Liberate Innovations, software-as-a-service (SaaS) platform that enables P&C insurers to fully automate claims and underwriting journeys, has raised $7m in funding and launched its platform
The seed round was led by Eclipse.
The platform aims to empowers insurers to deliver digital self-serve experiences and orchestrate an ecosystem of solutions providers and core systems to automate complex business processes. Liberate said this leads to significant reductions in costs and an unmatched experience for both customers and employees.
Liberate’s end-to-end platform provides insurers a one-stop shop for building user-friendly front-end experiences for their end customers and seamlessly stitching together core systems and insurance solution vendors to automate complex business processes.
Through the use of low-code tools and pre-built templates, Liberate said claims handlers and underwriters can streamline and accelerate deployment of digital experience and process workflows, resulting in up to 30% reduction in processing costs.
The launch of Liberate’s platform comes at a time when the P&C industry is facing significant financial and talent challenges.
Liberate said that a downward pressure on rates, a rise in frequency and severity of claims, and a shortage of skilled claims adjusters and underwriters is directly impacting profitability and business operations. At the same time, customers are demanding a digital experience on par with human interaction.
Amrish Singh, founder and chief executive officer of Liberate, said, “P&C insurers need a new way to modernise quickly and cost- effectively to offer a better customer and employee experience and increase profitability – traditional approaches to modernisation — like upgrading core systems — take too long, cost too much, and have questionable ROI.
“Liberate’s unique low-code platform addresses these hurdles and enable insurers to deliver an exceptional customer and employee experience, at a much lower cost, in a matter of months.”
Earlier this month, Joyn Insurance, an insurance technology company, raised $17.7m in Series A funding led by OMERS Ventures.
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