n2uitive Secures $1.3 Million in Funding to Fuel Growth in InsurTech Market
Growth Capital from Cascade Seed Fund to Drive Expansion of SaaS-Based Claims Interview Workflow and Intelligence Platform
SEATTLE, Feb. 14, 2020 /PRNewswire/ -- n2uitive, the leading claims interview and recorded statement management platform for auto, home, and workers compensation insurers, today announced $1.3 million in funding led by Cascade Seed Fund, headquartered in Bend, OR. The investment will be used to launch the company's next-generation claims interview platform, which will feature comprehensive workflow automation and interview intelligence capabilities. n2uitive currently serves 35+ enterprise P&C insurance customers and 15,000+ claims adjusters which impact billions of dollars in claim expense and outcomes each year.
"The recorded statement claims interview process is disjointed and time consuming for claims adjusters and often interferes with the insurers providing the most accurate and timely claim outcomes for their customers," said Joel Gendelman, CEO of n2uitive Corporation. "n2uitive takes the pain out of this process by moving enterprise insurance customers and claims adjustors away from outdated processes that result in merely 'compliance artifacts' to delivering claims intelligence and insights into the interviews and investigations themselves. This latest round of funding will fuel our ability to help insurers make accurate and consistent liability decisions and unlock value from their recorded statements."
Today, the claims interview process looks a lot like it did in 1995. The process still relies heavily on handheld recorders, manual file uploads, paper interview guides, emailed audio files and other time-consuming manual tasks. Because the information captured in these recorded calls are difficult and time consuming to review, insurer claims organizations have very little systematic insights into the interviews themselves. As a result, information that may significantly reduce loss incurred from error or oversight often goes undiscovered.
"Cascade's investment in n2uitive is aligned with our philosophy of investing in software, data and intelligence that automates complex B2B workflows and processes," said Robert Pease, Managing Director at Cascade Seed Fund. "n2uitive plans to use this growth capital to serve a broader set of customer needs. We believe n2uitive is positioned to build on its interview recording experience to create a robust automation and intelligence solution powered by speech recognition, machine learning and artificial intelligence technologies."
n2uitive's platform streamlines the claims investigation and interview process for claims adjusters while providing valuable insights for insurance companies to improve claim outcomes. According to the Insurance Information Institute, 75% of each premium dollar made by insurers is spent on claims due to claims administration costs or loss payouts, making recorded interviews foundational to minimizing adjustment expense and delivering more consistent and accurate claim outcomes.
About n2uitive Corporation
n2uitive is the leading Software-as-a-Service (SaaS) claims interview and recorded statement management platform for auto, home, and workers compensation insurers. The company has the largest repository of claims statement recordings in the industry, managing more than 70,000 new recorded interviews per month and storing over 2,300,000 hours of recorded conversations. n2uitive's customers include many of the Top 200 U.S. Property & Casualty (P&C) insurance companies. For more information, please visit www.n2uitive.com.
SOURCE n2uitive
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