BlockClaim Raises £500K

BlockClaim, “the first hybrid artificial intelligence and blockchain technology solution” for the insurance industry, has raised £500k in Seed funding from Amadeus Capital Partners.

Developed at Imperial College London, Sprout.ai uses data science techniques to provide insurers with AI-powered fraud filtering and blockchain claim automation. It allows insurers to simultaneously detect fraudulent claims and process claims in “record time thanks to groundbreaking capabilities such as intelligent claims-routing and self-learning fraud detection.” Features such as an image recognition AI module can be used to automatically detect damage to vehicles in the event of an accident claim and validate whether it’s genuine or fraudulent. The system can also scan phone and email conversations for inconsistencies and irregularities, helping insurers automatically weed out fraudsters.

“BlockClaim brings the insurance industry into the digital age with state-of-the-art engineering which couples the power of machines and distributed ledger technology with over two decades of industry experience. The rapid advancement of data science allows us to provide unprecedented objectivity and context automatically in areas that were hitherto only subjective. This makes it much harder for fraudsters to pass through the net.” – BlockClaim’s CEO Niels Thoné.