Insurtech secures $50m of backing from technology investor

Insurtech Mea Platform has secured a $50m (£36.8m) minority growth equity investment from technology investor SEP as it looked to scale automation capabilities across the general insurance value chain.

The firm, founded in 2021, said the funding would accelerate product development and deepen customer engagement following four consecutive years of profitable growth. 

Mea develops insurance-specific artificial intelligence tools designed to automate operational processes for carriers, brokers and MGAs, with a focus on improving underwriting performance.

The company said its technology was pre-trained on insurance terminology and workflows, enabling faster deployment with limited disruption to legacy systems.

The platform is now live in 21 countries and has processed more than $400bn (£294.4bn) of gross written premium (GWP). Clients and partners include global (re)insurers and market participants such as Lloyd’s of London and Ardonagh Group.

The business added that its AI-driven automation could reduce operating costs by as much as 60%, while supporting GWP growth and margin improvement.

Next phase of expansion

Martin Henley, founder and chief executive at Mea, said the partnership marked the company’s next phase of expansion.

He said: “SEP brings deep experience in scaling enterprise technology businesses and we are excited to partner with them as we grow Mea with the same discipline and focus that has brought us to this point.

“As the industry moves from AI experimentation to production, customers increasingly recognise the value of domain-specific technology that delivers results immediately.”

Angus Conroy, managing partner at Angus Conroy, added that the investor backed the firm because of its sector-specific focus and proven deployment.

He said: “Mea has built a highly differentiated, production-grade platform with clear return on investment for global insurance groups. Strong customer adoption, growth and capital efficiency reflect both the quality of the technology and the team’s deep insurance expertise.”