Seattle-based insurance tech startup n2uitive announced Friday it raised $1.3 million from Cascade Seed Fund and other angel investors.
According to n2uitive, the insurance claims interview process looks a lot like it did in 1995. It still relies heavily on handheld recorders, paper interview guides, manual file uploads and other time-consuming tasks that other industries ditched a long time ago. It's a lengthy and sometimes painful process for insurance claims companies.
"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," Joel Gendelman, the company's CEO, said in a statement. "n2uitive takes the pain out of this process by moving enterprise insurance customers and claims adjusters away from outdated processes that result in merely 'compliance artifacts' to delivering claims intelligence and insights into the interviews and investigations themselves.”
n2uitive’s platform does this by providing a secure space for insurance claims companies to record, store, share and transcribe their statements while also providing analysis these companies can use to improve claim outcomes.
The company claims to have the largest repository of statement recordings in the industry, managing more than 70,000 new recorded interviews a month and storing more than 2 million hours of recorded conversations.
The announcement says this latest round of funding will be used to develop n2uitive’s “next-generation claims interview platform, which will feature comprehensive workflow automation and interview intelligence capabilities.”
