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Insurdata raises over $1 million in seed funding

Insurtech firm provides pioneering approach to risk data capture

NEWS RELEASE

London, October 24, 2017 - 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.

“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.”

All media enquiries, please contact

Suzanne Hirst

Director, Allen & Clapham

M +44 (0)7988 478824

 

Nigel Allen

Director, Allen & Clapham

M +44 (0)7988 140357

About Menlo Ventures

Menlo Ventures provides capital for multi-stage consumer and enterprise technology companies. Since 1976, the firm's market-driven analysis has led to the identification of opportunities and successful investments in innovative technology markets. Notable areas of investment include Marketplaces (Uber, Rover.com, Breather, RealtyShares, Getaround), Consumer Services (Machine Zone, Tumblr, Betterment, Poshmark, Mealpal, Roku, Siri), Smart Cloud Infrastructure (Dropcam, 3Par, Avi Networks, Avere Systems, Eero), SaaS (Carbonite, Signifyd, Clarifai, Overops, Usermind), Fintech (Betterment, Bluevine, Homelight, RealtyShares) and Cybersecurity (Cavium, IronPort, BitSight, vArmour, Dedrone). Menlo's portfolio includes more than 70 public companies and more than 100 mergers and acquisitions. Menlo Ventures has $5 billion under management and is currently investing Menlo Ventures XIV, a $450 million fund with $15 million allocated to the Menlo Talent Fund for fast seed funding, and the Menlo Opportunity Fund, a $250 million fund that solely targets early growth investments. For more information, visit www.menlovc.com.

About Anthemis

Anthemis cultivates change in financial services by building, growing, and sustaining businesses committed to improving the world. Our deep understanding of markets and models, passion for emerging technology and spirit of collaboration inspire everything we do. By creating fertile ground for entrepreneurs, institutions, researchers, academics, and visionaries to come together, we believe we can solve the financial services world’s most pressing challenges faster, better and for the benefit of all. Learn more at www.anthemis.com

About Plug and Play
 

Plug and Play is a global innovation platform that connects startups to corporations. Since inception in 2006, our programs have expanded worldwide to include a presence in 24 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. Companies in our community have raised over $6 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.plugandplaytechcenter.com

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