London-based Ancep has come out of stealth with $8.5M (about £6.3M) in a round led by Creandum.
Commercial insurance brokers turn away a surprising share of the business they see. A small policy can take as long to place as a large one but earns a fraction of the commission, so lower-value risks are often declined or left in the queue. Ancep puts that at up to 30% of what crosses a broker's desk, and reckons around half of it could be placed profitably. With global commercial rates down for eight quarters in a row, the leakage is getting harder to ignore.
Ancep's agents do the legwork of placement. They read client submissions, prepare broking documents, choose markets and approach insurers by email, portal or API, then hand back comparable quotes. They sit on top of the policy administration systems, e-trading portals and CRMs brokers already run, which matters at large firms carrying years of acquired legacy software. Broking teams review the output and only an authorised broker can bind cover. CEO Gagan Khurana pitches it as growth rather than efficiency: "What we sell is net new revenue."
Khurana founded the company this year with CTO Jake Turner, after the pair ran sales and engineering together at Scope AI. Ancep says its agents are already in daily use at several of the world's ten largest brokers. Named customers include ACIC Financial Advisory in Austria, alongside a top ten UK broker and the specialty lines division of a top US broker, and one customer division reported a 10% revenue increase within six weeks of going live. Ancep charges a share of the value it creates rather than a flat licence.
Kleiner Perkins and Vicus Ventures joined the round, along with angels including former Aon CFO Christa Davies and operators from OpenAI, Anthropic and Google DeepMind. The money will go on growth and hiring.