Berlin-based insurtech omni:us, which utilises artificial intelligence to help the insurance industry adapt its offering and better meet customer expectations, has announced the closing of a Series A funding round. This round brings the total amount of investment that omni:us has achieved to US$22.5 million.
The investment round was led by Target Global, a venture capital firm based in Berlin. Also involved were MMC Ventures and Talis Capital, as well as Unbound and Anthemis, the latter companies both existing investors.
Major insurance entities such as Allianz and AmTrust have made use of the AI platform and expertise offered by omni:us, as have smaller insurtechs such as Wefox.
“Insurance carriers are undergoing a once in a generation technology shift, embracing new digital core platforms and adopting best-in-class digitisation and analytics,” commented Dan Bailey, Investment Manager at MMC Ventures. “omni:us is delivering AI capabilities that allow insurers to embrace digitisation, improve the efficiency of their claims process and deliver better customer experiences. [CEO] Sofie Quidenus-Wahlforss 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.”
Speaking about the potential of the omni:us platform, Mike Lobanov, General Partner at Target Global, commented: “[Its] functionality is tested to provide best-in-class quality in claims digitalisation 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.”