Majority of UK SMEs Embrace AI in Insurance as Meshed Secures £950,000
A significant majority of UK SMEs, 64.5%, express comfort with AI assessing their insurance needs and suggesting coverage options. Meanwhile, Meshed, an AI-native insurance broker, has secured £950,000 in pre-seed funding to revolutionise the commercial insurance market for SMEs.
Meshed plans to utilise this investment to create AI-powered agents, aiming to reduce administrative costs and lower premiums for SMEs. This will allow insurance brokers to focus more on building client relationships and providing specialist advice.
Currently, only 5.2% of commercial insurance brokers view AI as a major threat, with 78.6% having no plans to adopt AI-driven policy recommendation tools. However, the industry is seeing heavy investment in AI, with companies like Firemind aiming to automate underwriting, claims processing, and fraud detection by 2025. This trend is part of a broader shift where about 80% of insurers experiment with AI, though few have fully deployed it at scale.
With a majority of UK SMEs comfortable with AI in insurance, Meshed's £950,000 funding could mark a significant step towards transforming the commercial insurance market for SMEs. By harnessing AI, Meshed aims to cut costs, lower premiums, and enable brokers to provide more personalised service.
