Elysian Secures $6M Seed Funding to Revolutionize Commercial Insurance Claims
Elysian, a pioneering third-party administrator (TPA) in commercial insurance, has secured $6m in seed funding. The capital will fuel its go-to-market strategy and streamline customer onboarding, as revealed by the company's founder, Lisa Hansen.
Elysian specialises in end-to-end claims management, powered by its proprietary AI technology. This includes Dynamic Claim Review (DCR), which offers a more in-depth and quicker review process than traditional claim audits. The AI system is designed to augment claims adjusters' work, providing insights into coverage and liability and offering tailored communication.
The funding round was led by Portage, with participation from American Family Ventures and TenOneTen Ventures. The funds will not only accelerate Elysian's market entry but also scale up its operational delivery and technological infrastructure. Portage's general partner, Ricky Lai, praised Elysian's platform for enhancing claims operations and delivering better outcomes.
Elysian was founded by Grace Hanson, a former lawyer with extensive experience as a chief claims officer at multiple insurance firms. The company's approach combines AI and human expertise to raise the standard for modern claims services. With the recent funding, Elysian is well-positioned to revolutionise the commercial insurance landscape.
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