Insurtech Startup, Which Uses Machine Learning for Claims Monitoring, Raises $30M

Insurtech startup Labs Inc. raised $30 million in new venture capital. Many plans are in play to spend the cash infusion, including hiring, and accelerated growth plans for the company’s machine learning-focused insurance claims monitoring platform.

The technology involves a secure, evidence-based insurance claims monitoring platform that claims has greater due diligence at scale, while removing human bias from the detection process. With machine learning, automates the claims monitoring process. The company asserts that its “sophisticated insurance fraud methodology” finds five times more fraudulent cases than other options, helping clients and claimants to save money.