Insurance tech firm BlockClaim have receive around 500,000 GBP or approximately around $ 627,000 in funding for its blockchain based claims solutions.
The funding round was led by venture capitalist firm Amadeus Capital Partners and Software firm Pragmatica with some other angel investors.
According to the company’s announcement, their platform will use blockchain technology to automate its claims process which it hopes to reduce claim cost by as much as 20% as well as to settle claims faster.
However it must be noted that the firm will be using a permissioned blockchain or a private blockchain in order to keep data clean, more efficient and increase claim auditability in the ecosystem.
Aside from using blockchain the platform will also make use of artificial intelligence (AI) in order to provide fraud detection.
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