Insurtech start-up Machine Learning Programs (MLP) has secured an undisclosed investment from insurance technology company Open GI.
MLP was established in 2018 by Tom Murphy, Julian Holloway and Breanndán O’Nualláin. It provides AI and machine learning services to the general insurance and financial markets.
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Open GI said that the investment is part of its plan to standardise its existing proposition. Following the investment, MLP will operate as part of the Open GI Group.
Open GI will leverage machine learning technology to deliver better solutions for managing general agents (MGAs), advisers and insurers.
Open GI CEO Simon Badley said: “I am thrilled to be announcing the investment we are making in machine learning and the MLP team. Data and data science present huge innovation possibilities for the General Insurance market.
“As a solutions provider, we want to ensure our clients and partners benefit from the transformation and performance improvements that can be achieved by leveraging the power of machine learning.”
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By GlobalDataMachine Learning Program CEO Tom Murphy said: “We are hugely excited for MLP to be associated with the Open GI Group who already serve so many of the key customers in our market and have such deep pools of relevant data.
“This combination will mean that we can deliver a truly unique data and learning proposition to the MGAs, Brokers and Insurers that work with us.”
Open GI offer configurable insurance software such as Mobius and Core to insurance brokers, underwriting agencies, insurers and MGAs in the UK and Ireland.
Part of the Open International Group, Open GI has offices in Dublin, London, Worcester, Winchester, Milton Keynes, Skopje and Krakow.
