Agentech, an AI-based workforce solution provider for insurance claims, has closed its seed funding round, raising $3m.
The announcement was made at Naphia Engage 2024 in Phoenix, an event for pet insurance industry innovation.
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With the latest infusion, Agentech plans to expand its AI capabilities within the insurance claims workflow, targeting processes such as First Notice of Loss, reserving and file review.
Agentech plans to bring its AI-driven solutions to broader areas of insurance and claims handling, building on its initial success.
The company, co-founded by insurtech and fintech veterans Robin Roberson and Alex Pezold, utilises advanced large language model capabilities to improve the traditionally laborious and outdated claims process.
Agentech’s AI-driven agents are designed to automate repetitive tasks, allowing insurance carriers to quadruple their output without additional labour costs.
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By GlobalDataPezold, Agentech’s CEO, said: “This successful seed round demonstrates strong investor confidence in our leadership and Agentech’s ability to fundamentally transform the insurance claims process.
“Our AI solutions are already delivering measurable results, with design partners seeing an impressive improvement in productivity, cost efficiency and customer satisfaction.”
The integration of Agentech’s AI workforce into insurers’ existing claims management systems is seamless, minimising the need for change management.
By automating tasks such as document review and data extraction, the platform reduces claim cycle times, and enhances accuracy and customer service.
The key benefits of using Agentech’s platform include a three-to-four times increase in claims throughput, up to a 50% reduction in manual tasks and faster claims processing, which leads to improved customer satisfaction.
Roberson, Agentech’s president, said: “The speed at which we secured funding speaks volumes about the market’s recognition of the problem Agentech is solving.
“Our AI agents are doing more than automating processes – they are empowering claim handlers to work smarter, faster and more accurately.”
