InsurTech startup MotionsCloud, which leverages AI to automate insurance claims and inspections, has raised $2m in its recent round of funding.
MotionsCloud pointed to a report from Accenture that said satisfaction in the insurance industry is one of the lowest, and 83% of consumers dissatisfied with the claim handling process are planning to switch their insurance companies. Moreover, insurance firms’ claims processing costs represent up to 15% of total insurance claims paid out annually, caused by a large workforce and complex, tedious, manual processes.
In response to these problems, MotionsCloud has developed a secure AI-driven deep learning insurance claims automation engine that it said creates significant time and cost-effectivity for insurance companies and boosts customer experience. Its technology equips claimants or inspection teams with an automated tool that reduces the claims cycle from over ten days to three hours and saves up to 75% of processing costs.
MotionsCloud said the funding will be used to help the company pursue further expansion efforts. MotionsCloud empowers insurance companies with an automated property and vehicle inspection, making the process faster and more efficient. Established in Germany, the startup cooperates with European, US, and Asian firms.
LeX Tan, CEO of MotionsCloud, said, “At MotionsCloud, we leverage augmented reality (AR) and computer vision (AI) technologies to fill the gap in vehicle and property claims/inspections processes…
“We are unique because we leveraging already IoT devices with the combination of AR, AI, and Computer Vision that not just in insurance use cases, it also applied already to our clients in the Airline and fleet industry. Our AI damage assessment model can be adaptable to other verticals and industries.”
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