German insurtech Claimsforce has today announced that it has raised €7m in Series A funding to expand its disruption of the insurance claims process.
The funding round was led by Notion Capital, with additional investment in Claimsforce coming from returning investors Fly Ventures, Point Nine and La Famiglia.
Central to the startup’s offering is an end-to-end claims management platform, which is offered to both insurers and third-party administrators. Built using artificial intelligence and machine learning, it is designed to assess damage, analyse the claim and produce a quick settlement, promising increased data points than traditional approaches.
Claimsforce says its platform increases efficiency and reduces the cost of claims, providing considerable savings to the industry.
Offered through a software as a service model, its current clients include insurance giant Zurich, which uses the platform for both internal and external claims management.
Claimsforce funding to enable further challenges to insurance industry
The funding will enable Claimsforce to build on the current capabilities of its platform, as well as expand its workforce in international workforce, not only improving its offering but allowing it to reach more customers.
“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.
“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.”
For investors, the platform represents a significant opportunity due to the market size of the insurance industry and the appetite for disruption.
“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.
“We’re very excited about Claimsforce’s vision and look forward to working with Nils, Bastian and the team for many years to come.”