Insurdata, which provides re/insurance underwriters with property-specific data, has landed more than $1m in seed financing.
The InsurTech startup said it has collected the capital from Menlo Ventures, Anthemis Group, and Plug and Play.
It provides re/insurance companies with building-level property data 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.
Insurdata technology includes mobile augmented reality and 3-D model creation, providing both desktop and mobile solutions.
CEO Jason Futers said, ?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.p>
?We are at an early stage, but were 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.
There has been a number of deals in the InsurTech sector this month,. Machine learning insurance platform RiskGenius received an undisclosed investment from QBE Ventures, while Italy-based YOLO reportedly closed a ?1m funding round led by Barcamper Ventures. UAE-based insurance solution platform Democrance also picked up $800,000 in its first round of funding and Canada-based Covera Technologies received $1m in seed funding, led by?Ferst Capital Partners.
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