[Funding alert] Insurance-tech startup i3 Systems raises $1.5M from Unitus Ventures, others
Mumbai-based insurance-tech startuphas raised $1.5 million from Unitus Ventures in a pre-Series A round of funding. The startup plans to use the funds to advance its technology that enables seamless adoption of their product across all repetitive business processes in the BFSI industry.
Reliance Industries CFO Alok Agarwal and Zhooben Bhiwandiwala, President, Mahindra Partners co-invested along with Unitus Ventures.
Dr Mallesh Bommanahal, Co-founder and CEO, said,
“With our solutions, i3claim and DataMD, we have processed over 3.5 million health claims and 6 million policy proposals till date. With Unitus Ventures and our new investors backing us, we plan to utilise the funds to grow our AI models portfolio for our customers and increase global footprints.”
i3 Systems Founders (L-R): Dr Mallesh Bommanahal and Varzavand Batliwala
i3 Systems was conceptualised in 2016 when founders Dr Mallesh Bommanahal and Varzavand Batliwala, saw that 90 percent of the data in insurance companies was in the form of free text in documents. This made the data inaccessible to AI which had the potential to simplify and speed-up processing of insurance claims, the startup said. These can be solved by modern technologies like AI models on Cloud, Robotic Process Automation (RPA) platforms, and data analytics tools, it added.
i3 Systems is an AI product company for insurers to estimate the medical risk and cost of care. The products work on digital and unformatted data in complex healthcare and financial documents.
“The company is disrupting the traditional way of processing documents and the associated challenges with faulty decisions. Data-centric decision-making and digitised processing is the way forward and a necessary step for the insurance industry to reach 800 million people from the current 200 million,” added Radha Kizhanattam, Partner, Unitus Ventures.
The company said it has successfully delivered products through partnerships with multiple financial services organisations and consortiums, for use cases such as insurance underwriting, medical claims, lending, invoice processing, agreement processing, etc. i3 Systems has partnered with 12 institutions in the BFSI and Technology industries to develop AI products for a variety of business processes.