Insurtech startup omni:us raises Series A Funding to supercharge insurance with AI
omni:us, an artificial intelligence startup that enables the insurance industry to transform radically and adapt to today’s customer expectations, has closed Series A funding round, bringing its total funding to date to $22.5 million. The round was led by Berlin-headquartered VC firm Target Global, followed by MMC Ventures and Talis Capital. Existing investors, Unbound and Anthemis, also participated in the round, demonstrating their continued commitment to the company’s ambitions. The funding also reinforces omni:us’ position as a market leader in enabling insurers to become more data-driven and adapt to today’s customer expectations.
Founded in 2015 by Eric Pfarl, Harald Gölles, Martin Micko, Sofie Quidenus-Wahlforss, and Stephan Dorfmeister, the Berlin, Germany-based omni:us solves the problem of highly variable document interchange by delivering structured and streamline insurance back end processes. The company builds cognitive, deep domain insurance products that automate tedious human data extraction & classification tasks and allow a quick deployment of AI capabilities to claims management systems, without the difficulty and delay of trying to build an internal AI system.
As a key player in the major digital revolution currently taking place in the insurance industry, omni:us has developed cutting-edge AI technology that empowers all kinds of organisations within the sector: many of the top global insurance companies – such as Allianz, Baloise and AmTrust – count on its deep digital transformation expertise in order to innovate and meet growing customer needs. At the same time, insurtech firms – such as Wefox – use omni:us to boost efficiency and focus on its core competencies.
Sofie Quidenus-Wahlforss, CEO and Founder of omni:us, said: “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. Our deep data based approach enables insurers to better understand their customers and launch new products and services on a more bespoke and individual level. With this round of funding, we will bring our cognitive systems to the next level and expand into the US market later this year.”
Mike Lobanov, General Partner at Target Global, said: “omni:us functionality is tested to provide best-in-class quality in claims digitalization and is already used by a number of leading players in Europe. 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, MMC Ventures, said: “Insurance carriers are undergoing a once in a generation technology shift, embracing new digital core platforms and adopting best-in-class digitisation and analytics. omni:us is delivering AI capabilities that allow insurers to embrace digitisation, improve the efficiency of their claims process and deliver better customer experiences. Sofie and her co-founders have assembled a world class team, and we’re delighted to be backing them in their vision of bringing AI to the insurance industry.”
Matthew De Jesus, Talis Capital, said: “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. We are delighted to be partnering with Sofie and her impressive team at omni:us, and look forward to continuing to see the company scale.”
Shravin Mittal, Unbound, said: “Given our exposure in the insurance industry through Bharti AXA, we understand that AI is a fundamental game changer to our industry. At the same time, many insurers are still unsure of how to integrate this technology successfully into their processes. With the omni:us AI roadmap, we can introduce these capabilities step-by-step to deliver deeper functionality, understanding and decision support along the insurance value chain.”