Simplifai, a company that specialises in AI automation solutions for the insurance and banking sectors, has completed an investment round with Idékapital as the lead investor.

The specifics of the investment, including the amount and details of other participants, were not disclosed.

Based in Oslo, Norway, the company is led by CEO Bård Myrstad.

It offers an AI automation platform that supports various functions within the insurance and banking industries, such as claims intake, claims processing, underwriting and customer interaction.

This funding follows Simplifai’s recent strides in the insurance market, particularly with its product InsuranceGPT, which is said to be the industry's first insurance-specific GenAI technology.

InsuranceGPT leverages GenAI to enhance communication between insurers and their clients.

Idékapital principal Krisztina Horvath said: “We are thrilled to support Simplifai on its journey of innovation and expansion. Simplifai’s commitment to delivering significant value for their customers and their visionary approach to leveraging AI align seamlessly with our investment strategy.

“They have built a strong foundation and we are eager to contribute to their continued success globally.”

Myrstad added: “Idékapital embodies the ideal partner for Simplifai. Their wealth of experience in nurturing companies with similar trajectories positions them as invaluable partners.

“With Idékapital’s expertise in product market readiness and international expansion, we are poised to accelerate our growth trajectory and drive meaningful impact in the insurance and banking sectors.”

Last month, Simplifai launched Simplifai Claims Processing, powered by InsuranceGPT, to provide support for end-to-end claims handling.

The Simplifai Claims Processing system offers recommendations based on domain-specific knowledge, including details of relevant laws, company policies and contractual terms.

Initially targeting the Dutch Motor insurance market, Simplifai plans to expand to other markets and types of insurance shortly.

Two customers, Van Ameyde and NH1816, have already enlisted Simplifai Claims Processing.

Additionally, earlier this year, Norwegian insurance company TT Forsikring collaborated with Simplifai and Contemi Solutions to automate its operations using AI.

"AI-powered insurance solutions provider Simplifai garners funding " was originally created and published by Life Insurance International, a GlobalData owned brand.

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