BlockClaim, a company that develops solutions based on AI and blockchain technology for the insurance sector, has just raised £500,000 (around $627,000) for its blockchain-based claims solution, the company reported yesterday through an official statement.
Venture capital firm Amadeus Capital Partners and software company Pragmatica are some of the most prominent participants in the funding round.
The startup is reportedly working on a blockchain-based system that allows the automation of claim processes, reducing costs by 20% and shortening claim times.
The company's solutions also use artificial intelligence, for example, to analyze the images presented by claimants and detect whether the damage made to vehicles correspond to what the claimants say.
Why it is important
- Traditional insurance claim processes involve the manual submission of the claim, which must later be processed individually by an employee of the insurance company. The automation of this process will allow companies to cut costs and users to solve their problems in a shorter period of time and with less paperwork.
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