ancep raises $8.5m for AI that handles small policies
Creandum led the round for the company, which Gagan Khurana and Jake Turner founded in London in 2026. Three brokers use its software, including ACIC Financial Advisory in Austria
- Incorporated: 19 April 2026, with Khurana and Turner as its two directors
- Use of the money: growth and hiring
- Client data: kept separate for each broker and not used to train the software for other brokers without consent
ancep charges a broker a share of the value its software creates, so it is paid only when the broker earns from the work. A broker can see a working prototype within two days of signing a confidentiality agreement. The company is starting with the 20 largest brokers in the world.
“We did not do this to cut costs but to get our specialists’ time back, and they are now using it to advise clients, expand into new markets and build insurance products we didn’t have the capacity to design previously.”Christoph Zawadil, managing director, ACIC Financial Advisory
London startup ancep has raised $8.5m (£6.3m) for AI software that arranges the small policies for business customers that insurance brokers turn away. Creandum led the round, announced on 10 November, with Kleiner Perkins and Vicus Ventures.
Gagan Khurana, chief executive, and Jake Turner, chief technology officer, met at Oxford and founded ancep in 2026.
Arranging a policy takes a broker about the same effort whether the commission is a few hundred pounds or tens of thousands, so brokers decline the smallest. By ancep’s estimate, up to 30% of the business a broker is offered falls below that line, and about half of it could be arranged at a profit, worth 5–10% of a large brokerage’s revenue.
How the software works
The software reads a client’s request for cover, fills in the broker’s standard documents and asks insurers for prices by email, through their websites or over a direct software link. It works inside the policy records, insurer trading platforms and customer databases a brokerage already uses. The broker’s staff check every piece of work before it takes effect, and only an authorized broker can agree the policy.
The first customers
The Austrian firm ACIC Financial Advisory, a broker for insurance against unpaid invoices and contract guarantees, uses it, as do two brokers that ancep does not name, one of them American. The chief operating officer of one customer division reported a 10% rise in revenue within six weeks of going live.
Sources
- Ancep, “We have raised $8.5m to help brokers place the risks they turn away”, company announcement, 10 November 2026. https://ancep.com/blog/raise
- Tech.eu, “Creandum leads $8.5M funding for Ancep to turn overlooked insurance risks into revenue”, news article, 10 November 2026. https://tech.eu/2026/11/10/creandum-leads-85m-funding-for-ancep-to-turn-overlooked-insurance-risks-into-revenue/
- Companies House, Ancep Ltd (17166368), company record, officers and persons with significant control. https://find-and-update.company-information.service.gov.uk/company/17166368
- Ancep, “About us”, company web page. https://ancep.com/about
