500 Startups and LBA have backed SentiSum in a bid to drive a more customer-centric approach to the insurance sector through AI.
SentiSum, a London-based start-up looking to make customer service easier for the insurance sector through artificial intelligence (AI), has closed a £700,000 funding round.
The firm provides an OmniChannel analytics solution leveraging state of the art AI and Natural Language Processing (NLP) capabilities enabling customers to accelerate customer intelligence within their business. Its insights help companies gain competitive advantage, improve bottom line and reduce churn.
“Our ultimate goal is to automate and accelerate business intelligence to make our customers smarter, faster,” said CEO Sharad Khandelwal. “I’m thrilled to have the support of our investors as we expand beyond retail to help customers in the insurance industry as well.”
The insurance industry is consistently ranked as one of the worst for customer experience. Customer experience has become the new competitive battleground for companies in industries that have become commoditised and lack significant differentiation between services and product offerings.
The investment into SentiSum came from a syndicate of LBA/Angels in The City (AiTC) and other investors including 500 Startups, Ascension Ventures and the London Co-Investment Fund.
Anthony Clarke, LBA managing director, added: “The insurance market often provides a poor experience for its customers.
“Through its highly developed AI and NLP capabilities, SentiSum has developed tools that can enable insurers to materially enhance these experiences leading to improved outcomes for all.”
SentiSum’s product can process massive volumes of data in real-time to identify key areas of concern for companies and make recommendations for improvement.
“By combining customer sentiment across the insurance journey from every customer touch point, SentiSum’s plug and play solution can immediately help to improve customer retention.” says Andy Davies, former marketing and insights director at AXA UK.