Premiumi3 Systems, an InsurTech startup has raised $1.5 million funding from Unitus Ventures. Powered by artificial intelligence (AI) and robotics process automation (RPA), i3 Systems helps users to simplify health insurance underwriting and claims processing. Using advanced technologies like natural language processing and machine learning, the platform processes complex healthcare or financial documents fast aaccurately. The startup aims to use the funds to advance technology that enables seamless adoption of their product across all repetitive business processes in the BFSI industry.
Commenting on the funding, Radha Kizhanattam, Partner, Unitus Ventures said, "Unitus is excited to continue backing i3 Systems through their journey. 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."
Dr. Mallesh Bommanahal and Varzavand Batliwala conceptualized i3 Systems in 2016. They noticed that 90% of the data in insurance companies was in the form of free text in documents. In order to to simplify and speed-up processing of insurance claims, i3 Systems launched i3claim — an automated process which reduced claim processing time to 6 minutes from more than 60 minutes. It also helped the companies to reduce payment leakages. "The startup is currently scaling the deployment of this approach to a variety of insurance business processes in as quickly as three weeks," the company said in a statement.
Along with Unitus, Alok Agarwal, CFO, Reliance Industries and Zhooben Bhiwandiwala, president, Mahindra Partners also co-invest in i3 Systems.
Speaking on i3 Systems, Zhooben Bhiwandiwala shared, “Enterprise AI is poised to witness explosive growth in a post-COVID world. i3 Systems, powered by a super motivated founding team, has demonstrated impressive business outcomes with a customer base comprised of who’s who of the insurance industry. Their retention perspectives are their strength, and the team has shown credibility with reliable products and fast core-system integrations.
"I believe their product plans will entrench them in a formidable position in the Enterprise AI industry in the next few years," Bhiwandiwala added.
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