Parametric Insurtech startup BirdsEyeView has closed a seed funding round for an undisclosed amount led by SFC Capital, with the funds matched by the European Space Agency (ESA).
BirdsEyeView uses satellite data to structure insurance coverage for severe weather events for small-to-medium sized organizations using its algorithmic underwriting engine, RAPTOR. This technology uses meteorological data including data from the European Space Agency and the National Aeronautics and Space Administration to create parametric products based on the weather event itself instead of the potential losses of the policyholder.
Seeing Through Clouds: Why Now Is the Time for Geospatial Technology in Insurance
The managing general agency aims to address a gap due to the inability of traditional insurance alone to cover losses brought on by climate change-induced extreme weather changes.
According to the MGA and James Rendell, CEO and co-founder, parametric insurance is often used by big companies to protect their businesses against natural disasters and severe weather events, but these have so far not been an option for SMEs, and distribution strategies have been poor. The firm sees weather-based parametric insurance products as becoming increasingly important, especially in sectors such as events organisation, many of which are SMEs, for protection in cases where events are cancelled due to extreme weather conditions.
Extreme and volatile weather changes brought about by climate change are increasing in both frequency and severity, with global economic losses from natural catastrophes reaching $190 billion in 2020, out of which $101 billion were uninsured.
BirdsEyeView says climate change has become a systemic risk and it believes that, together with socio-economic developments, this type of uninsured losses will continue to rise.
The company said funding will be used to grow its team, further develop BirdsEyeView’s technology and match ESA funding.
Audatex Offers Live Data Streams for Vehicle Valuations
Vehicle valuation data company Audatex has upgraded its Market Value Manager (MVM) to now include eBay-owned Motors.co.uk and data company cap hpi’s live vehicle valuation data. This company said the offering will assist insurers and their customers in receiving a “fairer, more accurate and time-sensitive” vehicle valuation.
Claims handlers use MVM to calculate the pre-accident value of a vehicle to make settlement offers with customers. Vehicle values are constantly changing, even during the course of a month. A semiconductor shortage and the pandemic have contributed to a slowdown in the supply of new cars. Used car prices climbed by 2% in 2020 and more than 30% in 2021.
“We now offer multiple data points, including real time information, based on which insurers can make their decision. Our aim is to ensure MVM contains the most comprehensive data in order to deliver a highly accurate solution for the market,” commented Christopher Wright, vice president – North Europe.
The additional datasets and live retail data better ensures that the valuation adheres to the Financial Conduct Authority (FCA) Treating Customers Fairly policy, according to the firm.
Topics Auto InsurTech Tech Data Driven
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