Insurtech start-up BlockClaim secures backing from investors including Amadeus Capital Partners, Pragmatica and insurance business angels Toby Clarke, Alan Armitage and Ninety CIC.
AI and blockchain solution for insurance industry BlockClaim raises seed funding
London, UK – BlockClaim, the first hybrid artificial intelligence and blockchain technology solution developed for the insurance industry, has successfully completed its seed funding round with a £500,000 investment.
Developed at Imperial College London, BlockClaim uses the very latest advanced data science techniques to provide insurers with AI-powered fraud filtering and blockchain claim automation. It allows insurers to simultaneously detect fraudulent claims and process claims in record time thanks to groundbreaking capabilities such as intelligent claims-routing and self-learning fraud detection.
Features such as an image recognition AI module can be used to automatically detect damage to vehicles in the event of an accident claim and validate whether it’s genuine or fraudulent. The system can also scan phone and email conversations for inconsistencies and irregularities, helping insurers automatically weed out fraudsters, resolve claims faster and offer a better standard of customer service. BlockClaim delivers a cost per claim reduction of 20% along with significantly reduced settlement times.
The seed funding round attracted investment from global technology investor, Amadeus Capital Partners, whose previous investments include Graphcore. Amadeus is known for its focus on AI and machine learning, cybersecurity, healthcare and SaaS. It has invested over $1 billion since 1997 and specialises in taking high-growth companies global. A number of highly successful insurance executives and business angels also backed BlockClaim in its seed round.
Niels Thoné, CEO of BlockClaim (pictured), says: “BlockClaim brings the insurance industry into the digital age with state-of-the-art engineering which couples the power of machines and distributed ledger technology with over two decades of industry experience. The rapid advancement of data science allows us to provide unprecedented objectivity and context automatically in areas that were hitherto only subjective. This makes it much harder for fraudsters to pass through the net.”
BlockClaim is the most advanced claims and fraud management plug-in in the insurance industry. Leveraging the power of Artificial Intelligence and Blockchain, it operates a light-touch, non-intrusive solution that enhances insurer data, offers actionable insights on fraud suspicions and automates claim processes from the initial receipt of claim right through to the final settlement, without disturbing existing workflows. To find out more, visit: https://www.blockclaim.ai and follow us on Twitter @BlockClaim
Amadeus Capital Partners is a global technology investor. Since 1997, the firm has raised over $1bn for investment and used it to back more than 130 companies. With vast experience and a great network, Amadeus’ team of investors and entrepreneurs share a passion for the transformative power of technology. We invest in consumer services, financial technology, artificial intelligence, cyber security, medical technology, digital healthcare and digital media.