(Image credit: Lei-Ling Brown.)
n2uitive, a claims interview and recorded statement management platform for auto, home, and workers compensation insurers, has secured $1.3 million in a funding round led by Cascade Seed Fund (Bend, Ore.). The investment will be used to launch the company’s next-generation claims interview platform, which will feature comprehensive workflow automation and interview intelligence capabilities. n2uitive currently serves more than 35 enterprise P&C insurance customers and over 15,000 claims adjusters.
“The recorded statement claims interview process is disjointed and time consuming for claims adjusters and often interferes with the insurers providing the most accurate and timely claim outcomes for their customers,” comments Joel Gendelman, CEO, n2uitive Corporation. “n2uitive takes the pain out of this process by moving enterprise insurance customers and claims adjusters away from outdated processes that result in merely ‘compliance artifacts’ to delivering claims intelligence and insights into the interviews and investigations themselves. This latest round of funding will fuel our ability to help insurers make accurate and consistent liability decisions and unlock value from their recorded statements.”
n2uitive addresses what it characterizes a lack of evolution in the claims interview process over the past few decades. The vendor notes that the process still relies heavily on handheld recorders, manual file uploads, paper interview guides, emailed audio files and other time-consuming manual tasks. Because the information captured in these recorded calls are difficult and time consuming to review, insurer claims organizations have very little systematic insights into the interviews themselves. As a result, information that may significantly reduce loss incurred from error or oversight often goes undiscovered, according to an n2uitive statement.
n2uitive’s platform is designed to streamline the claims investigation and interview process for claims adjusters while providing valuable insights for insurance companies to improve claim outcomes. According to the Insurance Information Institute, 75 percent of each premium dollar made by insurers is spent on claims due to claims administration costs or loss payouts, making recorded interviews foundational to minimizing adjustment expense and delivering more consistent and accurate claim outcomes.
Positioned to Create Speech-Recognition and AI-Based Solution
“Cascade’s investment in n2uitive is aligned with our philosophy of investing in software, data and intelligence that automates complex B2B workflows and processes,” Robert Pease, Managing Director, Cascade Seed Fund. “n2uitive plans to use this growth capital to serve a broader set of customer needs. We believe n2uitive is positioned to build on its interview recording experience to create a robust automation and intelligence solution powered by speech recognition, machine learning and artificial intelligence technologies.”