InsurTech startup omni:us closes Series A round

Personalised insurance experience solution provider omni:us has closed its Series A round.

With the funds from the undisclosed round, the company has raised a total of $22.5m in equity since it was founded.

Berlin-based investor Target Global led the round, with MMC Ventures and Talis Capital also contributing. Existing backers Unbound and Anthemis also made investments into the round.

The company, which is based in Germany, designs AI solutions which can enable personalised customer experience. Through real-time data, the company offers improved services for claims and quotation processes.

omni:us can help to automate claims processing boosting customer satisfaction and lowering human error. Its key features include form extraction, unlimited layout capability, multipage classification, multi-layout extraction, handwritten text recognition and optical character recognition.

Its technology platform can also help to make more accurate quotations and comparisons. Through the analysis of existing policies, the solution is able to increase upselling potentials. As well as this, omni:us can simplify the application process and accelerate validation.

The capital from the round will be used to improve the company cognitive systems and expand into the US later in the year. The company is planning to launch an office in the US by the end of the year.

Target Global general partner Mike Lobanov 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.

?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.p>

Copyright ? 2018 FinTech Global

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