ProNavigator, an AI-powered insurance assistant, has netted $2m in its seed equity financing round.
The capital injection was co-led by the MaRS Investment Accelerator Fund (IAF) and GreenSky Capital. Additional contributions to the round were supplied by Innovation Grade Ventures and a selection of prominent angel investors from the Waterloo-Toronto corridor.
Through this wave of funding, the company will look to develop its AI technology which is offered through both voice and chat. Other plans for the proceeds are to increase its expansion into the US market.
Founded in 2016, the Canada-based company helps insurance agencies and carriers to improve their customer experience, increase sales, retention and productivity through its AI technology. The platform utilises insurance domain expertise and natural language processing technology to automate or partially automate underwriting, claims, service and sales related inquiries through either voice or chat.
ProNavigator CEO and founder Joseph D’Souza said, “In this on-demand economy, customers expect speed and convenience in all of their service providers. The insurance industry has typically been slow to adapt to this shift but is now working hard to move from legacy systems to modern, data-driven and connected systems. ProNavigator is focused on delivering AI capabilities tailor-made for the insurance industry.”
Earlier in the week, Swiss Re Corporate Solutions revealed its new cyber insurance product in conjunction with French cybersecurity company OZON. This new service has been designed specifically for small and medium-sized enterprises with 10 to 250 employees and to help them manage their cyber and digital risks.
Copyright © 2019 FinTech Global