Berlin-based InsurTech startup muffintech has raised €3.5 million to advance its AI-driven options for insurance coverage corporations and brokers to assist in answering buyer queries, looking coverage particulars, dealing with objections, and offering profit arguments.
The funding spherical was led by ff Enterprise Capital and Techstars, with participation from Angel buyers within the insurance coverage sector, together with former Ergo CEO Torsten Oletzky, former Gothaer board member Oliver Brüß, former insurance coverage supervisor Stefan Liebig, a number of ‘finfluencers’, and insurtech investor Daniel Feyler.
Moreover, €800k of the funding comes from Investitionsbank Berlin’s IBB Professional FIT programme.
In keeping with their web site, “This instrument that includes industry-specific experience is rather more than only a chatbot. Our AI is a pre-trained assistant designed for velocity and effectivity. From information administration to customer support, Aion rapidly solves frequent issues, permitting you to scale back your crew’s workload, increase buyer satisfaction and enhance conversion charges”.
Based in 2021 by Simon Moser, Tomas Gan, Felix Goepp, and Elli Wolf, muffintech is creating a specialised massive language mannequin (LLM) tailor-made for the insurance coverage {industry}. The AI instrument goals to streamline operations by automating complicated and time-consuming duties, together with answering buyer queries, looking coverage particulars, dealing with objections, and offering profit arguments.
In keeping with the corporate, its AI features as “an worker who by no means sleeps, by no means stops studying, and who can do nearly infinite duties on the identical time.” The platform integrates seamlessly with inside firm methods, enabling insurers and brokers to automate workflows and enhance productiveness.
Their AI is pre-trained on over 30,000 insurance coverage conversations and has efficiently handed the 34D examination, aiming to make sure a excessive degree of efficiency.
In keeping with an October 2024 report, IHK examiners examined Muffintech’s instrument utilizing questions from the Certificates of Competence Examination for Insurance coverage Intermediaries and Consultants (§ 34d GewO). The software program achieved a “excellent” score, appropriately answering 98% of the questions. Muffintech acknowledged that every one responses have been both fully or nearly solely right, with no incorrect solutions.
As compared, ChatGPT scored simply 52%.
Muffintech already serves brokers, dealer swimming pools, and insurance coverage corporations. With its current funding, the startup plans to scale its AI capabilities and broaden its attain available in the market.
There may be important potential in muffintech’s providing, because the insurance coverage {industry} continues to hunt AI-driven options to enhance effectivity and scale back operational prices. The rise of AI functions throughout numerous fintech sectors, together with accounting startups like Integral, means that demand for AI-powered instruments tailor-made to area of interest industries is barely rising.
