Automating insurance claims is big business, and the AI world is ‘absolutely’ coming at it. The latest is Acur8, an Insurtech automated insurance platform whose ‘Transparent AI’ product Willis Towers is trying to join Watson’s existing large business.
It has now closed a Series B funding round of $30m led by an undisclosed investor. This brings its total funding to $42m. The round is meant to support international expansion.
Akur8 is used by actuaries and pricing teams to make faster decisions about insurance claims.
Clients include AXA, Generali and Munich Re, specialty insurers Canopius and Tokyo Marine Kill, Insurtech Wakam and WeFox, as well as mutual player Matmut.
Samuel Falmagne, Co-Founder and CEO of Akur8, commented: “We are pleased to announce the conclusion of our Series B funding round and are grateful for the support we have received from our investors. This latest milestone allows us to change insurance pricing. will enable us to accelerate even further, fuel our international expansion in the US and APAC, and equip P&C and healthcare carriers with a state-of-the-art, integrated pricing solution that we are building and refining tirelessly .
Julian Cruze, Partner, Blackfin Capital Partners, said: “The Blackfin team is thrilled to see that Akur8 continues to spread its wings and deploy its next-generation pricing platform across insurance carriers around the world. We thanked the Akur8 management team. We have built a good relationship with you and it is a pleasure to welcome new investors and continue this journey with them.”