Stream: Transforming Workers’ Compensation with AI-Driven Medical Document Management

The Acrew Team
3 min readOct 11, 2024

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Acrew Capital is pleased to announce our investment in Stream, an AI-powered platform poised to transform medical document management in workers’ comp. This is a critical component of the claims management workflow in workers’ comp that uniquely differs from other parts of P&C insurance. Stream has raised $5.3 million in its latest seed round. We are investing alongside Spark Capital, TTV Capital, and notable angel investors including Sam Hodges, CEO of Vouch Insurance, and Mike Rosengarten, former CTO of OpenGov. This round brings Stream’s total funding to $6.8 million, reinforcing its aspiration to become a leader in medical document automation.

Stream’s AI-driven platform addresses one of the most cumbersome pain points in workers’ compensation: medical document review. By leveraging AI to automate the labor-intensive task of processing medical records, Stream reduces errors, accelerates decision-making, and lowers the cost structure for its customers, including insurance carriers and service providers across the workers’ compensation value chain.

Our Thesis
We are long-time insurtech investors at Acrew. Our portfolio includes MGAs and software vendors at the innovative edge of insurance — Pie Insurance, At-Bay, Kettle, Stable, and Vellum among others. Across this portfolio, we recognize the claims management pain point as severe — but in workers’ compensation specifically — we’ve come to understand that it requires unique depth given the intersection with medical expertise.

In workers’ comp claims, multiple specialized stakeholders are involved after a claim is submitted. The carrier must work closely with medical legal services firms, record retrieval firms, and qualified medical evaluators to pull together and understand the medical chronology of a claimant. This kind of work is used, for example, to identify pre-existing conditions that may be irrelevant to the medical treatments associated with a given claim. Despite the broad coordination across multiple parties, regulations dictate that these claims need to be resolved within a short window… or else carriers face high costs of litigation. In status quo, everyone involved in the value chain outlined above carries out their work manually. The retrieval firm might go to a provider site and scan documents by hand while a medical legal services firm must parse through dozens of documents per claim. And a workers’ comp carrier might even need to go through hundreds of documents to pull together an insight into a claimant’s medical history. Today, humans do this with many people-hours spent per claim and the customers — carriers — pay hundreds of millions in document page processing costs alone each year.

The global insurance industry continues to face cost pressures and demands for efficiency, so the need for automation in claims adjudication has never been more pressing. And this need is validated by Stream’s impressive early customers.

Stream’s co-founders, Eric Yen (CEO) and Eilam Levitov (CTO), bring extensive domain expertise to the table, having previously worked at Next Insurance, where they built a deep knowledge of the workers’ compensation landscape. Eric also started his career as a claims adjuster, collecting years of earned learnings from working hands-on in the workflows he and Eilam seek to streamline. Through conversations with the two of them and with folks who know them well, it became clear that Eric and Eilam have the grit and resilience, intellect, and domain depth to build a truly disruptive company. We are pumped to be working with the Stream team — upwards and onwards!

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