Intelligent AI has closed a £400k seed round led by RLC Ventures. The company is a member of SETsquared Exeter, and the round followed its pitch at SETsquared’s online Investment Showcase in December 2020. It has also won £295k in Innovate UK grants, matched with its own funding.
Intelligent AI is building a cloud-based platform, Intelligent Risk, that helps insurers price and manage commercial property risk more accurately. Part of the platform is an AI Risk Report Analyser, which converts long, unstructured risk reports into live dashboards. With the findings visible, corporate clients can act on risk improvements sooner, and brokers and insurers can reduce claims.
The platform draws on more than 300 data points, including satellite image analysis, real-time weather and flood data, crime rates and fire service response times. Pilots are under way with insurers and corporate organisations in the UK and the US.
Intelligent AI is also rolling out its Digital Twins of Risk programme. The programme builds a risk profile for every property in a portfolio, not only the sites a risk engineer has visited. A pilot covering 20,000 properties worldwide has begun, spanning hotel groups, port authorities and wind turbine sites.
The work targets a structural gap in how commercial property is underwritten. Anthony Peake, Founder and CEO of Intelligent AI, explained: “A typical insurer is able to send risk engineers to about 5% – 10% of insured locations representing 20% – 25% of the risk exposure. A huge proportion of insured properties are never visited, and the statistical models used to predict the risks in the 90% of unseen locations are, inevitably, prone to errors which is leading to over £4Bn of commercial property insurance losses over the last 5 years in the UK.”
“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,” he added.
Jeff Chowdhry, Partner at RLC Ventures, said: “We are delighted to be backing Intelligent AI at the beginning of their journey. Real time data combined with the application of artificial intelligence presents the commercial property insurance sector with an opportunity to save millions every year.”