Insurdata, London-based insurtech firm that intelligently captures, enhances, scores and transfers high-resolution, peril-specific exposure and risk data, announced this week it has raised more than $1 million in seed financing from investors including Menlo Ventures, Anthemis Baloise Strategic Ventures and Plug and Play.
Insurdata stated it 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 to 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.”
Jason Futers, CEO of Insurdata, revealed more details about the company’s progress and work:
“The quality of exposure data available to the insurance industry for underwriting purposes as well as overall portfolio management is simply not accurate enough. 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.”
Futers also shared:
“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.”
In regards to Menlo Ventures’ investment, Venky Ganesan, a Partner at Menlo Ventures, added:
“Insurdata is one of our first investments in the insurtech space. 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.”