Dealing with insurance companies is not always pleasant for customers. If a claim occurs, they have to expect a visit from an employee who assesses the damage. It can take some time until payment is made. Nils Mahlow wants to speed up this process. With his start-up claimsforce, the 36-year-old from Hamburg has developed software for insurance claims adjusters. The software is designed to help them record damage electronically on site using a tablet.


It also makes it easier for adjusters to assess by analysing similar cases with artificial intelligence. "We want to help the insurance industry transform its claims areas," says Mahlow. For this mission, he has now raised seven million euros from London-based venture capitalist Notion Capital, among others.

We want to help the insurance industry transform its claims areas

Mahlow promises insurers two effects: On the one hand, they should save money by using his software, as their employees will no longer overestimate claims amounts. On the other hand, their policyholders should become more satisfied. How does that go together? There is no strong correlation between the amount of payouts and customer satisfaction, Mahlow says: "Studies show that the customer doesn't want a maximum payout, but wants the state before the loss back." Insurers mainly overpay third parties - i.e. service providers and repair companies.

Insurers can settle three quarters of all claims without a visit to the site - but these only account for one fifth of the sum paid out, Mahlow calculates. So the big savings potential lies in the larger claims. In addition, his software speeds up the recording of claims. Insureds can also use a status tracker to find out how the claims are being processed.

Zurich praises the product

Zurich Insurance is one of the first users. "We have been customers from the very beginning, so to speak," confirms a Zurich spokesperson. "Our feedback is positive. We perceive claimsforce as an innovative, customer-oriented company that will certainly make its way." Another customer is, for example, the association "Die Regulierer".

Claimsforce is still in use on a small scale: around 250 people use the software, says Mahlow. For the start, he had already received seed capital from several investors such as La Famiglia and Point Nine. The founder hopes for more standardisation. He knows the problems of insurers from his time as an industry consultant at BCG, among others. He also did his doctorate in St. Gallen on the topic of claims settlement. "Many claims are estimated by the adjuster with a high degree of freedom," he has observed. The assessment is therefore very individual.

The data collection is intended to enable the adjusters to make a more accurate assessment based on the evaluation of comparative cases. Building damage, for example, is recorded according to individual trades in order to reduce complexity. "Over time, the algorithm will get better and better - and with it the work of the adjusters," the 36-year-old promises. His goal with the fresh money is expansion. "We want to become an established and recognised technology partner," says Mahlow. He currently employs 30 people with a "lower seven-figure turnover: by the end of 2021, 80 to 100 people should be working at claimsforce and also driving expansion into the US from Hamburg." "You can build very stable start-ups in Hamburg," he says. It is no problem to get and keep good employees there.

He wants to get by for two to three years with the money he has now collected. "We don't need a lot of money for our goals. The business model can be scaled quickly after the development phase and made profitable," the business economist expects. Therefore, despite Corona, it was not difficult to find an investor - on the contrary, financiers came forward of their own accord.

first published in Handelsblatt