Governments, private equity funds, big banks and large insurers all continue to pour money into the exciting insurtech future. Here’s some news from omni:us, the insurance-focussed artificial intelligence (AI) provider, which has been awarded €1.6 million from the European Commission to help it further develop its machine learning powered insurance claims platform.
The grant to Berlin-based omni:us came from the Commission’s European Innovation Council (EIC) as part of Horizon 2020, which is funding projects aimed at securing Europe’s place as a world leader in technological innovation.
In October 2018, omni:us completed a Series A round of funding, taking total money raised to that date to €19.7 million. This allowed the company to recruit more data scientists and engineers to research and launch pilot projects, demonstrating to insurance companies that AI can transform the industry from process-driven to data-driven.
The EIC funding, which omni:us will receive over two years, will allow it to move quicker to market, building trust and relationships with major insurers across Europe and the US, while spreading awareness on the increased efficiency, accuracy and profound business insight benefits AI can deliver to the industry. Currently, omni:us is proud to count Allianz, Baloise, AmTrust and wefox among its clients.
omni:us, which has a staff of 70, will use the funding to continue its research, expand the team, and build its reputation as the leading AI company that is focussed on the insurance industry.
omni:us Chief Executive Officer Sofie Quidenus-Wahlforss said: “We are very pleased with this generous support from the EIC, which for omni:us means a boost for product development and ultimately a means to deeper market penetration across multiple regions.”