Insurance, one of the most traditional and oldest industries is being shaken up by the technological revolution. In the past few years, many insurtech startups have popped up to fill the need for unique technologies in the industry. Based out of Hamburg, Claimsforce is dedicated to delivering a transparent and customer-focused claims experience.
Raised €7 million in Series A
Recently the German insurtech company raised €7 million in Series A funding led by Notion Capital with participation from existing investors including Fly Ventures, Point Nine, and La Famiglia. The company intends to use the funding to further develop its cloud-based claims management platform, expand its workforce internationally, and continue to service major global insurance clients.
Nils Mahlow, founder and CEO of Claimsforce, explains: “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. 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.”
Transparent and customer-focused claims experience
Founded by Bastian Schweitzer, and Nils Mahlow in 2018, Claimsforce is a SaaS-based technology platform that uses AI and machine learning to provide insurers and third-party administrators (TPAs) with an end-to-end claims management platform. It is more time-efficient, price accurate, and customer-focused than legacy claims systems.
Notably, the company digitally maps processes of claims management, ensures the efficient deployment of claim handlers, and increases customer satisfaction through high transparency. At the same time, costs are optimised through the analysis of claims data.
Claimsforce’s SaaS platform is currently used by a number of insurance and regulatory organisations, including Zurich who used the technology to manage internal and external claims management.
Patrick Norris, General Partner, and DACH area lead at Notion, commented: “We’ve worked with Claimsforce for a number of years in an unofficial capacity, providing advice and guidance whilst they developed their sector-changing technology and brought it to market. Investing in Claimsforce made absolute sense to us as it is using cloud technology and AI to disrupt a fundamental core element of every insurer’s business. We’re very excited about Claimsforce’s vision and look forward to working with Nils, Bastian, and the team for many years to come.”
Main image credits: Indypendenz/ Shutterstock
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