• Sprout.ai raises $11m Series A led by Octopus Ventures to apply AI to insurance claims

    9 days ago - By Tech Crunch

    It was way back in 2018 that Omni:us appeared to disrupt the insurance market by applying AI to this most legacy of all industries. It has now gone on to raise $44.1 million. In a similar vein, Shift Technology in France has raised $100 million.
    Now a UK startup aims to do something similar, but this time it will be coming out of the key market of the UK, where the insurance industry is enormous.
    Sprout.ai is an insurtech startup that use AI to help instance companies to settle claims within 24 hours. It's now raised £8m/$11m Series A round led by Octopus Ventures. The round was joined by...
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  • Kenya's Lami raises $1.8M to scale API insurance platform across Africa

    Kenya's Lami raises $1.8M to scale API insurance platform across Africa

    9 days ago - By Tech Crunch

    Africa's insurance market stands at a 3% penetration rate, per a McKinsey study in 2018 comparing six insurance regions on the continent. If the South African market is excluded, this number drops to a measly 1.12%.
    Unlike other parts of the world, most African insurance providers neglect the importance of tailored and affordable insurance products to the average African consumer. Lami Technologies , a startup out of Kenya armed with $1.8 million in seed money, is looking to change that.
    The round was led by Accion Venture Lab , a seed-stage investment firm that supports financial services...
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