InsurTech startup Axioma to raise up to £400,000 in crowdfund

Axioma Europe, a claims handling platform for the auto industry, is looking to raise a maximum of £400,000 in a crowdfunding campaign.

The funds are being raised on the Crowd for Angels platform and will support Axioma’s early-stage development. Subsequent to the crowdfunding campaign, Axioma will look to partner with Tier 1 insurers across the US and Europe in order to provide its claims handling algorithm and partner ecosystem.

Axioma is a modular claims handling platform which lets insurers streamline and simplify their business processes through the leveraging of data by machine learning. Its solution has been designed to be a flexible, turn-key solutions to lower claim handling times and costs.

By utilising the Axioma algorithm, insurers can predict which issues will likely arise from a claim and automate the service.

Through the Axioma partner ecosystem, if a claim does not need follow-up diligence, the vehicle details, damage assessment, pictures and videos are uploaded and suppliers can offer their services. The platform will automatically select repair shops and partners based on pre-determined values, such as location to the customer, specialisations of garages, and the turnaround time of each garage.

Axioma CEO Stefano Sironi said, “The future of claims processing will look very differently, and Axioma is gearing up to help its customers adopt a more digital approach.”

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