Artificial Intelligence companies in InsurTech in Europe
There are 36 Artificial Intelligence companies in InsurTech in Europe which include Shift Technology, Sprout.ai, Tractable, FRISS, Teraki. Out of these, 19 startups are funded, with 8 having secured Series A+ funding, and 2 achieving unicorn status.
Over the past 10 years, an average of 2 new companies have been launched annually. Notably, several of these startups have been founded by alumni of Imperial College London, London School of Economics and Political Science and Columbia University.
Here is the list of top Artificial Intelligence companies in InsurTech in Europe
Provider of AI solutions for insurance underwriting, claims, and risk. The company offers tools for fraud detection, payment integrity, subrogation, and claims intake. It also provides solutions for compliance risk, and claims document analysis. The AI platform aims to improve accuracy and efficiency for insurers.
Key facts about Shift Technology
- Founded Year: 2014
- Location: Paris (France)
- Stage: Series D
- Total Funding till date: $320M
- Investors: Accel, General Catalyst and 15 Others
- Latest Funding Round: Series D, Nov 02, 2021, $*****
- Tracxn Score: 67/100 What is this?
- Competitors Rank: 36 of 7,045 Competitors
2. Sprout.ai
AI-based software suite for personal and commercial insurers. It provides software for claims automation and fraud detection. It also provides solutions for image analysis, audio analysis, document management, behaviour analysis, and more.
Key facts about Sprout.ai
- Founded Year: 2018
- Location: London (United Kingdom)
- Stage: Series A
- Total Funding till date: $38.3M
- Investors: Amadeus Capital, Praetura Ventures and 32 Others
- Latest Funding Round: Series A, Oct 31, 2023, $*****
- Tracxn Score: 61/100 What is this?
- Competitors Rank: 1 of 168 Competitors
3. Tractable
Developer of artificial intelligence software for automated vehicle damage assessment. This technology utilizes computer vision to analyze images of automobiles to identify dents, scratches, and other structural defects. The software generates repair estimates and identifies salvageable parts for use in insurance claims, collision repair, and fleet maintenance workflows. It integrates with existing systems to process visual data and provide technical assessments of vehicle condition.
Key facts about Tractable
- Founded Year: 2014
- Location: London (United Kingdom)
- Stage: Series E
- Total Funding till date: $185M
- Investors: Georgian, Entrepreneur First and 17 Others
- Latest Funding Round: Series E, Jul 18, 2023, $*****
- Tracxn Score: 58/100 What is this?
- Competitors Rank: 12 of 318 Competitors
4. FRISS
Provider of trust automation platform for property and casualty insurance carriers. The platform helps automate risk assessment processes behind every customer interaction. It analyzes policy requests, renewals, and claims for trustworthiness, flagging high risks. The platform offers solutions for underwriting, claims, and investigations.
Key facts about FRISS
- Founded Year: 2006
- Location: Utrecht (Netherlands)
- Stage: Series B
- Total Funding till date: $88.7M
- Investors: BlackFin, Accel-KKR and 3 Others
- Latest Funding Round: Series B, Nov 02, 2021, $*****
- Tracxn Score: 50/100 What is this?
- Competitors Rank: 190 of 4,393 Competitors
5. Teraki
Teraki provides an AI-enabled edge processing platform for the automotive industry. It offers embedded software that works as an enabler for current and future IoT/M2M applications. It claims that its solutions reduce the amount of data generated by sensors by up to a factor 10 without compromising its quality. The solution enables the applications to pre-process the sensor data for better decision making. It embeds on one side in the CPU & RAM-constrained chipsets of cars and integrates on the other side at a customer’s backend for the storage, labelling, training, and analysis of reconstructed or reduced data.
Key facts about Teraki
- Founded Year: 2014
- Location: Berlin (Germany)
- Stage: Series A
- Total Funding till date: $16.3M
- Investors: Horizons Ventures, Paladin Capital and 19 Others
- Latest Funding Round: Series A, Jan 03, 2023, $*****
- Tracxn Score: 48/100 What is this?
- Competitors Rank: 4 of 21 Competitors
