efficiencies to administering insurance policies using their AI-powered platform, Pipr.”
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