Two startups have raised early stage financing designed to advance technology from which insurers can benefit. One company is developing smart home technology to help reduce claims risks. Another is using artificial intelligence to help review and manage contracts.
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The startup vipHomeLink.com said it has raised $1.4 million from a group of private InsurTech investors.
The digital home management and mobile app company said it plans to use the money to accelerate development of its smart home application, enhance its member portal and expand customer awareness of what it does.
VipHomeLink, based in New Jersey, launched in 2017 and its technology is designed to transform how homeowners organize, store, access and manage the information in and around their home. The platform enables homeowners to be more proactive in the way they care for their home – helping them avoid costly repairs and reduce insurance claims. Technology features include a dynamic user profile, valuable insights, tailored maintenance alerts and expert “vipTIPS” to help every homeowner make their home safer and more valuable, the company said.
A next step for vipHomeLink will be to pursue corporate partnerships, mostly with insurance carriers, to provide the vipHomeLink product at scale to their policyholders in order to reduce the risk of home insurance claims and avoid preventable losses.
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Lexion recently said it has pulled in a $4.2 million seed financing and also launched its artificial intelligence-powered product designed for managing contracts. Specific investors were not disclosed.
The company said it is applying cutting-edge artificial intelligence to ensure that companies don’t miss a “gotcha” clause or spend hours of expensive outside counsel time in reviewing piles of contracts. Lexion said its platform can ingest all of a company’s contracts, automatically extract dozens of key terms and deliver an organized repository of agreements that can be filtered, sorted and searched across—all in a matter of hours. The company’s proprietary natural language processing (NLP) engine can rapidly be trained to extract previously unseen clauses or new document types, ranging from insurance agreements to commercial real estate documents.
Serial entrepreneur Gaurav Oberoi, AI technology leader Emad Elwany, and engineering veteran James Baird founded the company.
Sources: vipHomeLink, Lexion