PeppercornAI, an InsurTech specialising in conversational artificial intelligence, has successfully raised £3.25m.
The latest funding was spearheaded by Wealth Club, which contributed £1.9m, alongside existing investors EHE Capital and Angels Invest Wales, and featured contributions from several high net worth individuals. Despite a general downturn in investment into the UK’s FinTech and InsurTech sectors—reported at a decline of 34% last year—this round was notably oversubscribed.
PeppercornAI uses cutting-edge conversational AI technology to streamline operations, enhance risk protection, and improve customer experiences in the insurance sector. This technology not only reduces operational costs but also aids insurers in managing and selling policies more effectively. The firm’s recent accolades include winning the Celent Model Insurer Award for Digital and Emerging Technology.
The fresh capital will be channelled into further developing PeppercornAI’s conversational AI platform, Pipr, which supports the motor industry among others. Pipr is instrumental in the digital transformation of the insurance industry, enabling providers to cut operating costs and improve risk management.
PeppercornAI’s CEO and Founder, Nigel Lombard, said, “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.
“However, as an industry that’s historically been slow to adopt technology, insurance providers are worried about keeping up with the pace in which AI is developing. That’s where PeppercornAI comes in. 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.”
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