AI-powered risk assessment platform nettle has raised £1.45m in pre-seed funding to tackle a critical shortage of risk engineers.
Statistics have found that insurance giants are facing a critical shortage of risk engineers, with 40% set to retire in the next five years, creating industry-wide backlogs, lost business, and rising costs.
Risk engineers spend 90% of their time buried in paperwork instead of actually assessing risk. This inefficiency is already leading to six-month delays for critical insurance inspections, turning away billions in potential business.
With the funding, which was led by Project A, nettle is scaling out the core engineering team and bolstering a platform already cutting risk engineering turnaround times for early partners.
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“AI has moved beyond hype – it’s delivering incredible efficiencies and transforming how companies use unstructured data at scale,” said Jack Miller, co-founder and CEO of nettle.
“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. We are excited to partner with Jack, Katya, and the team as they seize this significant opportunity.”