PALO ALTO, CA–– Liberate Innovations Inc. (Liberate), a best-in-class software-as-a-service (SaaS) platform that allows property and casualty insurers to fully automate claims and underwriting experiences, launched after obtaining USD 7 million in venture capital.
The platform enables insurers to create digital self-service experiences and coordinate an ecosystem of solution providers and core systems to automate complicated business processes, resulting in considerable cost savings and an unparalleled customer and employee experience. Eclipse led the USD 7 million seed round.
Property and casualty insurance is facing significant financial and human resource issues. Rate pressure, an increase in the number and severity of claims, and a scarcity of competent claims adjusters and underwriters influence profitability and company operations. At the same time, clients want a digital experience that is on par with the human connection. Despite the prevalence of insurance solutions and the benefits they promise, carriers have yet to fulfill the ecosystem’s full potential. According to J.D. Power, this has led to a general decline in overall consumer satisfaction with P&C insurers and their digital products.
Liberate’s technology and insurance experts, who have worked for some of the industry’s most prominent insurance and software companies, built the SaaS platform with decades of experience and knowledge in machine learning, software system integrations, and prior real-world experience building underwriting and claims workflows at Fortune 500 insurance carriers. Their strategy comprises updating in smaller, incremental increments at a faster pace in order to give better consumer and employee experiences as well as a faster return on investment.
The platform offers insurers a one-stop shop for creating user-friendly front-end experiences for their end consumers and seamlessly connecting core systems and insurance solution suppliers to automate complicated business processes. Claims handlers and underwriters may reduce processing costs by up to 30% by using low-code tools and pre-built templates to streamline and speed the adoption of digital experience and process processes.
“Eclipse supports entrepreneurs who tackle age-old industry difficulties with creative, tech-forward solutions. “Liberate’s technology enables property and casualty insurers to transform their operations at an extremely faster pace, allowing them to operate more efficiently and quickly capitalize on the benefits of digital transformation, such as reduction in costs and improved experiences for both their end customers and employees,” said Aidan Madigan-Curtis, Partner at Eclipse.
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