Insurdata, a London, UK-based InsurTech startup, said it raised more than $1 million in seed financing from the likes of Menlo Ventures, Anthemis Group, Plug and Play and other investors.
Insurdata provides insurance and reinsurance underwriters property-specific data to support their pricing, underwriting and portfolio management decisions. The firm specializes in high-resolution, peril-specific exposures and building-level risk data, using technology that includes mobile augmented reality and 3-D model creation, providing both desktop and mobile products.
A range of property-specific data is developed at point of underwriting, including peril-relevant attributes, dimension and elevation measurements, and is made immediately available throughout the risk transfer process, Insurdata explained.
Jason Futers, Insurdata’s CEO, said that his company is focused on giving customers more accurate exposure data for underwriting and portfolio management than is currently available in the marketplace.
“We want to bring greater clarity to the underwriting process through providing the industry at large with access to much more granular and peril-specific data, and ensuring exposure data is always relevant and up-to-date,” he said in prepared remarks.
Though Insurdata is still at an early stage, Futers said the company is progressing “rapidly” and that the market has reacted well to its offerings.