Munich-based MotionsCloud has raised $2 million in a new funding round. Operating in the same space as industry-standard unicorn Tractable (who's stocked with a warchest of close to $120 million), MotionsCloud uses AR and AI technologies to assess and expedite home and auto insurance claims. The new funding will be used to help the company pursue further expansion efforts.
Founded in 2016, MotionsCloud offers insurers an AI-powered claims service that according to the company significantly reduces processing times, bringing the cycle down to 3 hours from an average 10+ days, and saves up to 75% on processing costs.
While the company is laying heavily into the “improves customer experience” aspect, According to Accenture, “only 14 percent of customers are dissatisfied with the way their last claim was handled,” however, “of the 14 percent who are unhappy, 83 percent plan to switch to a new provider, or have already done so.”
Presumably, it's this 83 percent that MotionsCloud is aiming to help insurance providers with.
"MotionsCloud is improving millions of lives by making the insurance claims process speedy, fair, and digital claimants and policyholders. Having worked with the company since the earliest days, we're thrilled to help the company scale global heights,” commented SOSV’s Chinaccelerator managing director Oscar Ramos. “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."