Talking deep tech and data models with Insurtech Insider

In a two-part interview with Insurtech Insider, Anthemis’s Ruth Foxe-Blader and Oxbow’s Chris Sandilands look at where technology is starting to change the insurance business model, while Insurdata’s Jason Futers explains the role of Insurdata in solving the disconnect between high-resolution models and the low-resolution data that many re/insurers are working with.

The 45-minute blog looks at just how significant the impact of Insurtech on the re/insurance industry has been to date. The panel explore some of the incremental advances that are being achieved in areas such as data analysis and claims management and consider the potential that AI and Blockchain to disrupt every stage in the re/insurance value chain.

Insurdata named in Oxbow Partners’ Insurtech 25

Insurdata has been named in Oxbow Partners’ Insurtech 25 – a shortlist of 25 technology-led businesses the management consultancy believes will have an impact on the insurance industry in 2018.

Insurdata technology is used by insurers and reinsurers to develop and augment building-level property insight. Oxbow Partners said the information generated from Insurdata’s proprietary data augmentation methodologies has a material impact on exposure management and modelled loss estimates, impacting pricing, underwriting, portfolio management and risk transfer.

Commenting on Insurdata’s inclusion in the InsurTech 25, Oxbow Partners said: “Insurdata has a world-class management team with decades of insurance modelling experience behind them (RMS). Early pilots in the first year of operation demonstrated impact beyond management’s expectations, suggesting to us that this business will have impact in 2018 and beyond.”

The approaches, tools and methods Insurdata has developed can make a material difference to modelled loss estimates.

It added: “Founded only in 2017, 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.”

One such insurer is Paul Nunn, Head of Catastrophe Modelling, SCOR, who commented: “The approaches, tools and methods Insurdata has developed can make a material difference to modelled loss estimates.”

Oxbow Partners praised Insurdata’s global scalability, noting that the blockchain-enabled technology has already been used to augment data in 84 countries through both consulting projects and API integration.

API integration is available through clients’ internal systems or through third-party vendor technology at point of underwriting or retroactively through the post-bind portfolio management process.

Within the re/insurance industry, exposure data is predominantly analysed using Microsoft Excel, and Oxbow Partners noted the Insurdata Microsoft Excel add-in is readily available.

Jason Futers, CEO and Founder, Insurdata, commented: “We are already helping clients better understand and price risk by harnessing the power of high resolution, augmented exposure information. These are exciting times for InsurTech and we are proud to have been named alongside some of the industry’s most promising and innovative companies.”

According to Oxbow Partners, there are currently around 1,000 InsurTechs, and insurance executives have a tough time navigating the landscape.

“We created the InsurTech Impact 25 to highlight specific companies which we believe are well placed to impact the European insurance industry in 2018. We believe that European insurance executives should know all of these companies and be talking to many of them,” the company said.

“We believe 2018 will be a transition year for InsurTech… The emphasis will shift from ideas and opportunities to execution and results.”

Click here to download a copy of the Oxbow Partners 2018 InsurTech Impact 25 report.

Insurdata named finalist of The Blockchain Competition 2017

Insurdata, an insurtech firm which intelligently captures, enhances, scores and transfers high-resolution, peril-specific exposure and risk data, was one of 10 startups to make it through to the final of The Blockchain Competition 2017 – Europe’s largest blockchain competition.

Delivering accurate, real-time property and risk attribute data, Insurdata’s API enables insurers and reinsurers to develop and augment property-level exposure information, including 3D models, helping them better understand and price risk.

The Blockchain Competition 2017, initiated by Lakeside Partners & inacta AG, was a first-of-its-kind event designed to bring together cutting-edge startups, innovative investors and open-minded industry partners in a synergy of blockchain and insurance technology.

Delivering accurate, real-time property and risk attribute data, Insurdata’s API enables insurers and reinsurers to develop and augment property-level exposure information, including 3D models, helping them better understand and price risk.

Designed and built by re/insurance industry and technology specialists, InsurData’s blockchain-enabled Exposure Engine can be easily integrated into existing workflow architecture, and is accessible at any point in the risk management process via desktop and mobile.

Pitching in the final of the competition, which took place in Crypto Valley in Zug, Switzerland, Insurdata CEO Jason Futers said: “The flow of property exposure information through the insurance industry is chaotic, involving Microsoft Excel, PDFs and legacy systems. Led by humans, it is an error-prone process. Information takes months to be passed to insurers and their reinsurers, and is often not even fit for purpose. Insurdata is fixing that.”

Watch Jason’s competition pitch below.

 

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.”

“The industry suffers from a sense of institutional amnesia as an industry - we operate a renewal business, we see the same risks year after year but tend to forget all of the enhancement we’ve made to all of the risk information each time we look at the risks”
Paul Nunn — Head of Catastrophe Modelling at SCOR