New Exeter Artificial Intelligence company launches

Data could help prevent catastrophic incidents

A new Exeter business using artificial intelligence to assess risk in the commercial property insurance sector has raised close to £1 million.

Entrepreneur Anthony Peake has set up Intelligent AI, backed by investors and nearly £300k of government funding through a scheme called Innovate UK. 

Uses real-time data such as weather and flood risks to crime rates and fire service response times, the systems is said to be able to help save the sector more than £500 million per year in lost revenue.

Mr Peake was previously managing director of Software Solved, an IT company at Marsh Barton and has held key roles at Apple, GE, BT and Oracle. He says the commercial property insurance needs: "to move away from a system based on incomplete and historic data, which is failing to accurately define levels of risk in the marketplace. Having real-time, accurate data on risks, and risk mitigation could ultimately help to prevent catastrophic incidents like Grenfell Tower.

“According to Lloyd’s some £4billion was lost across the UK commercial property insurance sector 2016-2020 because of the historic imbalance between accurate premiums and actual claims. AI and real-time data insight can eradicate that, saving over £500m per year. At the same time, the customer will benefit from mitigated health and safety risks, lower premiums and greater business continuity.”

Intelligent AI has rolled out a suite of AI-backed tools, including its AI Risk Report Analyser, which automatically turns lengthy unstructured risk reports into real-time dashboards to accelerate risk mitigations programmes for corporate clients and lower claims for brokers and insurers.