US-based insurance tech startup n2uitive has raised $1.3m in a funding round to drive the expansion of SaaS-based claims interview workflow and intelligence platform.
The funding round was led by Cascade Seed Fund, which is based in Bend, Oregon.
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The firm will use the fresh capital to launch a next-generation claims interview platform, which will feature comprehensive workflow automation and interview intelligence capabilities.
Currently, the claims interview process relies on handheld recorders, manual file uploads, paper interview guides, emailed audio files, and other time-consuming manual tasks.
n2uitive CEO Joel Gendelman said: “The recorded statement claims interview process is disjointed and time-consuming for claims adjusters and often interferes with the insurers providing the most accurate and timely claim outcomes for their customers.
“This latest round of funding will fuel our ability to help insurers make accurate and consistent liability decisions and unlock value from their recorded statements.”
Of each premium dollar made by the insurers, 75% is spent on claims administration costs or loss pay-outs, according to a report by Insurance Information Institute.
Insurers need systematic insights into the interviews which will help the firm reduce loss incurred from error or oversight.
n2uitive claims that its platform not only streamlines the claims investigation and interview process for claims adjusters but also provides valuable insights for insurance companies.
Cascade Seed Fund managing director Robert Pease said: “We believe n2uitive is positioned to build on its interview recording experience to create a robust automation and intelligence solution powered by speech recognition, machine learning and artificial intelligence technologies.”
n2uitive manages over 70,000 new recorded interviews per month and stores over 2.3 million hours of recorded conversations.
It currently serves over 35 Top 200 US Property & Casualty (P&C) insurance firms and more than 15,000 claims adjusters.
