Elysian, an AI-native third-party administrator for commercial insurance, has closed a $6 mn seed round led by Portage with backing from American Family Ventures and TenOneTen Ventures.
The funding will be used to accelerate market entry, onboard customers, and scale both operations and the company’s proprietary technology.
The company was founded by Grace Hanson, a lawyer and veteran claims leader who previously served as Chief Claims Officer at Allied World, Homesite, Hiscox, and Hippo.
Elysian’s platform supports two core services: end-to-end claims handling and Dynamic Claim Review (DCR).
Hanson said Elysian was built by rethinking claims from the ground up, with a hybrid model where AI handles the “messy middle” while adjusters focus on the human side of decision-making.
We built Elysian by rethinking claims handling from the ground up – designing a hybrid intelligence system where AI manages the ‘messy middle’ and adjusters can focus on the human parts.
Grace Hanson, Founder and CEO of Elysian
“Our approach is shaped by firsthand industry insight and designed to raise the standard for modern claims services.”
The system surfaces liability and coverage insights, drafts customized communications, and provides expert-led analysis of claims portfolios. This approach gives adjusters the ability to concentrate on critical calls while delivering faster, deeper reviews than traditional audits.
Investors say Elysian is solving long-standing pain points. Portage’s Ricky Lai called the company’s technology “purpose-built innovation at the core of claims operations.”
TenOneTen’s Minnie Ingersoll noted that modern AI finally makes digital TPAs viable. Kyle Beatty of American Family Ventures added that claims administration is set for a fundamental transformation through predictive modeling, software, and generative AI.
Elysian is bringing purpose-built innovation to the core of commercial claims operations. Their platform provides adjusters with the tools to deliver better outcomes, and we’re excited to support the team in their next phase of growth.
Ricky Lai, General Partner at Portage
Elysian targets complex, context-heavy claims that traditional TPAs and tech vendors often avoid. Its long-term aim is to raise the standard of commercial claims handling, pairing modern AI with the experience of seasoned claims professionals to improve outcomes across the industry.
We use multimodal AI-agent orchestration, purpose-built machine learning, statistical optimization and autonomous decisions systems to deliver precise insights to empower adjusters to make the right decisions.
Elysian is the first AI-native TPA built for superior outcomes in commercial insurance. Elysian combines AI-orchestrated claims processing with elite adjusting talent to handle the most complex commercial claims with unprecedented efficiency and insight.
Elysian announced that insurance industry veteran Bronek Masojada has joined the company as a strategic advisor, bringing over three decades of insurance leadership and digital transformation expertise to guide the next phase of growth for the AI-native Third-Party Administrator (TPA).
This strategic appointment comes as Elysian accelerates the development of its proprietary technology and expands its team of industry experts.
Masojada served as CEO of Hiscox from 2000-2021, and during his tenure he transformed the company into the insurance giant it is today. Under his leadership, Hiscox established itself as a digital-first innovator years before the rest of the industry. Masojada worked directly with Elysian CEO, Grace Hanson during her role as Chief Claims Officer at Hiscox from 2019-2021.
His industry service includes roles as Deputy Chairman of Lloyd’s (2001-2007), Chairman of the Lloyd’s Tercentenary Research Foundation (2008-2014), and Chair of Placing Platform Limited where he drove digital adoption in the London market.
Bronek’s experience in both insurance operations and digital transformation makes him an exceptional advisor to Elysian
Grace Hanson, CEO and co-founder
“Having worked closely together during my time at Hiscox, his guidance will be invaluable in accelerating our mission to revolutionize claims handling through AI.”
Portage is a global investment platform focused on fintech and financial services with over US$4B under management, 65+ portfolio companies in 13 countries, and 20+ investment professionals across 4 countries.
