Founded in 2021, MEA deploys AI for insurance underwriting, claims, and finance-related needs.
UK-based AI-native insurance technology company MEA has announced a $50m minority growth equity investment from Scottish Equity Partners (SEP).
According to data provided by MEA, operating costs represent around $2trn in annual costs incurred by the insurance industry. MEA’s agentic AI products, in some cases, have reduced those costs by 60pc, the company said.
Founded in 2021, MEA deploys AI for insurance underwriting, claims, reinsurance and finance-related needs.
According to the company, its platform increases broker productivity and margins by 30pc and increases the average underwriting capacity by 40pc. Its products are pre-trained in the language and specificity of insurance requirements, easing customer deployment and integration.
MEA has four offices across Bermuda, India, the UK and the US, and has clients across 21 countries with more than $400bn in gross written premium processed through the platform. Its clientele includes AXIS, CAN, Accenture and ServiceNow.
The company is in its fourth consecutive year of profitable growth, MEA said. SEP’s investment will support the company as it accelerates product development and customer engagement as it continues its expansion plans announced last October.
“We saw significant inbound interest from potential investors and chose SEP for their long-term perspective, collaborative style, and the strategic support they will provide as we enter our next phase of growth,” said MEA founder and CEO Martin Henley. Henley was previously the chief information officer at AXA.
“As the industry moves from AI experimentation to production, customers increasingly recognise the value of domain-specific technology that delivers results immediately.”
Angus Conroy, a managing partner at SEP added: “MEA has built a highly differentiated, production-grade platform with clear return on investment for global insurance groups.
“Strong customer adoption, growth, and capital efficiency reflect both the quality of the technology and the team’s deep insurance expertise.”
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