Some funding news from California;
(Liberate), a software-as-a-service (SaaS) platform that enables P&C insurers to fully automate claims and underwriting journeys, announced its launch recently, after raising $7 million in venture funding.
The platform empowers insurers to deliver digital self-serve experiences and orchestrate an ecosystem of solutions providers and core systems to automate complex business processes, leading to significant reductions in costs and an unmatched experience for both customers and employees. The $7 million seed round was led by Eclipse.
The P&C insurance industry is facing significant financial and talent challenges. 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. Despite the ubiquity of insurtech solutions and the benefits they promise, carriers have yet to realize the full potential of the ecosystem. This has contributed to the general downward trend in overall customer satisfaction with P&C insurers and their digital offerings, according to J.D. Power.
“P&C insurers need a new way to modernize quickly and cost- effectively to offer a better customer and employee experience and increase profitability – traditional approaches to modernization — like upgrading core systems — take too long, cost too much, and have questionable ROI,” said Amrish Singh, Founder and Chief Executive Officer of Liberate. “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.”
Liberate’s team of technology and insurance experts, from some of the industry’s most prominent insurance and software companies, applied their decades of experience and knowledge in machine learning, software systems integrations, and prior real-world experience in building underwriting and claims workflows at Fortune 500 insurance carriers to build the SaaS platform. Their approach involves modernizing via smaller, incremental steps at a more rapid pace to offer better customer and employee experiences and quicker return on investment.
The 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, claims handlers and underwriters can streamline and accelerate deployment of digital experience and process workflows, resulting in up to 30% reduction in processing costs.
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