Insuranceciooutlook

Claimsforce Secures $7 Million to Expand Operations and Business Reach

By Insurance CIO Outlook | Monday, August 24, 2020

Claimsforce provides an artificial intelligence and machine learning-powered saas-based platform for both insurers and third-party administrators to assess damage to analyze the claim and make a quick settlement.

FREMONT, CA: German insurtech startup Claimsforce raised €7 million in Series A round of financing to expand its disruption of the insurance claims process. The round was led by Notion Capital, with additional investment in Claimsforce coming from returning investors Fly Ventures, Point Nine, and La Famiglia.

"This investment will allow us to further develop our software platform and significantly increase the number of data points we use to assess claims, giving us a much faster and accurate estimate of claims settlements," says Nils Mahlow, founder and CEO of Claimsforce.

The objective of the startup's offering is an end-to-end claims management platform, which is offered to both insurers and third-party administrators. It is designed to assess the damage, analyze the claim, and produce a quick settlement, promising increased data points than traditional approaches by integrating artificial intelligence and machine learning.

"We are continually innovating and improving the platform to provide our customers with a world-class claims management platform, and this additional financial resource will enable us to grow to new markets internationally."

Claimsforce says its platform increases efficiency and reduces the cost of claims, providing considerable savings to the industry. Its current clients include insurance giant Zurich, which uses the platform for both internal and external claims management.

"Investing in Claimsforce made absolute sense to us as it is using cloud technology and AI to disrupt a fundamentally core element of every insurer's business," says Patrick Norris, general partner and DACH area lead at Notion Capital.

The funding will allow Claimsforce to build on its platform's current capabilities and expand its workforce internationally, improving its offering and allowing it to reach more customers.

For investors, the platform represents a significant opportunity due to the insurance industry's market size and appetite for disruption.

"We're very excited about Claimsforce's vision and look forward to working with Nils, Bastian and the team for many years to come."

Weekly Brief

Read Also