AI-Native Insurtech Meshed Secures £950k to Transform SME Insurance
Meshed, an innovative AI-driven insurance broker, has secured substantial investment from Aviva and other backers to revolutionize the commercial insurance market for SMEs. The company aims to leverage AI to cut costs, reduce premiums, and enable brokers to focus more on client relationships and specialist advice.
Currently, only 5.9% of commercial insurance brokers utilize AI-driven policy recommendation tools, with a staggering 78.6% having no plans to adopt them. This reluctance may be due to various factors, including technological scepticism, lack of trust in AI's reliability, regulatory uncertainties, and a perceived lack of customer demand. Meshed, however, has raised £950,000 ($1.3m) in a pre-seed funding round to challenge these norms and transform the market. Despite AI being perceived as a threat by only 5.2% of brokers, Meshed's approach could reshape the industry, given that around 80% of UK SMEs remain underinsured due to outdated brokerage practices. Encouragingly, 64.5% of UK SMEs are comfortable with AI assessing their insurance needs, with 26.7% being extremely comfortable with the idea.
Meshed's innovative approach, backed by significant investment, could reshape the commercial insurance market for SMEs. By harnessing AI's potential, the company aims to cut administrative costs, reduce premiums, and enable brokers to provide more personalized service. As AI's role in insurance continues to evolve, Meshed's success could drive wider adoption, benefiting both brokers and SME clients alike.
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