What is Intelligent AI?
Intelligent AI is an InsureTech, headquartered in Exeter, Devon. The business provides real-time risk reports to enable insurers to price premiums accurately and assist in preventing the loss of millions in payouts from happening.
Insurers today currently lack real-time insights into risk pricing.
Intelligent AI today offers two core products:
- Report Analysis; through harnessing AI, underwriters and insurers are able to greatly reduce the time spent reading reports by automating the extraction of Risk Surveying Reports insight. The suggested actions and cost-saving measures are then surfaced and quantified in a dashboard.
- Digital Twins: Through the utilisation of over 300 data points, including satellite imagery, digital twins are created of the portfolio of properties that insurers are assessing. Once built and visualised, the user is able to assess any potential risks of fire, flooding, burglary, etc. through respective data inputs, better helping insurers understand their risk in a given property.
Who is behind it?
Anthony Peake is the Founder and CEO. He has over 35 years in leading global business divisions for Apple, GE, BT and Oracle, as well as leading a number of SME's. Anthony also has 6 years of experience in delivering risk management systems to some of the largest insurers, delivering over £10m in contract value at the board level to some of the top insurers in the world.
Piers Taylor is CTO and has over 30 years in delivering large, mission critical systems.
Given Anthony's prior experience in selling insurance software, we felt his industry connections and understanding of the fragmented market dynamics gave him and his team a competitive edge over others.
Together, the team posses a balanced set of commercial and technological attributes, with a high degree of domain expertise within the Insurance sector and a large contact list of top UK insurers such as AXA, Aviva, RSA and Willis Towers Watson. These contacts will accelerate their sales targets and enable them to better convert their sales pipeline.
We are excited to be working with Anthony and his team to deliver a unique offering to insurance companies at a critical time in which business disruption through Covid-19 has accelerated the demand for such Risk Management Software.
Through the team's pre-existing insurer relationships and the Lloyds Lab Incubator, Intelligent AI is already in discussions with dozens of insurer prospects and have closed 2 undisclosed pilots with large institutional insurers. The team are in ongoing discussions to close more pilots and have already converted their first large contract.
Intelligent AI is a knowledge-intensive company and has thus secured a considerable pipeline of grant funding. The company has recently been awarded a £100,000 grant by Innovate UK to build out their SurveyRisk tool. Grants for 2020 were roughly £150,000 and the company will be on track to receive another £300,000 of grants through 2021.
In the UK, the top 50 insurers spend over £100m a year on risk management platforms (£700m across Europe and over £5Bn globally from the top 50 insurers in each country). Considering mid-size insurers, the brokers and the large corporate customers, the potential market size is over £100Bn.
Intelligent AI's target market is Insurance Companies, their Corporate Customers, Tier 1 supply chain partners and brokers. There are approx. 560 large and mid-size insurers in the UK, approx. 3000 brokers, and over 10,000 large corporates who all require Intelligent Risk Management. This market size increases 50x as they expand to meet similar needs globally.
RLC led this £400,000 raise with participation from Force Over Mass Capital.