Based in 2021, MEA deploys AI for insurance coverage underwriting, claims, and finance-related wants.
UK-based AI-native insurance coverage expertise firm MEA has introduced a $50m minority progress fairness funding from Scottish Fairness Companions (SEP).
In line with information offered by MEA, working prices characterize round $2trn in annual prices incurred by the insurance coverage business. MEA’s agentic AI merchandise, in some instances, have lowered these prices by 60pc, the corporate stated.
Based in 2021, MEA deploys AI for insurance coverage underwriting, claims, reinsurance and finance-related wants.
In line with the corporate, its platform will increase dealer productiveness and margins by 30pc and will increase the common underwriting capability by 40pc. Its merchandise are pre-trained within the language and specificity of insurance coverage necessities, easing buyer deployment and integration.
MEA has 4 workplaces throughout Bermuda, India, the UK and the US, and has purchasers throughout 21 nations with greater than $400bn in gross written premium processed by means of the platform. Its clientele contains AXIS, CAN, Accenture and ServiceNow.
The corporate is in its fourth consecutive yr of worthwhile progress, MEA stated. SEP’s funding will help the corporate because it accelerates product growth and buyer engagement because it continues its enlargement plans introduced final October.
“We noticed vital inbound curiosity from potential buyers and selected SEP for his or her long-term perspective, collaborative type, and the strategic help they may present as we enter our subsequent part of progress,” stated MEA founder and CEO Martin Henley. Henley was beforehand the chief info officer at AXA.
“Because the business strikes from AI experimentation to manufacturing, prospects more and more recognise the worth of domain-specific expertise that delivers outcomes instantly.”
Angus Conroy, a managing companion at SEP added: “MEA has constructed a extremely differentiated, production-grade platform with clear return on funding for international insurance coverage teams.
“Sturdy buyer adoption, progress, and capital effectivity replicate each the standard of the expertise and the workforce’s deep insurance coverage experience.”
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