On September 26, 2024, the SCALE AI Venture Programme, an initiative by InsurTech Hub Munich, officially kicked off. This programme aims to reshape the role of AI in the insurance industry through strategic collaborations. By uniting insurers, technology companies, scaleups, and startups, it fosters the development of scalable AI innovations that will drive transformation across the entire insurance ecosystem.
“We support the growth of young technology companies by providing access to networks of insurers as well as offering industry expertise and regulatory knowledge,” explained Miriam Hook, CEO of InsurTech Hub Munich, in her opening speech. She emphasized the importance of collaboration as the core of the SCALE AI programme.
A Programme with International Appeal
Over 120 applications from 28 countries underscore the global appeal of the SCALE AI Venture Programme. Following a rigorous selection process, 16 ventures from Germany, the UK, Canada, and Switzerland have been chosen to participate in this year’s Programme.
“The diversity of the presented technology companies and the areas covered by artificial intelligence are remarkable. What stands out is the international scope—these scaleups and startups are bringing innovative ideas from all over the world to Germany,” emphasized Dr. Klaus Driever, Chairman of InsurTech Hub Munich.
Focus on support of the ventures and Networking
The SCALE AI Venture Programme 2024 reflects the insurance industry’s commitment to embracing innovative AI solutions. Here are the ventures at the intersection of technology and insurance, each offering unique perspectives and solutions that have the potential to reshape the industry.
“It is clear that networking and interdisciplinary collaboration are essential to holistically integrating innovations into organizations. This is the key to a more sustainable and faster transformation, especially when it comes to the intersection of automation, AI, and regulation,” emphasized Christine Draws, board member of Bayerische Versorgungskammer and a member of the advisory board of InsurTech Hub Munich.
The SCALE AI Venture Programme 2024 reflects the insurance industry’s commitment to embracing innovative AI solutions. Here are the ventures at the intersection of technology and insurance, each offering unique perspectives and solutions that have the potential to reshape the industry:
Claims and Performance Management: Process Automation
- Claimsforce offers an insurance platform for automating claims management. The AI-based platform optimizes value creation for all parties involved and supports customers throughout the claims process.
- Fluent.ai automates back-office tasks for health insurers and brokers, including processing medical bills, pre-approval requests, and broker inquiries.
- lector.ai provides a platform for AI-powered document classification and information extraction, using deep learning to efficiently analyze both structured and unstructured documents.
- Simplifai offers an AI automation solution for the insurance industry. Its product, InsuranceGPT, enhances communication and automates claims processing while ensuring data protection.
Claims Management: Risk Assessment and Fraud Detection
- Hence Technologies helps companies balance legal risks related to geopolitical developments. The platform integrates geopolitical factors into legal strategies to minimize risks early on.
- Riskwolf specializes in data-driven insurance, particularly related to climate change and disaster events. The platform facilitates risk management and automated claims processing.
- VAARHAFT provides a SaaS solution for image-based fraud detection. Using deep learning, the platform detects manipulation and forgery in digital media.
Scaling
- Calvin Risk standardizes and automates AI testing for companies, helping data governance and analytics teams minimize risks and comply with regulations like the EU AI Act.
- QuantPi offers a platform for managing AI trust, supporting companies in validating AI systems, risk assessments, and compliance with regulations like the EU AI Act.
- Swallow uses generative AI to accelerate the development and deployment of insurance products, simplifying the process from pricing to release.
Sales
- Indemn provides a platform for sales and service teams, using AI-powered chatbots. The platform leverages human feedback to continuously improve AI model performance.
- Minalea offers a platform for analyzing insurance products, providing transparency about insurance coverage and services through AI.
- muffintech has developed the first conversational AI solution specifically for the insurance industry. The system supports various processes in parallel and modularly, with its own insurance data layer.
- SUMM AI has developed an AI tool that automatically translates complex texts into plain language, similar to Google Translate but tailored for the specific type of language.
Customer Service
- Beam AI provides a platform for agentic Process Automation, helping companies automate manual workflows with AI agents, increasing productivity and allowing teams to focus on essential tasks.
- Cognigy is a leading provider of conversational AI technologies for businesses. The platform enables customers to develop complex, integrated process automation solutions with cognitive bots.