Insurtech start-up Insurdata raises $3m in seed funding
Insurdata, an insurtech firm which intelligently creates, enhances, scores and transfers high resolution, peril-specific exposure and risk data, has secured $3 million from a group of investors led by Anthemis and Menlo Ventures.
The investors, composed of both venture capitalists and angels, also included Alma Mundi Fund, Talis Capital, InsurTech Gateway, Ascend, Prototype Capital and the Baloise Group.
Insurdata secured an initial tranche of funding of $1 million in October 2017.
The company provides insurers and reinsurers with building-level property data delivered at the point-of-underwriting to enable more accurate pricing, and to support underwriting and risk assessment decisions. The data is generated using Insurdata’s Exposure Engine and accessed via API or the Insurdata Customer Portal.
Jason Futers, CEO, Insurdata, said: “We are delighted to have secured the backing of a fantastic range of investors who fully understand the criticality of the service that Insurdata provides to the re/insurance market. Our work to date has exposed material deficiencies in the quality and scope of information which underwriters are reliant upon, which in turn have a detrimental effect on their ability to accurately price risk and manage portfolios effectively.”
“Moving forward, we aim to capitalise on the fact that our Exposure Engine can be applied to any peril by working with re/insurers to introduce more refined data sets for a broad range of exposures, including flood, windstorm, earthquake, terrorism and cyber. We are also evolving the Insurdata Customer Portal to make access to high-resolution data as straightforward and speedy as possible,” Futers added.
Ruth Foxe-Blader, managing director, Anthemis, said: “We are delighted to continue our support of Insurdata. As the re/insurance industry undergoes a period of readjustment in the aftermath of two major loss years, the quality and granularity of data that supports their underwriting decisions will be vital to their ability to manage volatility. The data consistency that Insurdata provides I believe will become an industry standard.”
Javier Santiso, founder & CEO, Mundi, said: “Insurdata provides an excellent opportunity to invest in a deep technology company that refines and enhances the lifeblood of the re/insurance industry – data. Few other markets are as reliant upon such incredibly complex and comprehensive data sets. Ensuring that such information is of the highest possible quality and resolution to enable underwriters to make risk decisions with confidence should be a top priority for every organisation.”
