Bootstrapped and profitable AI InsurTech company mea Platform raises €42.2 million
mea Platform (mea), a UK-based AI-native InsurTech company, today announced a €42.2 million ($50 million) minority growth equity investment from London-based growth equity firm SEP (Scottish Equity Partners), to accelerate product development and customer engagement.
mea has been bootstrapped since inception and is now in its fourth consecutive year of profitable operations.
Martin Henley, founder and CEO of mea, 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. We saw significant inbound interest from potential investors and chose SEP for their long-term perspective, collaborative style, and the strategic support they will provide as we enter our next phase of growth.
“Our opportunity to improve client combined ratios and margin is built on years of developing and deploying insurance-specific AI at global scale. As the industry moves from AI experimentation to production, customers increasingly recognise the value of domain-specific technology that delivers results immediately.”
Founded in 2021, mea deploys proprietary, insurance-specific AI products to automate end-to-end operations for carriers, brokers, and Managing General Agents (MGAs). According to mea, since its products are pre-trained in the language and specificity of insurance requirements, customer deployments are fast, and integration is non-invasive. It leverages a domain-specific Language Model (dsLM) and insurance-specific knowledge graph to deliver end-to-end automation across all aspects of insurance operations.
mea notes that several insurance processes are still highly manual and resource-intensive. It states that operating costs account for up to 14 points of the combined ratio for carriers and nearly half of total expenses for brokers, representing approximately €1.69 trillion ($2 trillion) in annual industry costs. “mea’s agentic AI products orchestrate operations process automation that delivers significant GWP and margin gains with up to 60 percent reductions in operating costs,” the company mentioned in the press release.
According to the company, its platform is deployed by clients in 21 countries and has processed more than €337.5 billion ($400 billion) in gross written premium (GWP). Its customers and partners include AXIS, CNA, The Hartford, Markel, SCOR, Ardonagh, Lloyd’s of London, PPL, Accenture, DXC, ServiceNow, Velonetic and Verisk, among others.
SEP is a leading growth equity investor in enterprise software and technology scale-up companies in the UK and Europe. Angus Conroy, Managing Partner of SEP, said, “mea is an excellent fit with our strategy of backing IP-rich technology companies that solve complex problems for the world’s largest organisations. mea has built a highly differentiated, production-grade platform with clear return on investment for global insurance groups.”
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