Berlin-based InsurTech startup muffintech has raised €3.5m to enhance its AI-powered solutions designed for insurance companies and brokers.
The funding round was led by ff Venture Capital and Techstars, with participation from several Angel investors with deep roots in the insurance sector, according to EU-Startups.
Notable backers include former Ergo CEO Torsten Oletzky, former Gothaer board member Oliver Brüß, former insurance manager Stefan Liebig, InsurTech investor Daniel Feyler, and several prominent ‘finfluencers’. An additional €800k was provided through Investitionsbank Berlin’s IBB Pro FIT programme.
Founded in 2021 by Simon Moser, Tomas Gan, Felix Koepp, and Elli Wolf, muffintech has developed a specialised large language model (LLM) tailored to the insurance industry.
The AI platform is designed to automate time-consuming tasks such as answering customer queries, searching policy details, handling objections, and providing benefit arguments, helping insurance firms and brokers enhance productivity.
Muffintech plans to use the fresh capital to scale its AI capabilities and expand its market presence. By integrating seamlessly with internal company systems, the platform enables insurers to automate workflows, reduce team workloads, and improve conversion rates.
The company’s AI model is pre-trained on over 30,000 insurance-specific conversations and has successfully passed the 34D exam, achieving a “very good” rating by correctly answering 98% of questions from Germany’s Certificate of Competence Examination for Insurance Intermediaries and Consultants (§ 34d GewO).
In comparison, ChatGPT scored just 52%, showcasing the industry-specific expertise of muffintech’s solution.
According to their website, “This tool that incorporates industry-specific expertise is much more than just a chatbot. Our AI is a pre-trained assistant designed for speed and efficiency. From knowledge management to customer service, Aion quickly solves common problems, allowing you to reduce your team’s workload, boost customer satisfaction and improve conversion rates.”
Muffintech’s innovative AI solutions are already in use by brokers, broker pools, and insurance companies. With rising demand for AI-powered tools in FinTech sectors, the company appears well-positioned to lead the digital transformation within insurance.
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