Richmond, Virginia, March 09, 2022 (GLOBE NEWSWIRE) -- Virginia Venture Partners (formerly CIT GAP Funds), the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in ClaimEdge. Norfolk, Va.-based ClaimEdge® is a highly secure platform designed to manage litigated claim resolution and collaboration between claims professionals and attorneys - all in one place. ClaimEdge will use this investment to continue developing the product and growing its engineering team.
Lawsuits are an expensive headache for the insurance industry. Every year, over one million lawsuits involving insurance claims are filed in the U.S., resulting in $300 billion in loss costs. Email overload and a multitude of other challenges with today’s processes lead to overlooked information and missed settlement opportunities. Many property and casualty insurance companies in the U.S. spend more than $50K to defend a single lawsuit when that cost could be reduced with faster settlements. Built to solve these problems, ClaimEdge is a secure workroom that helps manage communication and documents, resolving litigated claims faster, saving money, and reducing risks.
“Since 2018, our team has been dedicated to helping claim professionals and defense counsel make better – and faster – evidence-based decisions,” says ClaimEdge CEO, James Chapman. “Our team has seen first-hand that it’s hard enough keeping up with email, claim notes, and saving documents for every lawsuit. But lots of time is also spent searching later for that same information, including budgets, discovery, depositions, experts, and settlement negotiations. We appreciate the support of VIPC’s Virginia Venture Partners and look forward to continued growth as a company.”
Whether managing dozens, hundreds or even thousands of lawsuits, staying on top of litigation progress to achieve optimal results is challenging. ClaimEdge puts all that lawsuit information at the fingertips of claim handlers. The platform helps claim professionals proactively manage litigated claims via direct collaboration with defense counsel, all in one secure digital workspace. It combines artificial intelligence with legal subject matter expertise to enable an end-to-end litigated claim workflow and intelligence solution. ClaimEdge efficiently captures all legal data developed during litigation, not just the bits chosen by the defense attorney. Their patent-pending technology can identify critical case aspects for the claim handler relating to damages, liability, and credibility.
“Claim professionals spend 15-20% of their time-saving email and attachments, which is tedious and mistake-prone. Not to mention, legal case reports are long and often do not provide information that would lead to early resolution, resulting in higher legal defense costs,” says Jennifer O’Daniel, Senior Investment Director of VIPC’s Virginia Venture Partners. “The ClaimEdge team has been researching and developing their technology since 2018 to address these challenges and expanded their platform in 2021 with real-time communication that is a distinct competitive advantage. We look forward to seeing what impact they will have on this industry.”
About ClaimEdge
Created by insurance claims veterans, technology experts, and attorneys, ClaimEdge® empowers property and casualty claim professionals who collaborate with attorneys. It gives them a secure workroom to manage their communications and documents. It saves time and reduces frustration, so they can resolve litigated claims faster, saving money and reducing risk, such as from nuclear verdicts. It can be integrated with leading claim management systems for carriers to build data lakes to enable evidence-based AI guidance. ClaimEdge® is a product of Mayfair Group, LLC. For more information, visit https://www.claimedge.co/.
About Virginia Venture Partners
Virginia Venture Partners, formerly CIT GAP Funds, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $32.4 million in capital across more than 250 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC)
Connecting innovators with opportunities. The nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Smart Communities | Unmanned Systems | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Twitter, LinkedIn, and Facebook.
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