Uber investor and others sink $1m into insurtech firm

Insurtech firm Insurdata has secured $1m in seed funding, including investments from Uber investors Menlo Ventures and accelerator Plug and Play.

Insurdata provides reinsurance and insurance companies with high-resolution, peril-specific data on exposure and risk. It provides “building-level” property data at the point of underwriting.

The data can be used to form a more accurate picture of the risk and lead to better pricing. It uses mobile, as well as desktop, technology. It can be accessed via an application programming interface (API).

The data can be used with augmented reality software to build in-depth visuals. It is also possible to create 3D models from it.

“The quality of exposure data available to the insurance industry for underwriting purposes as well as overall portfolio management is simply not accurate enough,” believes Jason Futers, CEO of Insurdata. “At Insurdata, 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.”

The $1m funding round was led by Uber investor Menlo Ventures, Anthemis Baloise Strategic Ventures and accelerator Plug and Play.

“What is truly ground-breaking about the Insurdata approach is that it offers insurance underwriters the ability to carry out a virtual walk-through of their property portfolios,” said Plug and Play founder and chief executive Saeed Amidi. “No other insurance technology allows insurers to get this close to the risks they cover.”