Novee has successfully raised £1.55 million in seed funding to develop an AI assistant for underwriters in the London Market, focusing on enhancing decision-making and streamlining workflows.

Information on the Target

Novee is an innovative startup focused on transforming the underwriting landscape in commercial insurance using artificial intelligence (AI). Recently, Novee successfully raised £1.55 million in its seed funding round, led by 42Cap and supported by Insurtech Gateway. The company aims to develop an AI assistant specifically designed for underwriters that comprehensively understands complex risk. Rather than replacing underwriters, Novee's solution seeks to empower them by streamlining workflows and enhancing decision-making processes.

Founded by Haris Khan, alongside co-founders Arved Pohlabeln and Ehsan Ziya, Novee emerged from a recognition of inefficiencies within traditional underwriting systems. The team is dedicated to creating a user-friendly platform that integrates seamlessly with existing workflows while delivering actionable insights tailored to the specific needs of underwriters.

Industry Overview in the Target’s Specific Country

The commercial insurance industry in the United Kingdom is poised for transformation, especially with the growing integration of technology. The London Market, where Novee is targeted, is known for