On the 17th June, London based BlockClaim
released details of its seed funding round, raising over $600,000. The insurtech start-up uses AI and blockchain in tandem to automate the claims process and detect fraud. Pragmatica, Amadeus, and some individual investors have backed BlockClaim.
The start-up’s technology was developed at the prestigious Imperial College London, claiming to be the first to combine distributed ledger technology (DLT) and AI for the insurance industry. The firm was then founded in 2017, using a private blockchain for automation, to store data securely, and to provide an immutable audit trail.
BlockClaim leverages AI in various antifraud applications, such as using image recognition to scan vehicle damage and verify whether it is genuine. Furthermore, BlockClaim’s system can ‘read’ phone and email conversations to find inconsistencies, without the need for time-intensive admin.
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