Insurdata raises over $1 million in seed funding
Insurtech firm provides pioneering approach to risk data capture
Insurdata, an insurtech firm which intelligently captures, enhances, scores and transfers high-resolution, peril-specific exposure and risk data, today announced that it 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.
Insurdata has been quick to make an impact in the industry. Multiple insurance executives called out this business as one to watch based on the results of their 2017 proofs of concept
“The quality of exposure data available to the insurance industry for underwriting purposes as well as overall portfolio management is simply not accurate enough,” believes 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.
“Insurdata is one of our first investments in the insurtech space,” said Venky Ganesan, partner at Menlo Ventures. “It is clear that what the firm offers to the insurance industry through providing data at a level of resolution multiple times higher than currently available will be a game changer for both insurers and reinsurers.”
Ruth Foxe Blader, director at Anthemis, added: “The lack of high resolution data on individual exposures has long been a major stumbling block for the insurance industry in terms of its ability to price risk accurately. What Insurdata provides is the data depth to support a much more refined and precise pricing approach.”
“What is truly ground-breaking about the Insurdata approach is that it offers insurance underwriters the ability to carry out a virtual walk-through of their property portfolios,” said Saeed Amidi, founder and CEO of Plug and Play. “No other insurance technology allows insurers to get this close to the risks they cover.”