PeppercornAI, a UK-based InsurTech company specializing in conversational artificial intelligence solutions, has secured a funding of £3.25 million in its latest investment round.
Wealth Club led the funding round with a contribution of £1.9 million, joined by existing investors EHE Capital and Angels Invest Wales, as well as several high net worth individuals. Despite an overall decrease in investment in the UK’s FinTech and InsurTech sectors, which saw a reported decline of 34% last year, this funding round attracted significant oversubscription.
PeppercornAI leverages advanced conversational AI technology to streamline operations, enhance risk management, and elevate customer experiences within the insurance industry. This innovative technology not only drives down operational costs but also assists insurers in effectively managing and selling policies. The company’s recent achievements include winning the prestigious Celent Model Insurer Award for Digital and Emerging Technology.
The newly acquired capital will be allocated towards further enhancing PeppercornAI’s conversational AI platform, Pipr, which serves various sectors including the automotive industry. Pipr plays a pivotal role in the digital transformation of the insurance sector, empowering providers to reduce operational expenses and enhance risk assessment capabilities.
Nigel Lombard, CEO and Founder of PeppercornAI, emphasized the transformative potential of AI in the insurance industry, stating, “The insurance sector has seen minimal change since the advent of online insurance sales three decades ago. However, technology, particularly AI, has the capacity to revolutionize the way consumers purchase and manage their insurance policies, while also delivering significant advantages to providers.”
Lombard highlighted the industry’s historical hesitance towards adopting technology and underscored PeppercornAI’s role in addressing this challenge. He expressed gratitude to EHE Capital, Angels Invest Wales, and Wealth Club for their support in the successful fundraising endeavor, emphasizing the importance of their collaboration in driving innovation within the insurance sector.
