Berlin: Claimsforce, a leading German InsureTech company dedicated to delivering a transparent and customer-focused claims experience, today announces it has raised €7 million in Series A funding. The funding will allow Claimsforce to further develop its cloud-based claims management platform, expand its workforce internationally and continue to service major global insurance clients. The round was led by Notion Capital with participation from existing investors including Fly Ventures, Point Nine and La Famiglia.
Founded in 2018, Claimsforce is a SaaS-based technology platform that uses AI and machine learning to provide insurers and third-party administrators with an end-to-end claims management platform that is more time-efficient, price accurate and customer-focused than legacy claims systems. In an industry where first and second-generation legacy technology can often mean outdated and cumbersome claims processing, Claimsforce uses AI-based regulation control and increased data points to assess damage, analyse the claim and settle quickly. The platform improves the overall efficiency of claims settlements, lowers claims costs and tracks customer satisfaction through NPS audits.
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.”
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 fundamentally 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.”
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.