London-based insurtech startup Ancep has raised $8.5 million in a funding round led by Creandum, with participation from Kleiner Perkins and Vicus Ventures. The round also attracted angel investors, including former Aon CFO Christa Davies and operators from OpenAI, Anthropic and Google DeepMind.
Ancep develops AI agents designed to help commercial insurance brokers automate routine tasks involved in placing insurance policies, allowing them to handle more business opportunities without increasing administrative workloads.
Commercial insurance brokers face increasing pressure from declining insurance rates, while smaller policies often require the same administrative effort as larger ones despite generating lower commissions. As a result, brokers may deprioritise or decline these opportunities, potentially missing out on additional revenue.
Ancep aims to address this gap by automating the administrative stages of insurance placement. Its AI agents process client submissions, prepare brokerage documents and contact insurers to obtain terms through email, online portals or APIs. The technology operates within brokers' existing systems, including policy administration platforms, electronic trading portals and customer relationship management tools.
The platform is designed to support brokers rather than replace them. Authorised brokers retain responsibility for binding insurance coverage, while broking teams review the agents' outputs before any action takes effect. Client data is managed in isolated environments and is not shared or used for training across brokerages without explicit consent.
Ancep introduces its technology through individual workflows, focusing on processes where automation can deliver the most immediate benefits. Its pricing model is linked to the value generated for brokers.
According to Gagan Khurana, co-founder and CEO of Ancep, solutions focused primarily on saving brokers time and reducing costs have often struggled to gain traction, resulting in lengthy procurement processes.
What we sell is net new revenue. Plenty of people are betting brokers get disintermediated. We think the opposite: brokers have huge leverage, and no chatbot is going to replace it. So we are not building around them, we are building for them, and we are starting with the twenty largest in the world.
The company's AI agents are already being used by insurance brokers in Austria, the UK and the US, including ACIC Financial Advisory.
The new funding will support Ancep's growth and hiring plans.
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