Faura, an innovative InsurTech company specialising in loss control solutions for natural disasters, has been selected to join Guidewire‘s Insurtech Vanguards program.
This initiative, led by property and casualty (P&C) cloud platform provider Guidewire, aims to connect insurers with emerging InsurTechs to enhance their operations, according to InsurTech Insights.
As a member, Faura will collaborate with Guidewire to introduce its solutions to a broader audience, providing insurers with advanced tools to assess and mitigate risks associated with natural disasters.
The firm’s proprietary structure survivability model, trained on a century of loss data, offers assessments for five perils: wildfire, hurricane, hail, flood, and earthquake.
This model enables insurers to evaluate properties in disaster-prone areas more accurately, facilitating the underwriting of policies that might otherwise be considered too risky.
The company plans to utilise its participation in the Insurtech Vanguards program to expand its reach within the insurance industry, aiming to assist insurers in addressing the protection gap by providing more precise risk assessments and enabling the development of tailored insurance products.
Faura’s inclusion in the Insurtech Vanguards program underscores its commitment to innovation in the insurance sector, aligning with Guidewire’s mission to support the next generation of insurance technology providers.
“We realised that we had an incentives problem in the climate space and believe insurance is one of the biggest levers we can use to create real change, both in profitability for carriers and in resilience for policyholders,” said Valkyrie Holmes, CEO and Cofounder of Faura. “We’re extremely excited to take this next step with Guidewire and join the Insurtech Vanguard program. We know that this combination of resources and expertise will be super crucial moving forward.”
Prior to joining the Insurtech Vanguards program, Faura has been recognized for its innovative approach to risk assessment and loss control, contributing to its growing reputation in the space.
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