Simplifai, an organization that specialises in AI automation options for the insurance coverage and banking sectors, has accomplished an funding spherical with Idékapital because the lead investor.
The specifics of the funding, together with the quantity and particulars of different individuals, weren’t disclosed.
Based mostly in Oslo, Norway, the corporate is led by CEO Bård Myrstad.
It affords an AI automation platform that helps numerous capabilities throughout the insurance coverage and banking industries, resembling claims consumption, claims processing, underwriting and buyer interplay.
This funding follows Simplifai’s current strides within the insurance coverage market, notably with its product InsuranceGPT, which is claimed to be the trade’s first insurance-specific GenAI know-how.
InsuranceGPT leverages GenAI to reinforce communication between insurers and their purchasers.
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Idékapital principal Krisztina Horvath stated: “We’re thrilled to assist Simplifai on its journey of innovation and enlargement. Simplifai’s dedication to delivering vital worth for his or her prospects and their visionary strategy to leveraging AI align seamlessly with our funding technique.
“They’ve constructed a robust basis and we’re desperate to contribute to their continued success globally.”
Myrstad added: “Idékapital embodies the best accomplice for Simplifai. Their wealth of expertise in nurturing firms with related trajectories positions them as invaluable companions.
“With Idékapital’s experience in product market readiness and worldwide enlargement, we’re poised to speed up our development trajectory and drive significant influence within the insurance coverage and banking sectors.”
Final month, Simplifai launched Simplifai Claims Processing, powered by InsuranceGPT, to offer assist for end-to-end claims dealing with.
The Simplifai Claims Processing system affords suggestions based mostly on domain-specific data, together with particulars of related legal guidelines, firm insurance policies and contractual phrases.
Initially focusing on the Dutch Motor insurance coverage market, Simplifai plans to increase to different markets and kinds of insurance coverage shortly.
Two prospects, Van Ameyde and NH1816, have already enlisted Simplifai Claims Processing.
Moreover, earlier this 12 months, Norwegian insurance coverage firm TT Forsikring collaborated with Simplifai and Contemi Options to automate its operations utilizing AI.
