Ancep, a company building AI agents for commercial insurance brokers, has raised £6 million in funding led by Creandum. Kleiner Perkins and Vicus Ventures took part in the round, alongside angel investors including Christa Davies, former CFO of Aon, and operators from OpenAI, Anthropic and Google DeepMind. Ancep will use the new funds to support growth and hiring.
Ancep's agents carry out the routine stages of placing commercial insurance: reading the client's submission, building the broker's standard documents from it and approaching insurers for terms by email, portal or API. They work inside the platforms brokers already run, including policy administration systems and e-trade portals, rather than through individual integrations. Ancep deploys one workflow at a time, starting where the pain is worst, and shows a working prototype within two days of signing an NDA. It charges a portion of the value the agents create, so it is paid only when the broker is.
The raise comes as global commercial insurance rates fell 6% in the second quarter of 2026, an eighth consecutive quarterly decline. Placing a risk takes roughly the same effort whether the commission is a few hundred pounds or tens of thousands, so below a certain size brokers decline the work or leave it at the bottom of the queue. Ancep estimates that up to 30% of the risks a broker sees fall below that line and that about half could be placed profitably. Its agents are live with ACIC Financial Advisory, one of Austria's largest credit insurance brokers, a top 10 UK broker and the specialty lines of one of the top US brokers. One customer division reports a 10% revenue increase within six weeks of going live.
Gagan Khurana (CEO) and Jake Turner (CTO) met at Oxford and founded Ancep in 2026 after a year together at Scope AI, an AI provider to the testing, inspection and certification industry. At Scope AI, Khurana ran sales and Turner ran engineering as revenue went from almost nothing to £1.5 million in under a year, and the company raised a £15 million Series A from Index Ventures. The broker stays in charge of Ancep's agents: only an authorised broker can bind cover, and the broking team reviews every agent output before it takes effect. Each client runs in its own isolated environment.
There have been enough vendors selling brokers time saved and cost reduced which just don’t resonate and get stuck in two year procurement cycles. What we sell is net new revenue. Plenty of people are betting brokers get disintermediated. We think the opposite: brokers have huge leverage, and no chatbot is going to replace it. So we are not building around them, we are building for them, and we are starting with the twenty largest in the world.
Commercial insurance is a $3 trillion market that has absorbed ten years of software promises without much changing inside the largest brokers. Gagan and Jake built something that works within the systems those firms already run, meaning they are live and expanding across lines of business within weeks. Most AI in this market is a bet against the intermediary, but Ancep is the first company we have seen that makes it more valuable instead. We’re excited to back them in that mission.
Commercial insurance is a large market where too much business still goes unserved because the economics don’t work. Ancep is using AI to change that equation while keeping brokers at the center. We’re excited to support Gagan, Jake, and the Ancep team as they expand what brokers can profitably serve.
Credit insurance and surety is specialist work, but a lot of a broker's week goes on comparing insurer wordings, preparing market submissions, extracting information from large volumes of documents. Ancep understood that workflow deeply, rather than trying to sell us generic AI, which is why adoption across the business has been exceptionally high. We did not do this to cut costs but to get our specialists' time back, and they are now using it to advise clients, expand into new markets and build insurance products we didn’t have the capacity to design previously.
