Irish InsurTech startup ClaimVantage picks up €2m

Insurance claim management software provider ClaimVantage has raised €2m to fuel its international expansion efforts.

The Davy EII Tax Relief Fund 2015, which is managed jointly by Davy and BDO, provided the investment in the Dublin-based company.

ClaimVantage provides cloud-based claims management solutions to carriers and third-party administrators designed to automate business processes.

The company currently employs 30 people worldwide but will use the new capital to ramp up that number across Ireland, the US, Europe, Asia and South Africa over the next five years.

ClaimVantage CEO Leo Corcoran commented: “We see a huge opportunity in the AsiaPac region.

“After securing three deals in Australia over the past two years, we have identified a need in the market for cloud-based claim management software solutions to increase claim processing efficiency and support digital insurance.

“We are currently pursuing a Proof of Concept in Hong Kong and another in Japan. This funding will help us further develop our team to support this expansion.”

The company’s clients include two of the top three Canadian and two of the top 10 insurance carriers in the US.

BDO partner Sinead Heaney added: “The team at ClaimVantage have created innovative cloud-based technology that will drive efficiencies and improvements in the claims management process within the insurance sector.

“This is an agile company which has real potential for growth, a strong trading record and an experienced management team.

“These are the reasons why it is a great fit for the Fund. We are delighted to be on board to assist ClaimVantage achieve its ambitious growth plans in the coming years.”

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