(Boursier.com) — Little John, the insurtech dedicated to insurance brokers, announces a pre-seed fundraising of 1.1 million euros carried out just a few weeks after its creation. Febe Ventures, Vessoa Private Equity and the neo broker Leocare as well as a pool of specialized business angels participated in this first round of funding. It allows Little John in particular to accelerate the development of its generative AI platform dedicated to the productivity of insurance brokers.
A changing brokerage sector facing technological challenges
The European insurance market represents 1,500 billion euros in premiums, with more than 115,000 brokers and 901,000 insurance intermediaries. In France, brokers manage 17% of the 209 billion euros in premiums, contributing to a sector which employs more than 150,000 people.
Despite this crucial place in the insurance ecosystem, local business brokers today face growing challenges: increased complexity in the assessment and placement of risks, ever stricter regulatory requirements and competitive pressure exerted by international brokerage giants and integrator brokers. These constraints hamper their ability to remain competitive, even though they are the best insurance intermediaries for VSEs, SMEs and ETIs.
Little John, a new GenIA toolbox for local brokers
To meet these challenges, Little John integrates generative artificial intelligence into the heart of the broker’s business. Its first GenIA tool dedicated to placement assistance will be available in spring 2025 on the platform in SaaS mode. It will provide relationship managers and account managers with a process for collecting, analyzing, extracting and enriching data from customer documents and emails collected by the broker. This information can be automatically entered into any type of form, subscription extranet or generated presentation notes to tailor-made insurers. Little John stands out for its operational priorities: risk placement, management of insurance operations, compliance and the resulting productivity gains.
A first beta test version of this solution will be available from February 2025 to a selection of brokers who are part of the Sherwood community, a group of partner testers. They will be able to use it in preview and contribute, through their feedback, to improvements and adjustments aimed at ensuring perfect adequacy and intuitive use of AI to meet the daily needs of brokers.
Heart of expertise
Far from replacing them, this suite of GenIA tools complements the market’s business software and CRMs to increase the efficiency and relevance of local brokers. They will thus be able to concentrate on their core expertise: customer relations and advice.
Beyond the creation of its Gen AI platform for insurance intermediaries, Little John aims to quickly create a group of brokers dedicated to strengthening their independence. This grouping will be based on the pooling of insurance capacities, expertise and services, thus offering the smallest structures the means to compete with the largest players on the market.
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