Insurance claims monitoring platform Owl.co has raised $30m in a Series B funding round led by Cota Capital.
The round also saw participation from Sorenson Ventures, Impression Ventures, Luge Capital, Plug and Play Ventures and FUSE. Following this recent round, owl.co has raised a total of $40m since its inception in 2017.
Owl’s insurance claim monitoring platform automatically detects significant losses from malingering, exaggerated, or non-eligible claims and stops unnecessary claim payments, reserves, and adjusting expenses that result in higher premiums.
The company is currently working alongside organisations including Fairstone, the Toronto Stock exchange and unnamed top 10 banks and insurers in North America.
Owl.co co-founder and CEO Sean Merat said, “This funding will help us expand owl.co’s platform to revolutionise the insurance industry’s process for monitoring claims and mitigating fraud to address the $80 billion cost to American consumers. By leveraging machine learning to automate and remove bias from the process, we are blazing the trail to a future where nobody pays for fraud.”
Cota Capital partner PV Boccosam added, “We are excited to partner with owl.co, who is a leader in advancing the digitisation of claims in the insurance industry. Delivering a clear ROI to insurance carriers gives us high conviction that owl.co’s AI-driven approach can maximise value creation for its customers.”
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