Virtual claims technology provider Snapsheet has closed a $12 million series D round led by venture capital firm Tola Capital. This marks nearly $50 million in funding since the startup launched in 2016, with Liberty Mutual and USAA among its backers.
Snapsheet offers a mobile-first, data-enabled virtual claims platform for personal and commercial auto insurers. Insureds can send photos of their car damage to Snapsheet’s appraisers, who work with carriers and body shops to settle the claims. Snapsheet said that carriers using its technology can process 90 percent of all claims by photograph, automate 70 percent of all customer communications and see a 15-20 percent reduction in loss payments.
The plan is to use the investment to further build Snapsheet’s virtual claims platform, specifically using machine-learning and artificial intelligence, and to expand sales, marketing and customer engagement functions.
Sheila Gulati, managing director of Tola Capital, will join Snapsheet’s board of directors.