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PRAGUE, the Czech Republic – 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 company. On top of that, insurance firms’ processing costs represent up to 15% of total insurance claims paid out annually (up to €20 billion), caused by a large workforce and complex, tedious, manual processes.
German insurtech startup MotionsCloud has developed a solution to these ongoing problems; an innovative, secure AI-driven insurance claims engine that creates significant time and cost-effectivity for insurance companies and boosts customer experience. Their technology equips 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 of 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.”
LeX Tan, CEO of MotionsCloud
The startup offers three products. MotionsCloud’s AI insurtech module provides inspection teams with visual damage assessment and evaluates claims based on customers’ pictures through image recognition and deep learning. The other modules are a self-service and a video inspection app.
“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,” adds LeX.
Cooperating with investors from Europe, the US, Asia, and Australia, MotionsCloud raised close to $2 million for the innovative insurtech solution. Startup’s investors include SOSV (US), Net Insurance (IT), AI Startup Incubator (CZ), ParticleX (HK), Artesian (AU), Excon Services (DE), and Global Insurance Accelerator (US).
“With constantly increasing awareness about the great influence and relevance of artificial intelligence in the insurance industry, the initial hesitations are now fading away as insurance is starting to trust in the clear advantages brought forward by AI in many aspects of the business,” says Angelo Burgarello, Business Director & Partner at AI Startup Incubator. “MotionsCloud white label solution is now an available and solid ally for all the companies in the insurance sector,” adds Angelo.
“MotionsCloud is improving millions of lives by making insurance available to a wider population. 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,” says 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,” comments Fabio Pittana, Chief Operating Officer of Net Insurance.
The legal framework of the transaction for AI Startup Incubator was managed by a law firm Kocián Šolc Balaštík, particularly by Ota Mach and Josef Kříž.
