Insurance software firm to create jobs with new base in Cornwall

Software business Intelligent AI is to set up a base in Cornwall after securing £500,000 equity investment.

The Cornwall & Isles of Scilly Investment Fund (CIOSIF) investment, along with match-funding from SuperSeed, the FSE Angel Investor Network and private investors, will also help to create 27 jobs over the next three years.

Established in 2020 by Anthony Peake, Intelligent AI provides a risk underwriting platform for the commercial property insurance sector, incorporating artificial intelligence to aid the decision-making process for insurers.

Intelligent AI says the commercial property insurance market currently suffers significant losses in risk management caused by inefficiencies in recording and analysing data sets. Underwriters spend 80% of their time gathering fragmented data, usually a manual process, and less than 20% of their time underwriting policies.

Intelligent AI offers a platform using advanced predictive algorithms, risk data and visualisations to empower their clients to achieve more intelligent outcomes and act on what matters most.

Drawing on data from satellite image analysis, real time smart meters, open data and proprietary algorithms, the platform is able to automatically deliver over 300 datasets for each commercial building or asset (e.g. factories, warehouses, ports, mines etc). Datasets might include flood and weather risk, local crime rates and emergency response times. The customer benefits from mitigated health and safety risks, accurate insurance premiums and greater business continuity.

Peake said: “It is great to be working alongside the CIOSIF team with an investment that has come at an exciting time. In the UK alone, some £50 billion of commercial property underwriting took place from 2016 to 2021 and resulted in losses of £4.7 billion. Globally, approximately £270 billion of commercial property has been underwritten over the last five years, with losses in excess of £27 billion. Thanks to this investment, we will be able to accelerate our growth plans and expand our team to respond to global commercial opportunities, including in the US.”

Anna Staevska, investment manager at The FSE Group, added: “Intelligent AI is an exciting young business with global potential. We were impressed with Intelligent AI’s management team, who have deep domain expertise and significant experience in the insurance sector. Furthermore, the company has an exciting suite of products which provide solutions to sector wide problems experienced around the world. We are delighted to be able to invest in the business and look forward to working with Anthony and the team to ensure they reach their goals for growth.”

Photo caption shows (left to right): Paul Jones, Senior Manager at the British Business Bank, Anthony Peake, CEO at Intelligent AI, Anna Staevska, Investment Manager at The FSE Group and John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board.

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