Backed by the European Space Agency, insurtech start-up BirdsEyeView has announced a successful funding round, raising an undisclosed seven-figure sum. This funding will be instrumental in the company’s expansion plans in both the UK and US markets, as well as further developing their revolutionary RAPTOR™ technology. Designed to leverage artificial intelligence (AI) and petabytes of climate data, BirdsEyeView is revolutionizing the insurance industry with high-speed nat cat modeling capabilities.
Leveraging AI and Climate Data
BirdsEyeView’s RAPTOR™ technology harnesses the power of AI and vast amounts of climate data to provide insurers with precise and efficient nat cat modelling. By leveraging the vast amounts of climate data available, the technology can deliver accurate and high-speed models that enable insurers to make informed decisions and better manage their exposure to natural disasters.
Unprecedented Growth and Strategic Partnerships
Since the launch of the RAPTOR™ technology in 2022, BirdsEyeView has experienced unprecedented growth. This has been fueled by strategic partnerships with high-profile insurers and brokers who recognize the value of incorporating cutting-edge technology into their underwriting processes. These partnerships have served to validate BirdsEyeView’s innovative approach and have played a crucial role in the company’s success.
Democratizing Access to Natural Catastrophe Modeling
BirdsEyeView’s mission is to democratize access to natural catastrophe modeling, exposure management, and underwriting automation. Traditional insurance approaches have proved inadequate in covering the rising losses driven by climate-induced extreme weather changes. RAPTOR™ technology aims to bridge this gap by automating manual underwriting processes and providing insurers with accessible and powerful nat cat analytics and models at the quotation stage.
Increasing Insured Losses from Natural Disasters
The urgency to address the impact of climate change is further highlighted by Swiss Re’s report, which predicts insured losses from natural disasters exceeding $100 billion in 2023. This alarming figure reinforces the need for innovative solutions that can help insurers effectively assess and manage risks associated with natural catastrophes.
Automation and Usable Nat Cat Analytics
By automating manual underwriting processes, RAPTOR™ technology streamlines the risk assessment phase for insurers. It delivers actionable nat cat analytics and models during the quotation stage, enabling more precise risk selection and efficient risk management. This not only saves valuable time and resources but also enhances insurers’ ability to make data-driven decisions.
Precise Risk Selection and Better Risk Management
RAPTOR™ technology redefines risk selection and management by providing insurers with more accurate and comprehensive insights. By offering access to usable nat cat analytics and models, underwriters can make informed decisions based on robust data, resulting in better risk management practices. This heightened level of precision allows insurers to navigate the increasingly complex and volatile landscape of natural disasters more effectively.
Expansion and Development Plans
The recent funding injection will play a vital role in BirdsEyeView’s expansion strategy in the London and US Property and Casualty markets. It will fuel their growth and enable them to establish a stronger presence in these key markets. Additionally, the funding will be used to expedite the development of the company’s exposure management and natural catastrophe modeling capabilities, further enhancing their technological offerings.
Empowering Underwriters with Expertise
BirdsEyeView’s Chief Technology Officer, Dr. Albert Dow, emphasizes that RAPTOR™ technology was created with the vision of empowering underwriters to apply their expertise in risk assessment. By integrating powerful tools into an end-to-end software solution, underwriters can focus on analyzing and interpreting the data, while the technology provides them with the necessary insights needed to make informed decisions.
BirdsEyeView’s recent funding round, supported by the European Space Agency, signals their commitment to revolutionizing the insurance industry through their innovative RAPTOR™ technology. By leveraging AI and vast climate data, they provide insurers with high-speed nat cat modeling capabilities, enabling them to make data-driven decisions to effectively manage risks associated with natural disasters. With unprecedented growth and strategic partnerships, BirdsEyeView is positioned to drive positive change in the insurance industry, supporting insurers in addressing the challenges posed by climate-induced extreme weather changes. As the company expands in the UK and US markets and accelerates the development of their technological capabilities, their vision of democratizing access to nat cat modeling comes closer to reality.