Insurtech Nuon develops AI platform to improve insurers' pricing and profits

Insurtech start-up Nuon AI has secured pre-seed investment for its artificial intelligence platform designed to improve the pricing performance of insurers, brokers and MGAs.

The first round of investment of £300k comes from Haatch Ventures, which it plans to use in building a full set of AI products for all stages of the insurance product lifecycle from pricing, to claims through to renewal. Nuon’s AI technology sits alongside insurers' IT infrastructure and augments pricing and underwriting teams.

The company has appointed Paul Doran (pictured), formerly of insurtech Inshur, as partner, responsible for Nuon’s growth and customer strategy.

"I have been working behind the scenes on investment and go-to-market strategy since the start of the year," said Doran. "I have been impressed with the technical development and pleased to be bringing to market a genuine AI innovation. Not only does the product deliver profit and performance gains for the insurer, it delivers fair value for the end-customer.”

Simon Penson, partner at Haatch said: “We are delighted to be on the growth journey with Nuon. The business has created an easy-to-integrate AI platform via an API to better price risk. The team is highly impressive having already worked together and successfully exited another insurance platform. We are excited to be able to back them at this early stage on their next venture.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.