Owl.co
Owl.co is an AI technology company that provides an insurance claims monitoring platform to help insurers detect fraud, streamline claims processing, and make more informed decisions. They serve leading insurers across North America.
Company facts
- Founded
- 2018
- Headquarters
- Canada
- CEO
- Sean Merat
About
Owl.co, initially known as Owl Labs Inc., embarked on its journey in August 2017, driven by a vision to revolutionize the insurance industry. Founded by Sean Merat, Sohrab Merat, and Vahid Mirjalili, the company set out to tackle the pervasive issue of insurance fraud and streamline the cumbersome claims process. The early days were focused on developing a robust platform that could harness the power of data to provide actionable insights for financial institutions. The core idea was to create an engine that could connect to a multitude of trusted data sources, instantly aggregating and synthesizing millions of data points to build a deeper understanding of customers and entities. This foundational technology paved the way for enterprise solutions centered around automated customer onboarding, enhanced due diligence, and advanced fraud detection, all while adhering to a zero-knowledge protocol to ensure the utmost security and integrity of sensitive customer data. A significant milestone in Owl.co's growth was its ability to secure substantial funding, including a notable $30 million Series B round in November 2021. This influx of capital was earmarked to scale its insurance claims monitoring platform and expand its team across the U.S. and Canada. The company's commitment to innovation was further recognized in 2020 when it received a CAD$4.5 million co-investment from the Canadian government's Innovation Superclusters Initiative, highlighting its dedication to removing fraud from the insurance system for the benefit of Canadian consumers. Owl.co's platform distinguished itself by not using sensitive claimant data like age or gender in its models, thereby aiming to eliminate biases in determining claim eligibility. Today, Owl.co stands as a prominent player in the insurtech space, serving many of the largest insurers in North America. Its AI-driven, evidence-based platform empowers insurance teams to make faster, more accurate, and ethical decisions, transforming complex data into clear, actionable intelligence and striving to create a future where insurance is powered by truth, not guesswork.