Anti-fraud firm BlockClaim completes £500k seed funding
BlockClaim, the first hybrid artificial intelligence (AI) and blockchain technology solution for the insurance industry, has completed its seed funding round with a £500,000 investment.
Developed at Imperial College London, BlockClaim uses data science techniques to provide insurers with AI-powered fraud filtering and blockchain claim automation. It allows insurers to detect fraudulent claims and process claims very quickly using capabilities such as intelligent claims-routing, and self-learning fraud detection.
Features such as an image recognition AI module can be used to automatically detect damage to vehicles in the event of an accident claim and validate whether it’s genuine or fraudulent.
The system can also scan phone and email conversations for inconsistencies and irregularities, helping insurers automatically weed out fraudsters, resolve claims faster and offer a better standard of customer service.
The seed funding round attracted investment from global technology investor, Amadeus Capital Partners, whose previous investments include Graphcore.
Amadeus is known for its focus on AI and machine learning, cybersecurity, healthcare and Software as a service (SaaS). It has invested over $1 billion since 1997 and specialises in taking high-growth companies global.
Several insurance executives and business angels also backed BlockClaim in its seed round.
Niels Thoné, CEO of BlockClaim, says, “the rapid advancement of data science allows us to provide unprecedented objectivity and context automatically in areas that were only subjective. This makes it much harder for fraudsters to pass through the net.”
BlockClaim claims to deliver a cost per claim reduction of 20% along with significantly reduced settlement times.