AI platform for insurance i3 Systems has reportedly bagged $1.5m in a funding round, which will aid the enhancement of its technology.
Unitus Ventures led the investment round, according to a report from LiveMint. Also joining the round was Reliance Industries CFO Alok Agarwal and Mahindra Partners president Zhooben Bhiwandiwala.
The capital infusion will help the startup to further the development of its technology capabilities and increase adoption of its services in the market.
i3 Systems currently offers two products, an underwriting solution and a claims processing system.
Its underwriting automation services works on reports from over 70,000 diagnostic centres to help create diagnostic reports. The claims platform automatically extracts basic data-points like DOA, DOD and its validation, to accelerate processes and reduce time wasted on rejected claims.
Unitus Ventures partner Radha Kizhanattam told LiveMint, “The company is disrupting the traditional way of processing documents and the associated challenges with faulty decisions. Data-centric decision making and digitised processing is the way forward and a necessary step for the insurance industry to reach 800 million people from the current 200 million.”
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