Talem Health Analytics — a technology company for auto insurers — announced today it closed a C$2.3 million seed round led by Build Ventures, with participation from Innovacorp, HOLT Accelerator, all existing angel investors, and new angel investors.
This seed financing, one of the largest in Nova Scotia, will enable Talem to launch its artificial intelligence (AI) enabled prediction platform to 35 US states by the end of 2021.
“We see the Talem platform as a positive disruptor for the auto insurance sector,” said Rob Barbara, general partner at Build Ventures. “This financing will enable them to truly expand their industry reach.”
The COVID-19 environment has led insurers to seek contactless injury assessment whenever possible, including adopting AI — particularly for the time immediately following an accident, when insurers have the best opportunity to improve customer experience and manage costs.
“Having injury insights early in a claim cycle can benefit not only insurers, but customers too, by making early care a priority,” said Paul Travis, CEO & co-founder of Talem. “We’re changing the process upfront, and that helps everyone involved.”
Auto insurers using traditional methods to predict medical claims have seen overruns on time and costs. Talem’s platform, which combines AI, clinical expertise and forensic science, enables insurers to predict claim costs earlier, more accurately, and more efficiently.
“Our technology provides insurers with the ability to price themselves more competitively, too,” said Matthew Kay, COO and co-founder of Talem. “We’re changing the way auto insurers assess claims.”
About Talem Health
Talem is innovating the auto insurance claims management process and redefining customer care by combining clinical expertise, forensic science, and artificial intelligence into one platform. By quickly and accurately assessing injury severity, verifying diagnosis, and providing suitable treatment and recovery models, Talem provides the timely scientific insights insurers need to make better decisions, reach claim resolution faster, and improve customer outcomes.
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February 11, 2021, Nova Scotia