Details of the UK’s first AI-driven pricing service have been revealed as part of a joint venture between artificial intelligence specialists Nuon AI, and leading broker policy administration software provider Ignite Systems.
Back in 2016, the UK’s Financial Conduct Authority – FCA – raised concerns about the pricing practices in general insurance markets when it published several papers suggesting those practices may lead to consumer harm, with pricing not always reflecting the risk.
Nuon AI has today announced it has secured its first round of investment from Haatch Ventures, a multi-award winning early stage venture fund. At the same time it has formalised the appointment of Paul Doran as Partner, responsible for Nuon’s growth and customer strategy.
If you’re familiar with startup lore, you may well recognise that title. It comes from Valve’s Handbook for New Employees. The million-dollar question, of course, is how you scale such a model. There are three inspirations behind how we go about doing things at Nuon: Lean, Agile, and Growth Teams.
What may be viewed as failure to some, may actually be an organisation’s strength, because this is how you learn, evolve and grow, and in times like these, where Covid has disrupted almost every aspect of our lives, a willingness to test, experiment and fail may actually be the thing that allows a business to survive.