Precedent closes $9 million in Seed funding round as it introduces capability to digitize demand handling
CHARLOTTE, N.C., June 14, 2023 /PRNewswire/ -- Precedent, the insurance industry's first Digitized Demand Handling technology, announced today that it has closed $9 million in Seed funding, provided by Adir Ventures (Adir). The new capital will be used to bring Precedent's suite of products to more insurers as well as broaden and accelerate new product development.
The Seed financing follows Precedent's successful launch in late 2022 and incredible initial traction among the top Property and Casualty carriers in the United States. Precedent has a robust pipeline of top-tier insurance carriers. They are also adding and expanding partnerships with the major claims management, injury evaluation, and core systems platforms.
As part of the investment, Barry Karfunkel of Adir will join Precedent's Board of Directors and serve as the Chairman of the Board.
"Precedent's offering is well-timed to meet the growing interest in creating efficiency in the claim handling process while also reducing severity of liability claims," said Barry Karfunkel of Adir. "We believe the compelling ROI for Precedent's customers will drive broader market adoption of Precedent's technology, leading to more accurate outcomes, lower costs and new efficiency gains for insurers."
"Digital integration between insurance carriers and providers, such as body shops, revolutionized claims efficiency and customer service. Customers can now report a claim, receive an estimate, and arrange for repairs straight from their phones. Body shops utilize digital exchange platforms that verify auto damage estimates before submission, drastically reducing cycle time and rework. In contrast, plaintiff attorneys and insurance carriers' still use outdated means like mail, fax, and email to exchange critical and time-sensitive information. This paperwork requires manual review, leading to delays, inconsistencies, and costly variation in processing. Precedent's proprietary technology, trained on millions of pages of attorney documents, can identify, extract, and advise next steps." Grant Little, Precedent CEO stated, adding "this Seed equity round from Adir allows us to define this new category and assist the industry in efficiently resolving claims with plaintiff attorneys, Adir's financial support, domain expertise and relationships will be extremely beneficial to us as we continue to grow."
About Precedent
Grant Little, former National General CIO, and Jim Andrews, former CRO of Carpe Data, founded Precedent to streamline the communication processes between attorneys and insurance carriers. This initiative was spurred by a five-year trend showing injury claims severity had escalated four times faster than inflation. Much of the excess severity is the result of failures in the claims handling process caused by easily missed information hidden within scanned images of faxes, mail, and email from plaintiff's attorneys.
Using the latest technology in Artificial Intelligence (AI), Machine Learning (ML), and Large Language Models (LLM) Precedent empowers carriers with the tools they need to systematically manage their attorney repped injury claims. Precedent's vision is to be the foundation for all attorney-carrier interactions.
Precedent's technology seamlessly integrates with carriers existing document ingestion processes and can proactively push the extracted intelligence into core claim systems, injury evaluation software, and litigation management systems. This saves manual work and creates consistency and accuracy in a domain where mistakes can be costly. https://www.Precedent.com.
About Adir Ventures
Adir Ventures is a US focused investment firm with deep expertise in technology enabled insurance businesses. We focus on insurance carriers, distribution, & business service verticals within the insurance industry. Our team has been at the forefront of leveraging technology & analytics to drive value in the insurance industry, resulting in industry leading growth rates at leading margins. https://www.adirvc.com.
Media contact: info@precedent.com
SOURCE Precedent
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