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Aim to insure the next Billion people, Lydia AI teams up with insurance giants and closed USD$ 8M Series A+
Lydia AI, formerly known as Knowtions Research, has announced the closing of $8 million USD in a Series A+ funding round. Led by existing investor, Information Venture Partners, and with participation from new investors, including 500 Global. Lydia AI will use the new funding to expand into Japan, South Korea, and Southeast Asia.
Traditionally, insurance companies design products based on age and gender. Lydia AI figures a way to leverage AI and global health data, to establish an engine that can insurance companies design products more presicsly.
“With sensitization and the people getting older and getting more sick, health risks are increasingly unknown and difficult to manage for health insurers. Lydia AI is trained on global health data through open API, and we team up with insurance companies to benefit insurers,” said Anthony Lee, CEO of Lydia AI.
Lydia AI is a deep learning risk scoring engine trained on global health data to generate precise health benchmarks. Insurers use Lydia AI to personalize experience, accelerate underwriting practices and develop new products. The company has partnered with a leading insurer to launch the first series of digital Lydia AI health score products.
The company has launched the first series of digital Lydia AI health score insurance products in Taiwan and plans to expand across Asia.
“We believe that new sources of alternative data and AI will create digital insurance products that are easier to buy and can protect more people, especially those underserved by the industry today,” said Anthony Lee. “In Asia alone, non-treatment due to lack of affordability amounted to $92 billion USD. With more data and improved predictive accuracy, we can help insurers make better risk decisions that transform the customer experience for the next billion people.”
Lydia AI will be using the funding to establish itself as the new industry standard for health risk scoring, using digital medical data, by expanding the health score’s applicability to different types of health and life insurance products. The company selected Taiwan, Asia's 4th largest insurance market, as its pilot market and plans to use its funding to expand into Japan, South Korea and South East Asia.
“With Covid-19 shutting down face-to-face channels, we saw Lydia AI being poised to help insurers transform customer experience for the remote world. We believe Lydia AI is able to become the backbone of new digital health insurance products,” said David Unsworth, the General Partner at Information Venture Partners,
Tony Wang, Managing Director at 500 Global, commented “we believe in companies that solve challenging global problems, and that's why we invested in Lydia AI. The next frontier of customers are digital-first citizens, and they have radically different needs than those who are insured today. We believe Lydia AI has the team and the technology to solve this problem." Lydia AI currently employs 42 people and plans to add 25 new hires to strengthen and grow a strong global presence in the next year.
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