Insurdata, a company aggregating peril-specific exposure and risk data, has closed a $3m funding round.
The investment was led by London-based venture firm Anthemis and California-based VC Menlo Ventures.
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.
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.
Insurance firms can leverage the platform to access geocode information, building attributes and first-floor elevation data to improve loss estimates and accumulation analysis.
Insurdata CEO Jason Futers said, “Our 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.
“Moving 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.”
Last year, Anthemis led the €1.9m seed round of insurance and finance API developer Hokodo. The London-based company builds insurance products at the point of sale to help companies operating in B2B trade.
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