Insurtech omni:us closes series A funding round
Berlin-based insurtech omni:us, which claims to be “the only artificial intelligence company of its kind fully focused on insurance”, has closed its Series A funding round, bringing its total funding to date to $22.5 million.
The investment round was led by a German venture capital (VC) firm, Target Global, followed by MMC Ventures and Talis Capital. Existing investors, Unbound and Anthemis, also participated in the round,
omni:us says its AI technology “empowers all kinds of organisations within the sector”, including major global insurance players such as Allianz, Baloise and AmTrust, as well as insurtech firms such as Wefox.
It employs 40 people.
Sofie Quidenus-Wahlforss, CEO and founder of omni:us, explains: “We know the insurance industry will move from process to data-driven over the coming years. To meet this need, omni:us is the trusted partner, supporting insurance companies along this transformational path.”
She adds that the new funding will help the firm expand into the US market later this year.
Mike Lobanov, general partner at Target Global, explains his company’s involvement in the funding round: “With our focus on insurtech we could not go past companies that use AI to provide a better, quicker and more reliable service to customers of insurance companies, specifically when it comes to claims settlement – the moment when the customer values the interaction with insurance companies most.
“We believe automated claims handling will become a new standard in the insurance industry that will substantially cut costs and make insurance more affordable to customers.”
Dan Bailey, investment manager at MMC Ventures, adds: “Insurance carriers are undergoing a once in a generation technology shift, embracing new digital core platforms and adopting best-in-class digitisation and analytics.”
Yet, as Shravin Mittal from Unbound, observes, “many insurers are still unsure of how to integrate this technology successfully into their processes”.
Matthew De Jesus from another investor, Talis Capital, also contributes his views: “The calibre of omni:us’ customers, team and investors are a testament to the solutions it has created, and are uniquely positioned to capitalise on the significant growth of enterprise automation and use of AI in the insurance industry.”