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Insurtech

Insurdata raises $3m in seed funding

Insurdata raises $3m in seed funding

PRESS RELEASE

·       Funding led by Anthemis and Menlo Ventures

·       Five new VC firms participate

·       Capital will support next stage in Insurdata development

London, April 2019 – Insurdata, the award-winning insurtech firm which specialises in the augmentation of peril-specific exposure and risk data via its Exposure Engine Platform, has today announced that it has secured $3 million from a group of investors, led by Anthemis and Menlo Ventures.

Insurdata_banner.png

The group of investors is composed of both Venture Capitalists and Angels and includes: Alma Mundi Fund, Talis Capital, InsurTech Gateway, Ascend, Prototype Capital and Baloise Group. Insurdata secured an initial tranche of funding of $1 million in October 2017.

Insurdata was launched in 2017 to address the lack of property-specific data available to the re/insurance market. The firm’s platform enables re/insurers 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.

By providing access to precise data, Insurdata aims to give underwriters greater confidence in modelled loss estimates and accumulation analyses, resulting in better risk selection and improved portfolio management. This in turn supports better, more accurately priced products, more resilient balance sheets and ultimately helps reduce volatility.

Commenting on the funding, Jason Futers, CEO, 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.”

Ruth Foxe-Blader, Managing Director, Anthemis, said: “We are delighted to continue our support of Insurdata. As the re/insurance industry undergoes a period of readjustment in the aftermath of two major loss years, the quality and granularity of data that supports their underwriting decisions will be vital to their ability to manage volatility. The data consistency that Insurdata provides I believe will become an industry standard.”

Javier Santiso, Founder & CEO, Mundi, said: “Insurdata provides an excellent opportunity to invest in a company which has the potential to refine and enhance the lifeblood of the re/insurance industry – data. Few other markets are as reliant upon such incredibly complex and comprehensive data sets. Ensuring that such information is of the highest possible resolution required to enable underwriter to make risk decisions with confidence should be a top priority for every organisation.”

Richard Chattock, CEO, InsurTech Gateway, said: “InsurTech is making major inroads into virtually every phase of the insurance process. Insurdata targets the core component of that process – exposure data. In our view, the firm brings together the right expertise, the right technology and the right capabilities at exactly the right time to make a tangible difference to the insurance market.”

Tom Williams, Principal, Talis Capital, said: “We are very excited to be partnering with Jason and his impressive team as they continue to provide a pioneering approach to risk data capture for insurers worldwide. With over 90% of modelled loss estimates for flood exposures currently underestimated by traditional methods due to a lack of accurate first-floor elevation data[1],this solution has the potential to vastly improve insurer analysis accuracy and significantly reduce their costs. We look forward to working with Insurdata as they boost their sales power and refine the technology to meet the ever-growing demand in the market”

All media enquiries, please contact

Nigel Allen                                                                    Suzanne Hirst

Director, Allen & Clapham                                              Director, Allen & Clapham

M +44 (0)7988 478824                                                  M +44 (0)7988 140357

 

About Insurdata

Insurdata is an insurtech firm which intelligently creates, enhances, scores and transfers high-resolution, peril-specific exposure and risk data globally via its proprietary Exposure Engine platform. The company provides insurers and reinsurers with building-level property data delivered at the point-of-underwriting to enable more accurate pricing, and to support underwriting and risk assessment decisions. The data is generated using Insurdata’s Exposure Engine and accessed via API or the Insurdata Customer Portal.

For more information, visit www.insurdata.io or follow @insurdata

[1] Source: Insurdata

AI-powered insurtech omni:us closes Series A funding

omni:us the only AI company of its kind fully focused on insurance, has today announced the closure of a Series A round, bringing its total funding to date to $22.5 million. The investment has been led by Berlin-headquartered VC firm Target Global, followed by MMC Ventures and Talis Capital. Existing investors, Unbound and Anthemis, also participated in the round, demonstrating their continued commitment to the company’s ambitions. This funding reinforces omni:us’ position as a market leader in enabling insurers to become more data-driven and adapt to today’s customer expectations.

As a key player in the major digital revolution currently taking place in the insurance industry, omni:us has developed cutting-edge AI technology that empowers all kinds of organisations within the sector: 8 of the top 10 global insurance companies - such as Allianz, Baloise and AmTrust – count on its deep digital transformation expertise in order to innovate and meet growing customer needs. At the same time, insurtech firms - such as Wefox – use omni:us to boost efficiency and focus on its core competencies.

Sofie Quidenus-Wahlforss, CEO and Founder of omni:us, said: “We know the insurance industry will move from process to data-driven over the coming years. To meet this need, omni:us is the trusted partner, supporting insurance companies along this transformational path. Our deep data based approach enables insurers to better understand their customers and launch new products and services on a more bespoke and individual level. With this round of funding, we will bring our cognitive systems to the next level and expand into the US market later this year.”

Matthew De Jesus, Talis Capital, said: “The calibre of omni:us’ customers, team and Investors are a testament to the solutions it has created, and are uniquely positioned to capitalise on the significant growth of enterprise automation and use of AI in the insurance industry. We are delighted to be partnering with Sofie and her impressive team at omni:us, and look forward to continuing to see the company scale.”

About omni:us:

omni:us is a pioneering artificial intelligence company enabling the insurance industry to transform radically and adapt to today’s customer expectations. The omni:us senior team includes CEO Sofie Quidenus-Wahlforss, along with a team of co-founders including:  Eric Pfarl, CPO; Stephan Dorfmeister, CFO; Martin Micko, COO; and Harald Gölles, CTO. omni:us now has a diverse and passionate team of almost 40 AI and industry experts hailing from four continents. The company is based in Berlin, with plans to also open an office in the US this year (2018).

 

For further information:

Please contact Laura Grant on laura@33seconds.co or +44(0)7765634119

About Talis Capital

Talis Capital is a unique family office venture capital investment fund investing on behalf of a group of ultra successful and strategic high net worth entrepreneurs. Focused on backing emerging technologies Talis has completed over $500m worth of transactions since 2009. The fund counts some of the fastest growing tech companies in its stellar portfolio including Darktrace, Onfido, iwoca, Pirate Studios, Luminance, among many others.

For more information, visit www.taliscapital.com

 

UK Insurtech Company Premfina Raises $36m To Make Insurance More Accessible, In An Oversubscribed Round Led By Rakuten Capital And Draper Esprit

  • UK insurance premium financing and software company PremFina raises $36M in equity and debt

  • The funds will strengthen PremFina’s expansion into new global markets and meet high demand in the UK

  • PremFina is fully regulated by the UK’s Financial Conduct Authority (FCA)

London, UK: PremFina Ltd, a UK-based company that increases access to insurance by providing financing options for the purchase of insurance premiums, today announced US$36 million in equity funding and a debt facility. Rakuten Capital, the investment arm of Japan’s Rakuten, a global leader in e-commerce and fintech services and the main global partner of FC Barcelona and the UK’s Draper Esprit Plc led the financing, and were joined by global investors Thomvest Ventures, Emery Capital, Rubicon Venture Capital, Talis Capital and the company’s founder.
 
PremFina is the first premium finance company in the UK to receive venture funding, with the equity portion of round more than three times oversubscribed. The investment will be used to accelerate PremFina’s UK operations to meet a high demand for its white-label premium financing solution among insurance brokers and support international expansion. Its white label offering improves brokers’ efficiency, profitability and customer relationships.
 
PremFina makes the purchase of insurance more affordable by eliminating the financial strain of lump-sum upfront payments, thereby promoting financial inclusion within the insurance industry. Its solution is simple and user-friendly: PremFina funds the upfront payment of an insurance premium to an insurer, on behalf on an insured party. PremFina then collects the same amount via monthly instalments, along with a finance fee, from the insured party. To better enable insurance brokers to offer this option, PremFina also provides a standalone, white-labelled software-as-a-service (SaaS).
 
“The participation of outstanding investors from Toronto to Tokyo in our oversubscribed round highlights the vast opportunity ahead for PremFina, ” said Bundeep Singh Rangar, CEO and founder of PremFina, who invested in 17% of the equity portion alongside the institutional investors. “Our new investors bring great strategic value and priceless global financial relationships.”
 
“Premium financing is an industry that’s been crying out for innovation. The incumbents have remained largely unchallenged due to age-old barriers to entry, such as the lack of funding for insurance start-ups, costs and time of regulatory compliance and significant investment in technological capability needed to meaningfully enter the market. Consequently, insurtech has lagged behind other areas of fintech in terms of innovation. PremFina has overcome these barriers and is now poised for growth,” Rangar added.
 
“Rakuten sees outstanding growth potential in PremFina’s business model of promoting insurance inclusion and providing access to affordable insurance,” said Oskar Mielczarek de la Miel, Managing Partner at Rakuten Capital. “We are excited to support the growth of PremFina’s innovative business in the UK and internationally.”
 
“PremFina has built a strong SaaS revenue model with excellent growth opportunities,“ said Simon Cook, CEO of Draper Esprit. “With its innovative offering increasing efficiency in the insurance industry model, PremFina ticks all the insurtech boxes. We are excited to help them dominate the market in the next few years.”
 
The equity round was led by Rakuten Capital, the investment arm of Rakuten, Inc., a global innovation company and Japan's leader in e-commerce and fintech services that has invested in ride-sharing companies Lyft, Cabify and Careem as well as app-based micro-investor Acorns and online lending companies Upstart and Kreditech.
 
The round was co-led by Silicon Valley venture capital firm Draper’s UK affiliate Draper Esprit. California-based Draper was an early investor in telecoms company Skype, electric carmaker Tesla, rocket company SpaceX, Chinese search engine Baidu and email provider Hotmail.
 
Thomvest Ventures, an early investor in peer-to-peer lender LendingClub, small business lender Kabbage, and student finance provider Social Finance, Inc., joined PremFina’s equity round.  Thomvest augmented its PremFina investment with a credit facility to fund PremFina premium finance agreements.
 
Worldwide insurance penetration, measured as the percentage of gross written premiums against a country’s GDP, dropped 1.3% to 6.2% from 7.5% in the decade to 2015, according to London-based professional services firm EY. This drop occurred even as governments in many countries announced financial inclusion to be a key national policy objective. PremFina aims to reverse this trend by making personal and commercial insurance more affordable worldwide.

 
For further information please contact:
 
Karolina Komarnicka
Marketing Associate
+44 (0) 207 745 6216
Karolina.Komarnicka@PremFina.com
 
Ben Goldsmith
Goldsmith Communications Ltd
+44 (0)7788295321
ben@goldsmithcomms.com
 
About PremFina Limited
 
PremFina is a UK-based premium finance company. It supplies insurance brokers with their own branded premium financing service with a software package to manage the sale of broker-branded insurance policies to consumers and businesses, and the ability to finance insurance premiums via instalments. With PremFina, brokers receive higher profit, greater autonomy and opportunity to increase the lifetime value of their customers as well as the chance to cross-sell and up-sell additional products. For more information visit: www.premfina.com
 
About Rakuten Capital
 
Rakuten Capital is a corporate venture capital group that provides funding, sector experience and operational support to its portfolio companies across the world. Rakuten Capital is part of the Rakuten Group, one of the world’s leading internet service companies. Rakuten has built and invested in innovative internet businesses in e-commerce, financial services, digital content and advertising since 1997. Rakuten is ranked as one of “Top 30 Most Innovative Companies” by Forbes and operates in Asia, Europe and the Americas. The company is headquartered in Tokyo and is publicly traded on the Tokyo Stock Exchange.
For more information visit: https://captial.rakuten.com
 
About Draper Esprit Plc
 
Draper Esprit was founded in 2006, and is one of the largest and most active VC firms in Europe, helping entrepreneurs to build global ground-breaking technology companies. In 2016 it moved its primary funds into a listed PLC model (LSE: GROW.L) in order to take a longer term, multi-stage, patient capital approach. In recent years, Draper Esprit’s exits have generated more than $3 billion in combined enterprise value.
For more information visit: http://www.draperesprit.com/
 
About Thomvest Ventures
 
Thomvest Ventures is a venture capital firm committed to the success of our entrepreneur partners. Thomvest makes investments in companies that leverage disruptive technologies and business models to pursue high-growth opportunities in the security, fintech, and adtech markets. The capital we invest is our own, enabling us to be more creative, flexible, strategic and patient than most investors. It takes time to build great companies and Thomvest is committed to supporting its entrepreneurs throughout their journey. To learn more about Thomvest Ventures, please visit us at www.thomvest.com.
 
About Emery Capital
 
Emery Capital is a venture capital management company that invests in global-focused early stage technological startups. The company invests in the companies that transform industries, bringing new technologies, high-tech solutions, and business models.
For more information visit: emery.capital/
 
About Rubicon Venture Capital
 
Rubicon Venture Capital combines a VC fund with a unique global community of value added investors to build lasting technology companies. Their investors are mainly successful entrepreneurs and executives located in key cities around the world. They invest in Later Stage Seed and Series A & B venture capital financing rounds of high potential early stage disruptive technology companies.
For more information visit: rubicon.vc/
 
About Talis Capital Ltd
 
Talis Capital is a London based venture capital firm, focused on B2B technology companies within three key areas: Security, Business Intelligence/SaaS and Financial Services. Talis Capital has completed over $380m of transactions since 2009 and has a strong track record of investments. Talis has made over 30 venture investments and count some of the fastest growing tech start-ups in its portfolio – Darktrace, Onfido, Iwoca, - among many others.
For more information visit: https://www.taliscapital.com/

 

Insurance Tech

Last month Bloomberg London HQ, with the help of Chris Lowe, very kindly hosted the second of Talis Capital's 2016 event series, focusing on "Insurance Tech"