Delos Insurance Solutions has secured $7.3m in a seed extension round, in a significant move to address the issue of homeowners’ insurance availability in wildfire-prone areas.
It positions Delos perfectly to expand its footprint in the California homeowners’ insurance market, as the organisation remains steadfast in its commitment to the market, despite many national insurance carriers choosing to scale back their exposure in the region due to wildfire concerns.
Delos CEO and co-founder, Kevin Stein, said: “The significant growth of our homeowners’ insurance product over the past 12 months, combined with the confidence of our investors, helped us secure funding in a difficult environment. It enables us to write even more homeowners insurance policies through our independent agent network and partner carriers, who offer our policy in regions where they don’t write.”
Delos adopts a unique approach that integrates its wildfire science expertise and comprehensive wildfire modeling data to identify properties in areas deemed “stressed” by the traditional market but with lower actual risk of wildfire-related losses.
Notably, no home insured by Delos has ever suffered a wildfire loss, and they have never non-renewed a policy due to wildfire exposure.
Delos’ proprietary platform leverages cutting-edge geospatial AI algorithms and over 200 data inputs, including detailed weather patterns, wind data, historical drought and precipitation records, and vegetation health assessments.
Matt Perlman, Partner at IA Capital, commended Delos’ achievements, saying, “Delos provides homeowners with a creative and viable solution to the persistent problem of insuring homes in areas under the threat of wildfire. We are pleased to provide further support to help fuel their expansion in California and beyond.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global