London-based insurtech startup Ancep has raised $8.5 million in a funding round led by Creandum. Kleiner Perkins and Vicus Ventures also participated in the round. Several angel investors joined as well, including former Aon CFO Christa Davies and professionals from OpenAI, Anthropic and Google DeepMind.
Ancep develops AI agents that help commercial insurance brokers automate everyday tasks involved in arranging insurance policies. Its technology helps brokers save time on administrative work and handle more clients and business opportunities without increasing their workload.
Commercial insurance brokers are facing growing pressure as insurance prices and commissions decline. Smaller insurance policies often require the same amount of paperwork and effort as larger deals but generate less commission. Because of this, brokers may turn down smaller opportunities and miss out on potential revenue.
Ancep aims to solve this problem by using AI to handle time-consuming administrative tasks. Its AI agents review client information, prepare insurance documents and contact insurance companies to collect policy terms. They can communicate through email, online portals and APIs.
The platform works with the software and systems brokers already use, including policy management platforms, online insurance portals and customer relationship management (CRM) tools. This allows brokers to use Ancep without making major changes to their existing workflows.
Ancep’s technology is designed to support brokers rather than replace them. Brokers remain responsible for approving and confirming insurance coverage, while their teams review the AI-generated work before taking action. The company also keeps each client’s data separate and does not share it or use it to train AI systems across different brokerages without permission.
Gagan Khurana, co-founder and CEO of Ancep, said, “What we sell is net new revenue. Plenty of people are betting brokers get disintermediated. We think the opposite: brokers have huge leverage, and no chatbot is going to replace it. So we are not building around them; we are building for them, and we are starting with the twenty largest in the world.”
Ancep’s AI agents are already being used by insurance brokers in Austria, the UK and the US, including ACIC Financial Advisory.
The new funding will help the company expand its business and hire more employees to support its growth.
