Novee AI Raises £1.6m to Improve Commercial and Specialty Underwriting
Novee AI has secured £1.6 million in pre-seed funding aimed at advancing its AI-driven risk assessment platform. The company plans to develop an AI intelligence layer specifically for commercial and specialty insurance. This will help underwriters process broker submissions more efficiently by reducing the manual, repetitive tasks that currently consume a large portion of their time.
Underwriters spend approximately 50% of their time gathering and evaluating information from complex submissions. Despite this effort, only 20% of quoted risks are typically converted into bound policies in certain insurance classes. Novee AI’s platform seeks to change this by streamlining the process and enabling underwriters to focus on writing new business.
Focus on Speed, Clarity, and Control
Haris Khan, CEO and co-founder of Novee AI, says the funding will accelerate product development and enable the company to expand into additional business classes. “Our platform provides insurers with the speed, clarity, and control necessary to confidently evaluate complex risks,” Khan explains.
Details of the Funding Round
The funding round was led by 42Cap, an early-stage investor in B2B SaaS companies, with additional support from Insurtech Gateway, a firm backing insurance technology ventures.
Khan adds, “Working closely with leading insurers, we’re improving underwriting workflows and helping clients grow their business and improve risk selection.”
Julian Von Fischer, General Partner at 42Cap, highlights that Novee AI addresses underwriting challenges directly rather than simply digitizing existing processes. This approach enables insurers to scale operations, improve service levels, and boost revenue and profitability.
How Novee AI Supports Underwriters
Novee AI’s platform integrates seamlessly with existing underwriting systems, automating routine tasks while providing real-time analytics on pipeline and portfolio data. Two London market insurers are currently using the platform to underwrite terrorism, property, and energy risks. Additional pilot programs are underway with other insurers and managing general agents (MGAs).
Dom Nolan, Investment Manager at Insurtech Gateway, notes, “Existing vendors often lack flexibility and fail to retain critical context from broker submissions. Novee’s system captures underwriting expertise and applies it systematically, delivering value within weeks.”
For insurance professionals interested in AI and automation tools applicable to underwriting and risk assessment, exploring targeted AI training can be valuable. Resources are available to build skills in AI-powered workflows and automation — for example, at Complete AI Training’s automation courses.
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