Name of the Company: Pecan AI
Describe the Company’s Core Activities: Pecan helps marketing, revenue, and data teams predict mission-critical outcomes. Our low-code platform puts the power of predictive machine learning models at their fingertips without requiring data scientists on staff. With Pecan’s secure platform, companies generate actionable predictions of customer lifetime value, retention, marketing efficiency, and more in just weeks. Founded in 2018, Pecan’s predictions impact billions of dollars in revenue for fintech, insurance, retail, CPG, mobile apps, and consumer services companies of all sizes.
What Specific Challenges in the Insurance Sector Are You Addressing?
Pecan AI’s ML-driven predictive analytics platform helps insurance companies identify customers with a high likelihood of churning or cross-selling. Our predictions provide early, data-driven indications of how a particular policyholder will behave. This predictive approach allows our customers to tailor focused campaigns on policyholders who will most likely do what they try to prevent or encourage. Identifying in advance the policyholders most likely to churn or lapse allows carriers to direct retention campaigns only to the relevant customers, reducing lapsing and improving retention. The same is true for cross-selling. Using Pecan’s predictive analytics platform, carriers can prioritize their sales teams’ outreach to the customers most likely to purchase additional policies in a data-driven way.
Pecan also offers cutting-edge Marketing Mix Modeling (MMM), allowing our customers to understand how their ad spend works and how each advertising channel contributes to revenue. Our MMM tool has been recognized as a market leader and includes easy-to-use optimizer and simulator tools. Our ML-powered MMM can be refreshed at daily, weekly, monthly, and quarterly intervals with a high level of accuracy.
Could You Explain Your Business Model?
Pecan AI’s offering is a SaaS model.
Enumerate the Core Values Important to Insurance Companies/Brokers:
Pecan is a fast-to-deploy, ML-driven predictive analytics platform that allows marketing professionals to quickly make data-driven decisions to improve efficiency and ROI, reduce costs, improve the customer experience, and drive higher performance at any company we serve. We look forward to bringing these same benefits to more insurance companies.
How Can You Enhance the Experience for Policyholders?
Today’s policyholders expect a personalized experience. With Pecan’s predictive analytics, they can be offered the products and services they need proactively, before they even realize their needs. They also can benefit from tailored outreach and offers that best fit their circumstances. Instead of receiving generic communications that don’t match their situation or preferences, insurance companies can ensure that policyholders get what they need and want seamlessly and remain happy customers for the long haul.
Detail the Previous Investments in Your Company:
We have raised $117M in total investment, including most recently a $66M Series C round led by New York-based global private equity and venture capital firm Insight Partners, with participation from GV (formerly Google Ventures) and existing investors S-Capital, GGV Capital, Dell Technologies Capital, Mindset Ventures, and Vintage Investment Partners.
Outline the Notable Partnerships or Agreements You’ve Entered Into:
Pecan is a Meta Business Partner, a Databricks Technology Partner, and an AWS APN Advanced Tier Partner. Additionally, Pecan is part of the Microsoft for Startups program.
Identify the Key Executives in the Company and Their Respective Roles:
Zohar Bronfman (CEO) and Noam Brezis (CTO), co-founders of Pecan AI, both have Ph.D.s in computational neuroscience and extensive backgrounds in AI and technology. Members of our leadership team have long-standing technology experience at companies like eBay, WeWork, Google, Yahoo, and DataRobot, as well as MBAs from top academic institutions.
