InsurTech startup Claim Genius bags $5.5m in its Series A round

Claim Genius, a vehicle damage assessment solution, has bagged $5.5m in its Series A funding round.

The investment was supported by Financial Link, a digital insurance automation services in Asia, and SIRI Info Solutions, a global technology solution provider.

With the capital injection the InsurTech is looking to scale its sales and development efforts, as well as support the launch of new products for the auto claims market.

Prior to this round, the company bagged $2.3m in a seed round back in 2018.

US-based Claim Genius integrates with insurance carriers, third-party loss adjusters, repair shop networks and auto leasing firms. Its technology has been piloted by more than 15 customers across the US, Canada, Southeast Asia, India and European Union.

The Claim Genius platform is an AI-based claims solution which leverages image analysis and predictive analytics tools to give carriers the ability to rapidly process auto claims. It recently released an update to its system, improving the assessment capabilities, photo capture workflow, damage detection accuracy and onboarding.

Claim Genius founder and CEO Raj Pofale said, “The auto claims industry is in the midst of a global revolution, driven by advancements digital and mobile technology, artificial intelligence, and machine learning.

“Claim Genius is leading the charge of this transformation through our advanced product capabilities and growing list of technology and delivery partnerships across the entire claims ecosystem. Today’s funding will further enable us to scale this vision and truly make touchless claims a reality for our customers worldwide.”

As part of the investment, Financial Link is partnering with Claim Genius. By leveraging Claim Genius, Financial Link will be able to offer a complete suite to the insurance industry in Southeast Asia from vehicle damage assessment to claim submission and roadside assistance.

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