insurtech 31/October/2018

Insurtech News > AI insurtech start-up omni:us secures $22.5mn in funding

Omni:us, an artificial intelligence (AI) powered insurtech start-up, has completed its Series A round of funding and secured a total investment of US $22.5 million, led by Berlin-based venture capital firm Target Global, MMC Ventures and Talis Capital.


Existing investors Unbound and Anthemis also participated in the funding, which omni:us said will support its goal of enabling re/insurers to become more data-driven and adapt to today’s customers expectations.

omni:us’s AI technology is already used by a number of global insurance companies, such as Allianz, Baloise and AmTrust, as well as insurtech firms like Wefox, which use omni:us to boost efficiency and focus on core competencies.

“We know the insurance industry will move from process to data-driven over the coming years,” said Sofie Quidenus-Wahlforss, Chief Executive Officer (CEO) and Founder of omni:us. “To meet this need, omni:us is the trusted partner, supporting insurance companies along this transformational path.”

“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,” she explained. “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, also commented: “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.

“With our focus on insurtech we could not go past companies that use AI to provide a better, quicker and more reliable service to customers of insurance companies, specifically when it comes to claims settlement – the moment when the customer values the interaction with insurance companies most.  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.”

Dan Bailey, Investment Manager MMC Ventures, further stated: “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. Sofie and her co-founders have assembled a world class team, and we’re delighted to be backing them in their vision of bringing AI to the insurance industry.”

Matthew De Jesus, Senior Associate at Talis Capital, added: “The calibre of omni:us’ customers, team and investors are a testament to the solutions it has created, and are uniquely positioned to capitalise on the significant growth of enterprise automation and use of AI in the insurance industry. We are delighted to be partnering with Sofie and her impressive team at omni:us, and look forward to continuing to see the company scale.”

Finally, Shravin Mittal, Director at Unbound, said: “Given our exposure in the insurance industry through Bharti AXA, we understand that AI is a fundamental game changer to our industry. At the same time, many insurers are still unsure of how to integrate this technology successfully into their processes. With the omni:us AI roadmap, we can introduce these capabilities step-by-step to deliver deeper functionality, understanding and decision support along the insurance value chain.”

Source: Reinsurance News