Startup has developed an artificial intelligence system for rapid and accurate evaluation of claims
The Menorah Mivtachim group is investing the Israeli Legal Automation startup.
The company has developed a unique artificial intelligence system for carrying out analysis and evaluation of claims which is accurate and fast in comparison with the traditional methods currently on offer. In addition, the Legal Automation system will help the insurance companies to save valuable time and extensive resources in the area of claims handling and will also reduce human errors caused by the extraction of information from huge quantities of documents.
Menorah Mivtachim says that apart from developing the unique system, which will enable the insurance companies to save valuable time and extensive resources in handling claims, Legal Automation is participating in a special program run by the General Security Service and Tel Aviv University in the area of artificial intelligence in the area of natural language analysis (NLP) and has brought about an additional breakthrough in the area of ED and dealing with the analysis of sensitive and complex texts.
In addition, the company is taking part in the exclusive Fusion LA program which assists Israeli startup companies in getting involved in the entrepreneurship market in the United States.
Menorah Mivtachim: “This investment has been made from an understanding that open innovation will enable a fast and accurate response to the needs of the customers and the company. Menorah Mivtachim likewise enables a wide toolbox for startups and entrepreneurs applying to it and provides, apart from the extensive and anonymous data, checking of the feasibility of the venture and its systems (POC) and the opening of doors to global markets both from the point of view of investing in the venture as well as giving significant value for the entrepreneur community in general and the developing Insurtech sector in particular”.
Deputy CEO and manager of the Information Systems Division at Menorah Mivtachim, Moshe Morgenstern: “Innovation and digital are a growth engine for us and we meet and check many startups in the area of insurtech, and we found in Legal Automation a highly interesting technological uniqueness which connects well with our technological and business approach”.
Yuval Man, one of Legal Automation’s founders: “The collaboration with Menorah has created a significant breakthrough for us in developing the product, its introduction into the Israeli market and opening of significant doors to global markets, and thus it was clear that Menorah is an important strategic investor for us”.
