Nettle, a London-based AI-powered risk assessment platform, has raised £1.45M in Pre-Seed funding to address delays in risk engineering.
The funding round was led by Project A, with additional participation from angel investors with expertise in insurance and artificial intelligence.
An estimated 40 percent of risk engineers are set to retire within the next five years, which is exacerbating delays in risk assessments, causing financial strain, and reducing insurers' ability to underwrite new business.
Nettle's AI-powered platform enables insurers to streamline and expedite the risk assessment process. By automating manual tasks and utilising AI to surface insights from decades of historical data, it aims to reduce turnaround times by five times, while freeing engineers to focus on the most valuable parts of their role.
The financial and operational impact of delays in risk engineering is significant.
The global primary commercial property and casualty (P&C) insurance market is valued at £750B annually, with an estimated £19B spent on risk engineering alone.
Nettle combines AI-powered remote risk identification, bespoke inspection guides, mobile evidence analysis, and instant report generation. The platform allows engineers to complete five times as many inspections, improving underwriting efficiency and accuracy.
Jack Miller, co-founder and CEO, commented: “AI has moved beyond hype - it’s delivering incredible efficiencies and transforming how companies use unstructured data at scale. Our mission is clear: modernise risk assessment. Insurers who embrace AI will win.”
Malin Posern, Partner at Project A, added: "Nettle is uniquely positioned at the intersection of technology and risk assessment. With a team that has a proven track record of building AI solutions for the industry, Nettle is set to help insurers understand and maintain in-depth risk profiles in an automated way and unlock efficiencies across the insurance value chain."
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