AI-powered insurtech omni:us secures $22.5m investment
Berlin-based artificial intelligence (AI) powered insurtech start-up omni:us has closed its Series A funding round and secured a total investment of $22.5 million.
The investment was led by German venture capital firm Target Global, UK's MMC Ventures and Talis Capital. Existing investors Unbound and Anthemis also participated in the round.
omni:us' AI technology is currently used by global insurers including Allianz, Baloise and AmTrust, and insurtech firms such as Wefox.
“We know the insurance industry will move from process to data-driven over the coming years. To meet this need, omni:us is the trusted partner, supporting insurance companies along this transformational path," said Sofie Quidenus-Wahlforss, CEO and founder of omni:us. "Our deep data based approach enables insurers to better understand their customers and launch new products and services on a more bespoke and individual level. With this round of funding, we will bring our cognitive systems to the next level and expand into the US market later this year.”
Mike Lobanov, general partner at Target Global, said: “omni:us functionality is tested to provide best-in-class quality in claims digitalization and is already used by a number of leading players in Europe."
"We believe automated claims handling will become a new standard in the insurance industry that will substantially cut costs and make insurance more affordable to customers,” Lobanov added.
Dan Bailey, investment manager at MMC Ventures, said: “Insurance carriers are undergoing a once in a generation technology shift, embracing new digital core platforms and adopting best-in-class digitisation and analytics. omni:us is delivering AI capabilities that allow insurers to embrace digitisation, improve the efficiency of their claims process and deliver better customer experiences.”
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