AI insurtech omni:us lands €1.6m European funding to develop machine learning-powered claims solution
Berlin-based artificial intelligence (AI) powered insurtech start-up omni:us has secured €1.6 million of European Commission funding to develop its machine learning-powered insurance claims platform.
omni:us said the European Innovation Council (EIC) funding, which the company will receive over two years, will allow it to move quicker to market, building trust and relationships with major insurers across Europe and the US, while spreading awareness on the increased efficiency, accuracy and profound business insight benefits AI can deliver to the industry.
The company will use the funding to continue its research, expand the team, and build its reputation as a leading AI company focused on the insurance industry.
Currently, omni:us's technology is being used by Allianz, Baloise, AmTrust and wefox.
In October 2018, omni:us completed a Series A round of funding, taking total money raised to that date to €19.7 million, allowing it to recruit more data scientists and engineers to research and launch pilot projects.
The EIC grant is a part of Horizon 2020, which is funding projects aimed at securing Europe’s place as a world leader in technological innovation.
omni:us believes that AI can transform the insurance industry from process-driven to data-driven.
“We are very pleased with this generous support from the EIC, which for omni:us means a boost for product development and ultimately a means to deeper market penetration across multiple regions,” said omni:us chief executive officer Sofie Quidenus-Wahlforss.
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