Norwegian InsurTech startup 7Analytics, which specialises in flood data analytics, has received an investment from IAG Firemark Ventures, the corporate venture capital arm of general insurer IAG.
While the financial details of the investment have not been disclosed, it is confirmed that IAG Firemark Ventures will join 7Analytics’ roster of backers, with the investment aimed at accelerating the company’s growth both commercially and geographically, according to InsurTech Insights.
Founded in Bergen, Norway, with a U.S. headquarters in Boston, Massachusetts, 7Analytics leverages advanced geoscience and machine learning to develop predictive models for floods and landslides.
These models provide residential and commercial property insurers with asset-level flood risk assessments, offering critical insights amid increasing extreme weather events.
With the new investment, 7Analytics aims to scale its operations and expand its reach, helping insurers enhance their risk assessment capabilities as climate change continues to drive more frequent and severe flooding events.
7Analytics co-founder and chief operating officer Jonas Aas Torland highlighted the growing need for innovative solutions to address unpredictable climate patterns. “In recent years, we have seen intense precipitation impact entirely new areas, and our platform assumes the next big event could happen anywhere. This investment from Firemark Ventures will help our company accelerate, scaling both commercially and geographically.”
IAG Firemark Ventures general partner Scott Gunther stressed the increasing necessity for insurers to access real-time data-driven insights to mitigate flood risks. “We’ve seen first-hand the devastating impact of floods and major events on communities. As the frequency and severity of weather events continue to increase, having up-to-date information enables insurers to help customers understand their risks and take proactive measures to enhance their resilience.”
7Analytics is the latest addition to Firemark Ventures’ expanding portfolio, which includes companies like Near Space Labs and RavinAI.
The latter has revolutionised motor insurance claims by cutting the average cycle time from claim lodgement to total loss assessment by 11 days using tow truck imagery analysis.
Gunther reaffirmed Firemark Ventures’ commitment to investing in startups that drive innovation within the insurance industry. “IAG Firemark Ventures’ purpose is to bring the outside world into IAG by investing in and partnering with startups to transform how we deliver insurance. We have a proven record of successfully connecting our startup portfolio companies with our business to deliver on our purpose. We are thrilled to see what these global leaders in their categories can do for the Australian and New Zealand insurance market in 2025.”
This latest investment reflects IAG Firemark Ventures’ ongoing strategy to harness cutting-edge technology in addressing the challenges posed by climate change and evolving risk landscapes.
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