Flyreel, an artificial intelligence startup focused on claims technology for residential and commercial property insurers, raised $10 million in Series A financing from investors including Guidewire Software and State Auto.
Plans call for using the cash infusion, in part, to expand product offerings and features of its technology platform.
Flyreel’s Founder and CEO Cole Winans said the new venture capital represents a “vote of confidence” in its business from both investors and customers.
To date, the Denver-based InsurTech has raised $18 million for its proprietary AI assistant and computer vision technology, which is designed to improve property underwriting, risk management and claims outcomes. Its most recent previous funding came in April 2019 with a $3.85 million financing led by Gradiant.
IA Capital Group led the new, Series A financing round. Beyond Guidewire, existing investors also participated, including Gradient Ventures (Google’s AI-focused venture fund), State Auto Labs and Donan Engineering.
Flyreel said it now serves 15 major insurance providers, though it did not disclose further details.
Flyreel describes its technology as equipping P/C insurers with “comprehensive, ground-level interior and exterior property data to improve underwriting and claims outcomes across their book of business.” Specifically, this happens through distribution of its Property AI Assistant to policyholders to guide them through contact-free and fully-automated self-inspections at their convenience, through Flyreel’s mobile app experience. As policyholders scan their property with their smartphone camera, Flyreel’s proprietary computer vision technology automatically documents important details for them, like property features, risks, hazards, materials, and other key data to improve underwriting and claims processes.
Mike Chen, Guidewire’s vice president of Corporate Development, said in prepared remarks that Flyreel’s technology allows carriers to handle property inspections at a scale that would typically require costly professional inspections in person.
“We have been very impressed by the results Flyreel has achieved with our mutual customers and are excited to help enhance those results as a partner,” Chen said.
Claims technology is drawing the attention of investors in other ways. HOVER recently secured $60 million in new venture capital from Travelers, State Farm Nationwide, Guidewire and others. The company has a 3D data platform for home improvement and property insurance professionals that’s designed, in part to speed up the claims process.