AI-Driven Insurtech Elysian Raises $6M for Commercial Claims Revolution
Elysian, an AI-driven commercial insurance third-party administrator (TPA), has raised $6m in a seed funding round. The capital will accelerate the company's go-to-market strategy and facilitate customer onboarding.
The funding round was led by Portage, with contributions from American Family Ventures and TenOneTen Ventures. Elysian was founded by Grace Hanson, a former lawyer with experience as chief claims officer at various insurance firms. Hanson stated that Elysian's approach combines AI and human expertise to raise the standard for modern claims services.
Elysian offers end-to-end claims management and Dynamic Claim Review (DCR) solutions powered by its proprietary AI technology. The AI technology is designed to augment claims adjusters' work by providing insights into coverage, liability, and communication. According to Elysian, DCR offers a deeper and quicker review process compared to traditional claim audits. Portage general partner Ricky Lai praised Elysian's platform for enhancing claims operations and delivering better outcomes.
Funds will also be used to scale up Elysian's operational delivery and technological infrastructure. With the backing of prominent investors, Elysian is poised to revolutionise the commercial insurance sector with its innovative AI-driven solutions.
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