If you’ve ever worked in the insurance industry, you know that claim recovery is a difficult and labor-intensive process. That’s where Digital Claim comes in. Through its proprietary software, Digital Claim supports health and travel insurance companies by providing claims recovery services. It streamlines the claims process by digitizing documents, recovering claims, and reporting data through machine learning.
Digital Claim was founded in Austria by Andreas Sernetz and Karl Prinzhorn, incorporated in April 2017, and was fully bootstrapped until they joined Quake’s accelerator.
Karl was formerly a consultant at McKinsey, where he used to consult for German insurance companies. Karl’s experience taught him that the insurance industry was messy and slow. He left consulting, met Andreas, and they combined their ideas to build a business around claims management for insurance companies.
Andreas had previously founded an early-stage pre-Uber limousine service in Austria called Airport Driver and successfully sold the company for over $20 million. He also founded FairPlane eight years ago, which deals with B2C claims for flight delays. This was the first business built around digitizing claims and automating claims processes. Digital Claim’s CTO, Milo Tischler, joined the team very recently as a co-founder. He worked for Andreas for many years and has a lot of experience in solving problems around claim management.
When asked about what keeps them going, Karl and Andreas said that they’re simply excited about building great companies. They are operators at heart and love building products that solve real problems. They want to provide value to the world through technology.
Digital Claim has contracts with top-tier insurance companies in Germany comprising more than 80% of the total travel insurance market, and has increased their clients' claim volume significantly in 2018. As a next step, the company is branching out to other markets such as America and China to scale the business globally. Digital Claim’s big picture is to establish a fully automated claims engine for the insurance industry and thereby massively improve profitability for its clients. Optimizing back-office operations is often overlooked within the insurance industry given their focus on consumer-facing digitization. This lack of attention provides a great opportunity for Digital Claim to utilize technology to increase profitability and ultimately lower premiums for all insurance customers.
The Digital Claim team is excited to build its network through Quake’s accelerator. Up until now, they have been bootstrapped and they are looking to learn from getting a professional investor on board. They are currently raising money to grow their business faster and scale their operations. Digital Claim is addressing a major pain point in the insurance industry, and Quake is really excited to see the impact this company will have.