Insurdata, a company aggregating peril-specific exposure and risk data, has closed a $3m funding round.<\/p>\n
The investment was led by London-based venture firm Anthemis and California-based VC Menlo Ventures.<\/p>\n
Other contributions to the round came from Alma Mundi Fund, Talis Capital, InsurTech Gateway, Ascend, Prototype Capital and the Baloise Group, as well as a number of unnamed angels. Prior to this round, the InsurTech pulled in $1m in funding back in 2017.<\/p>\n
Insurdata, which launched in 2017, aims to improve the access of property-specific data available to the re\/insurance market, it said. The company enables re\/insurers to generate high-resolution, risk-specific data globally in real-time across the underwriting value chain.<\/p>\n
Insurance firms can leverage the platform to access geocode information, building attributes and first-floor elevation data to improve loss estimates and accumulation analysis.<\/p>\n
Insurdata CEO Jason Futers said, \u201cOur work to date has exposed material deficiencies in the quality and scope of information which underwriters are reliant upon, which in turn have a detrimental effect on their ability to accurately price risk and manage portfolios effectively.<\/p>\n
\u201cMoving forward, we aim to capitalise on the fact that our Exposure Engine can be applied to any peril by working with re\/insurers to introduce more refined data sets for a broad range of exposures, including flood, windstorm, earthquake, terrorism and cyber. We are also evolving the Insurdata Customer Portal to make access to high-resolution data as straightforward and speedy as possible.\u201d<\/p>\n