Australia-based online insurance platform Huddle has reportedly raised $19.25m in its Series A round of funding.
The capital injection was led by AirTree Ventures, an Australian venture capital firm, according to various reports in the media. Contributions also came from previous backers Holland Insurance, Alium Capital and SevenWest Media.
Huddle is an online insurance provider, offerings protection for car, travel and home. Users are also apart of a community where they can discuss with other policy holders and get support if they believe a claim is not fair.
The mobile-based platform supports instant claims, with a claimant simply having to speak with the AI assistant to explain the claim details, and then take pictures or scans of the expenses and required documents. Its AI solution, Flo, is able to detect fraudulent attempts and any fake claims. Huddle aims to approve all claims instantly; however, this is not always possible and depends on the incidents.
In a blog post from AirTree regarding its investment into Huddle, it said, “Customers trust Huddle to price their insurance fairly and to honour their claims and Huddle can trust their customers not to make dishonest claims. And they can do this because the whole business is built on technology which allows them to put trust first.
“This technology is at the heart of everything Huddle does. They use machine learning and artificial intelligence to assess claims, prevent fraud and automate insurance processes. Their members can make instant claims and get same day payments or replacement items approved online in seconds — a first in Australia! The end result is lower costs and better outcomes for Huddle members. which is also why Huddle have been growing so quickly.”
Last month, AirTree Ventures participated in the $18m Series B funding round of online mortgage marketplace Athena. The company provides consumers with a quicker and easier route to financing.
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