FutureProof Technologies, a climate-orientated property & casualty (P&C) InsurTech, has raised $6.5m in capital.
The round was led by AXIS Digital Ventures with participation from prior investors Innovation Endeavors and MS&AD Ventures. The funding brings FutureProof’s total capital raised to nearly $10m.
FutreProof Technologies is a team of insurance industry veterans, data scientists, economists and climate scientists. Using artificial intelligence techniques, FutureProof predicts wind and flood losses using a range of predictors.
Alisa Valderrama, co-founder and CEO at FutureProof, said, “As climate risk escalates, and natural disasters continue to cause unprecedented levels of financial losses, it will widen the coverage gap and propagate underinsurance. The insurance industry knows it needs a new generation of underwriting, pricing, and portfolio management tools for managing weather- and climate-related P&C risk.
“Our underwriting will help close the coverage gap and increase financial resilience to climate-linked losses from hurricanes and floods. Pricing this risk will create incentives to invest in climate adaptation measures.”
The company said the funding will enable it to add top underwriting, portfolio risk management, and engineering talent at it gears up to launch its digital MGA later this year.
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