Insurtech company Insurdata has secured $3 million in funding.
Venture capital firms Anthemis and Menlo Ventures led the group of investors, whose funding will be used to support the next stage in Insurdata’s development.
Insurdata was launched in 2017 to address the lack of property-specific data available to underwriters.
The firm’s platform enables underwriters to generate high-resolution, accurate, risk-specific data globally in real-time at all points in the underwriting workflow. This includes accurate geocode information, building attributes and first-floor elevation data.
Commenting on the funding, Jason Futers, chief executive officer of Insurdata, said: “We are delighted to have secured the backing of a fantastic range of investors who fully understand the criticality of the service that Insurdata provides to the re/insurance market. 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.”