The investment was led by ff Venture Capital and Techstars, with participation from several angel investors with experience in the insurance sector, including former Ergo CEO Torsten Oletzky, former Gothaer board member Oliver Brüß, and others. An additional €800,000 was secured through Investitionsbank Berlin’s IBB Pro FIT program.
Founded in 2021, Muffintech has developed a specialized large language model (LLM) tailored for the insurance industry. The AI platform automates tasks such as answering customer inquiries, retrieving policy details, handling objections, and providing benefit arguments, aiming to increase productivity for insurance firms and brokers.
The new funding will enable Muffintech to scale its AI capabilities and expand its market reach. The platform integrates with existing company systems, allowing insurers to automate workflows, reduce workloads, and potentially improve conversion rates.
Muffintech’s AI model is pre-trained on over 30,000 insurance-specific conversations and has achieved a 98% accuracy rate on Germany’s Certificate of Competence Examination for Insurance Intermediaries and Consultants (§ 34d GewO), significantly outperforming general-purpose LLMs like ChatGPT. The company describes its AI as a pre-trained assistant designed for speed and efficiency, offering solutions ranging from knowledge management to customer service.
Muffintech’s AI solutions are currently used by brokers, broker pools, and insurance companies. The company is positioned to capitalise on the growing demand for AI-powered tools in the FinTech sector.
