Investment of $6M in seed round for Elysian, revamping insurance claim services through AI-driven platform.

Elysian, an AI-native third-party administrator (TPA) for commercial insurance, has announced the successful closure of a $6 million seed round. The funding round was led by Portage, with participation from American Family Ventures and TenOneTen Ventures.

Founded by Grace Hanson, a former lawyer and seasoned executive, Elysian aims to raise the standard for modern claims services. Hanson brings a unique blend of legal expertise and senior claims leadership to the company, having served as Chief Claims Officer at Allied World, Homesite Insurance, Hiscox, and Hippo Insurance.

Elysian's platform is designed to support nuanced, context-rich claims that traditional TPAs and tech-enabled vendors often avoid. The company delivers two core offerings: end-to-end claims handling and Dynamic Claim Review (DCR), supported by proprietary AI technology.

Dynamic Claim Review (DCR) brings expert-led analysis to entire claims portfolios, delivering faster, deeper reviews than traditional audits. Elysian's system surfaces coverage and liability insights and drafts tailored communications for active claims, allowing adjusters to focus on decisions that matter.

Modern software, predictive modeling, and generative AI will play a significant role in Elysian's efforts to modernize commercial claims. The company's approach is designed to rethink claims handling from the ground up and create a hybrid intelligence system where AI manages the 'messy middle' and adjusters can focus on the human parts.

Kyle Beatty, Managing Director at American Family Ventures, believes that Elysian's platform will transform the claims administration category. Ricky Lai, General Partner at Portage, expressed excitement about supporting Elysian's growth. Minnie Ingersoll, Partner at TenOneTen, highlighted Elysian's ability to tackle complexity and build systems that reflect how adjusters work.

The funds will be used to accelerate Elysian's go-to-market efforts, support customer onboarding, and scale the company's delivery operations and technology platform. The long-term vision of Elysian is to deliver better outcomes for carriers and claims professionals by redesigning claims services with modern tools and experienced leadership.

Digital TPAs were not possible before the advent of modern AI, according to Minnie Ingersoll. Elysian's approach is seen as a game-changer in the industry, with the potential to revolutionize the way commercial claims are handled.

Ingersoll, Beatty, and Lai all share a belief in the transformative potential of Elysian's approach to commercial claims. The quotes indicate a shared excitement about the future of Elysian and the impact it could have on the claims industry.

With the successful completion of the seed round, Elysian is poised to make a significant impact in the commercial insurance industry. The company's hybrid intelligence system, combined with Grace Hanson's leadership, could herald a new era in claims handling.

Investment of $6M in seed round for Elysian, revamping insurance claim services through AI-driven platform.