29th April 2022
MotionsCloud, an insurtech startup raised US$ 2 million with its AI insurance claim automation solution in the latest round. MotionsCloud uses AR and AI technologies to quickly assess and expedite home and auto insurance claims. The new funding will be used to help the company pursue further expansion efforts. MotionsCloud empowers insurance companies with an automated property & vehicle inspection, making the process faster and more efficient. Established in Germany, the startup already cooperates with European, US, and Asian firms.
According to Accenture, customer satisfaction in the insurance industry is one of the lowest, and 83% of consumers dissatisfied with the claim handling process are planning to switch their insurance companies. On top of that, insurance firms’ claims processing costs represent up to 15% of total insurance claims paid out annually (processing costs up to €20 billion globally and annually), caused by a large workforce and complex, tedious, manual processes.
MotionsCloud has developed a solution to these ongoing problems; an innovative, secure AI-driven deep learning insurance claims automation engine that creates significant time and cost-effectivity for insurance companies and boosts customer experience. Their technology equips claimants or inspection teams with an automated tool that reduces the claims cycle from 10+ days to 3 hours and saves up to 75% of processing costs.
“At MotionsCloud, we leverage augmented reality (AR) and computer vision (AI) technologies to fill the gap in vehicle and property claims/inspections processes. We provide a speedy and seamless experience for consumers, cutting up to 75% of processing time, cost, and leakages of an insurance company, agency/broker, or a third-party administrator,” explains LeX Tan, CEO of MotionsCloud. “We are unique because we leveraging already IoT devices with the combination of AR, AI, and Computer Vision that not just in insurance use cases, it also applied already to our clients in the Airline and fleet industry. Our AI damage assessment model can be adaptable to other verticals and industries.”
MotionsCloud’s investment round was backed by investors from all around the world, co-lead by SOSV and Net Insurance, followed by AI Startup Incubator, ParticleX, Artesian, Excon Services, Global Insurance Accelerator and individual angel.
“With the fresh investments, MotionsCloud will continue expanding in the existing markets and work toward the automated world where AR, AI, and IoT (Internet of Things) technologies greatly support and assist the vehicle and property claims and inspection processes,” explained LeX.
“MotionsCloud is improving millions of lives by making the insurance claims process speedy, fair and digital for claimants and policyholders. Having worked with the company since the earliest days, we’re thrilled to help the company scale global heights. Motionscloud’s international expansion into Europe, America, and Asia as well as its partnerships with leading players beyond the insurance industry are the best proof of the company’s tremendous potential,” said Oscar Ramos, Partner at SOSV.
“We are glad to participate in this round together with important new investors. Since our partnership in 2019, MotionsCloud has made significant progress in terms of growth and development and this financing is an important confirmation of the trust placed in it. This partnership will give Net Insurance the opportunity to further improve its digital proposition thanks to an increasingly precise and timely offer of the services provided,” commented Fabio Pittana, Chief Operating Officer of Net Insurance.
The insurtech influencer and non-executive director of Net Insurance, Matteo Carbone mentioned. “I was lucky to meet MotionClouds back in 2017. The insurance expertise of the team has allowed them to become a reliable partner for the insurers they have worked with. It has been awesome to see their collaboration with the Net Insurance organization.”
This announcement also featured in tech.eu.
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MotionsCloud helps property & vehicle inspection teams to streamline and automate inspection processes. Our tools empower inspection teams to be efficient and effective.
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