Berlin's Muffintech Raises €3.5M to Accelerate AI-Powered Insurance Innovations

Berlin’s Muffintech Raises €3.5M to Accelerate AI-Powered Insurance Innovations

Berlin-based InsurTech startup muffintech has successfully secured €3.5 million in funding to bolster its innovative AI-powered solutions aimed at transforming the insurance industry. This funding round was spearheaded by ff Venture Capital and Techstars, with support from several angel investors who possess extensive experience in the insurance sector, according to EU-Startups.

Key Investors and Funding Details

The funding attracted notable backers, including:

  • Former Ergo CEO Torsten Oletzky
  • Former Gothaer board member Oliver Brüß
  • Former insurance manager Stefan Liebig
  • InsurTech investor Daniel Feyler
  • Several prominent ‘finfluencers’

In addition, an extra €800,000 was provided through the Investitionsbank Berlin’s IBB Pro FIT programme.

About Muffintech

Founded in 2021 by Simon Moser, Tomas Gan, Felix Koepp, and Elli Wolf, muffintech specializes in developing a large language model (LLM) specifically designed for the insurance industry. This advanced AI platform automates various time-consuming tasks, such as:

  1. Answering customer inquiries
  2. Searching policy information
  3. Handling objections
  4. Providing benefit arguments

This automation significantly enhances the productivity of insurance firms and brokers.

Future Plans and Market Impact

Muffintech aims to utilize the newly acquired capital to scale its AI capabilities and broaden its market presence. By seamlessly integrating with internal systems, the platform allows insurers to automate workflows, reduce team workloads, and improve conversion rates.

Industry-Specific Expertise

The company’s AI model has been pre-trained on over 30,000 insurance-specific conversations. Impressively, it has successfully passed the 34D exam, achieving a remarkable “very good” rating by answering 98% of questions correctly from Germany’s Certificate of Competence Examination for Insurance Intermediaries and Consultants (§ 34d GewO). In contrast, ChatGPT scored only 52%, highlighting muffintech’s specialized expertise.

READ ALSO  Novidea Enhances Insurance Management Platform for Unmatched Efficiency and Performance

Innovative AI Solutions in Action

According to muffintech’s website, “This tool that incorporates industry-specific expertise is much more than just a chatbot. Our AI is a pre-trained assistant designed for speed and efficiency. From knowledge management to customer service, Aion quickly solves common problems, allowing you to reduce your team’s workload, boost customer satisfaction, and improve conversion rates.”

Currently, muffintech’s groundbreaking AI solutions are already in use by various brokers, broker pools, and insurance companies. As the demand for AI-powered tools continues to rise in the FinTech sector, muffintech is poised to lead the digital transformation in the insurance industry.

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