Snapsheet Raises $12M Series D, Boosting AI in Its Insurance Claims Tech

Chicago based insurance tech startup, Snapsheet, that helps people virtually file insurance claims, just raised $12 million.

The Series D round, led by Tola Capital, brings the 7-year-old startup's total funding to over $43 million (the startup raised $20 million just last year). Snapsheet will use the additional funds to improve on their tech using artificial intelligence and machine learning.

"Our platform is reimagining the claims process and enables 90 percent of all claims to be processed virtually,” said Brad Weisberg, founder and CEO of Snapsheet. “We’re dedicated to investing in technologies like machine learning that will continue to improve workflows for the insurance industry."

Snapsheet helps customers file and settle auto insurance claims through their online platform, by allowing them to upload supplementary photos using a smartphone camera and streamlining communications with repair shops. Using Snapsheet, carriers can process 90 percent of all claims by photograph, automate 70 percent of all customer communications and see up to a 20 percent reduction in loss payments, the startup says.

Snapsheet works with 45 major auto insurance carriers, including USAA and Liberty Mutual, and is on track to process 400,000 claims virtually this year. The startup employs 300, about half of which are in Chicago, according to Crain's.

Snapsheet will use the additional funding to further develop the technology behind their platform, particularly around AI and machine learning, as well as expand sales, marketing and customer engagement functions. Snapsheet also announced that Tola managing director and former Microsoft manager Sheila Gulati will join the startup's board of directors.