ClaimsTech – The Pitch participant secures major backing

A ClaimsTech – The Pitch 2024 participant has secured £2.3m in pre-seed funding.

ClaimSorted secured significant backing from Firstminute capital, with participation from YCombinator, Precursor Ventures, and Transpose. Prominent InsurTech founders also joined the round.

The company has been established to simplify claims processing after experiencing delays and frustrations while running its own insurance company. It also discovered that third party claims agencies make frequent errors, with nearly 20% of payouts incorrect.

ClaimSorted automates some of the processes using AI, while also empowering human handlers to manage the complex cases that need personal attention. This approach speeds up the process and reduces errors.

Pavel Gertsberg, Co-founder and CEO of ClaimSorted, said, “Too many insurers are stuck with claims partners who just don’t care enough about their customers. We experienced this frustration firsthand. With ClaimSorted, we’re building a solution that puts their customers at the centre of the claims experience.”

Sam Endacott, Partner at firstminute Capital, said: “ClaimSorted is bringing modern software to a major segment of the insurance industry that is yet to undergo significant digital transformation and is dominated by large services companies. We are excited to see how the team with their deep domain expertise can automate away laborious repetitive tasks and deliver a superior user experience to insurance companies and their customers.”