Insurdata raises over $1m in seed funding
Insurdata, an insurtech firm which intelligently captures, enhances, scores and transfers high-resolution, peril-specific exposure and risk data, has raised over $1 million in seed financing from investors including Menlo Ventures, Anthemis Baloise Strategic Ventures and Plug and Play.
Insurdata provides re/insurance companies with building-level property data delivered at the point-of-underwriting to support accurate pricing, underwriting and portfolio management decisions. The data is generated through desktop and mobile technology, and accessed via API through existing risk assessment and exposure management workflows, including standard formats such as Microsoft Excel.
Insurdata technology includes mobile augmented reality and 3-D model creation, providing both desktop and mobile solutions. A range of property-specific data is developed at point of underwriting, including peril-relevant attributes, dimension and elevation measurements, and made immediately available throughout the risk transfer process. The granularity of the data enables underwriters to generate 3-D property-specific models, and facilitates retroactive analysis of risks based on the latest peril model modifiers and risk assessment requirements.
“The quality of exposure data available to the insurance industry for underwriting purposes as well as overall portfolio management is simply not accurate enough,” said Jason Futers, CEO of Insurdata. “At Insurdata, we want to bring greater clarity to the underwriting process through providing the industry at large with access to much more granular and peril-specific data, and ensuring exposure data is always relevant and up-to-date.
“We are at an early stage, but we’re moving rapidly and the market reaction has been phenomenal. We already have re/insurers piloting our solutions and benchmarking their data resolution against that provided via our technology,” he added.
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Other stories from Tuesday's email newsletter
AXIS Capital hires new reinsurance CEO from Swiss Re
Qatar Re/Antares drive strong growth in Qatar Insurance Company
Lloyd’s revises its Harvey, Irma and Maria claims estimates
The Hartford buys Aetna’s $1.45bn benefits business
Ironshore names head of US claims
RSG acquires wholesale broker Oxford to expand energy practice
HW Wood expands London team with Aon, Marsh and Howden hires
