UK-based insurtech start-up TrackActive is on track to raise £300,000 ($384,505) in seed funding to further develop its AI-enabled TrackActive Me product.

To secure the funding, the insurtech firm has teamed up with Gen Re, lead investor HR Tech Partnership, and other angel investors through Seedrs.

Using AI-enabled chatbot, connected devices, web apps, online portals, sensors, and video-based exercise interventions, TrackActive Me helps healthcare insurance firms to better engage and support their customers.

The collaboration will allow healthcare insurers to help people with musculoskeletal conditions to self-manage and thus slash productivity costs.

TrackActive co-founder Michael Levens said: “There is a massive opportunity for insurers to embrace our AI tech and significantly reduce their claims costs, as back pain and other musculoskeletal conditions are a huge problem for them, as well as for economies and healthcare systems.

“This seed funding, with backing from specialist VC the HR Tech Partnership and others, will enable us to bring TrackActive Me to market.

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“The opportunity to invest is still open, but we will be closing soon, so anyone interested should go to crowdfunding website Seedrs to take part.”

With $14bn in capital and $6bn in premiums, Gen Re offers reinsurance solutions to the life/health and property/casualty insurance industries.