Berlin Insurtech Beginning on Berlin MuffinTech raised € 3.5 million to advertise its AI-driven options to insurance coverage firms and brokers to help in answering buyer inquiries, in search of coverage particulars, dealing with objections and offering advantages.
The financing spherical was led by FF Enterprise Capital and Techstars, with participation of Angel Buyers within the insurance coverage sector, together with former Ergo CEO Torsten Oetzky, former board member of Gothaer Oliver Brüß, former insurance coverage supervisor Stefan Liebig, a number of ‘finfluencers’, and Insurtech investor Daniel Feyler.
As well as, € 800 000 comes from funding of Investitionsbank Berlin’s IBB Professional Match program.
In line with their web site, “This device that features trade -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 Buyer Service, Aion rapidly solves basic issues, so you may scale back the workload of your staff, improve buyer satisfaction and enhance the conversion charges ”.
Based by Simon Moser, Tomas Gan, Felix Goepp and Elli Wolf in 2021, Muffindech develops a specialised main language mannequin (LLM) tailored to the insurance coverage trade. The AI instrument goals to streamline operations by automating sophisticated and time-consuming duties, together with answering buyer inquiries, the seek for coverage particulars, dealing with objections and offering advantages arguments.
In line with the corporate, its AI features as “an worker who by no means sleeps by no means cease studying, and who can do nearly infinite duties on the identical time. “The platform integrates seamlessly with inside enterprise programs, enabling insurers and brokers to automate workflow and enhance productiveness.
Their AI was pre-trained on greater than 30,000 insurance coverage talks and efficiently handed the 34D examination for the aim of guaranteeing a excessive efficiency stage.
In line with a report of October 2024, IHK examiners examined the instrument of Muffintech utilizing questions of the certificates of competency examination for insurance coverage intermediaries and consultants (§ 34D). The software program achieved a ‘excellent’ ranking and answered 98% of the questions appropriately. Muffintech stated that each one solutions had been utterly or nearly utterly right, with out incorrect solutions.
As compared, Chatgpt solely achieved 52%.
Muffintech already serves brokers, brokerage swimming pools and insurance coverage firms. With its current financing, the start plans to scale its AI capabilities and develop its vary available in the market.
There’s a vital potential within the provide of muffindech, because the insurance coverage trade continues to be in search of AI-driven options to enhance effectivity and scale back working prices. The rise of AI purposes in varied FinTech sectors, together with accounting firms akin to Integral, signifies that the demand for AI-powered instruments tailored to area of interest trade is just rising.
(Tagstotranslate) AI (T) Berlin (T) Brokers (T) Daniel Feyler (T) Elli Wolf (T) Felix Goepp (T) FF Enterprise Capital (T) IBB Professional Match Program (T) Insurance coverage (T) Insurtech
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