In a pre-series A investment, insurance-tech startup i3 systems has raised USD 1.5 million from Unitus Ventures.
Alok Agarwal, CFO, Reliance Industries and Zhooben Bhiwandiwala, president, Mahindra Partners are co-investors in i3 systems along with Unitus Ventures
i3 Systems is an Indian AI product company for insurers, to estimate the medical risk and cost of care. The products work seamlessly on digital and unformatted data in complex healthcare and financial documents. The startup plans to use the funds to advance technology that enables seamless adoption of their product across all repetitive business processes in the BFSI industry.
Radha Kizhanattam, Partner, Unitus Ventures commented, “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.”
Mallesh Bommanahal,co-founder & CEO said, “The shift to digitisation of processes and application of AI is following the trend in adoption of Cloud and RPA technologies. i3 Systems has rapidly grown with enterprise customers who are leaders of the insurance industry and has witnessed huge demand from others recently. 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. With access to the data and domain knowledge required to build GPT-3 scale artificial intelligence eventually, i3 Systems is here to bolster the Enterprise AI industry.”
Explaining his investment in i3 Systems, Zhooben Bhiwandiwala, president at Mahindra Partners and member of Mahindra Group Executive Board, said, “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”.
i3 Systems was conceptualized in 2016 when founders Bommanahal and Varzavand Batliwala, realised that 90% 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 prevalent customer grievances in insurance were lack of transparency and unreasonably long settlement time for claims, as the insurers struggled with document-centric processes. These can be solved by modern technologies like AI models on Cloud, Robotic Process Automation (RPA) platforms, and data analytics tools.