Berlin-based muffintech secures €3.5M to become the ChatGPT for the Insurance Industry
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Berlin-based muffintech, a company developing conversational AI for the insurance industry, has secured €3.5M in funding led by ff Venture Capital, followed by Techstars. Several angel investors, including former Ergo boss Torsten Oletzky, the former Gothaer board member Oliver Brüß, the former insurance manager Stefan Liebig, several finfluencers and insurtech investor Daniel Feyler, participated in the round, adds the report.
The company will use the funds to accelerate its growth and further develop its AI tool. Founded in 2021 by Simon Moser, Tomas Gan, Felix Goepp, and Elli Wolf, muffintech uses artificial intelligence to provide quick and accurate answers to user questions.
Improving User Experience
As a result, it improves the user experience and helps clients process insurance inquiries and claims more efficiently. The company is on a mission to support insurance companies, insurers, brokers, and broker pools in increasing their productivity, improving customer service, and boosting revenue.
Optimizing Business Processes
The company’s LLM helps businesses in optimizing areas, including customer support, sales, and operations. MuffinTech says their app has been built with a lot of insurance knowledge. It helps automate many time-consuming tasks like answering customer questions, searching for information in insurance policies or general terms and conditions, benefit arguments, or even objection handling. The AI can also be connected to internal company systems and thus map entire processes.
“Our LLM is like an employee who never sleeps, never stops learning, and who can do almost infinite tasks at the same time,” says the company.
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