Backed by the European Space Agency, insurtech start-up BirdsEyeView has raised an undisclosed seven-figure sum as it looks to expand in UK and US markets and further develop its RAPTOR™ technology.
The latest investment round was led by the European Space Agency, Big 5 Investors, InsurTech NY, and ACF Investors.
The insurtech leverages artificial intelligence (AI) and petabytes of climate data to deliver high speed nat cat modelling to insurers.
BirdsEyeView says that the capital injection follows a period of unprecedented growth since the launch of BirdsEyeView’s RAPTOR™ in 2022, marked by strategic partnerships with some high profile insurers and brokers, including Liberty Specialty, Arch, Convex, Ark, Everest, Fidelis, and many others.
The company’s RAPTOR™ technology aims to democratise insurers’ access to natural catastrophe modelling, exposure management, and underwriting automation.
Just last week, Swiss Re reported that insured losses from natural disasters will once again exceed $100 billion in 2023. In this environment, BirdsEyeView notes that traditional insurance approaches have proven inadequate in covering the rising losses driven by climate-induced extreme weather changes.
The insurtech’s RAPTOR™ tech aims to address this by automating manual underwriting processes, and by delivering usable access to powerful nat cat analytics and models at the quotation stage.
The firm says that this enables a more precise and efficient risk selection process, in turn supporting better risk management.
Chief Executive Officer and Founder, James Rendell, commented: “This capital injection will be used to fuel growth in the London and US Property and Casualty markets, and to accelerate the development of our Exposure Management and natural catastrophe modelling capabilities.
“This progress will be critical for improving the speed and quality of underwriters risk selection and exposure management — critical considering the increasing frequency and severity of global climate change-induced natural disasters.”
Dr. Albert Dow, Chief Technology Officer of BirdsEyeView, said: “When developing RAPTOR™, we took a thoughtful approach, reimagining an underwriter’s workflow. We asked ourselves how technology and data could enhance and streamline the underwriting process. RAPTOR™ was born from this vision. By integrating these tools into an end-to-end software solution, we empower underwriters to focus on applying their expertise in risk assessment.”
“We’re delighted to be a part of BirdsEyeView’s remarkable journey towards reshaping the sophistication and efficiency of the insurance industry. James and the team are delivering solutions that bring big benefits to insurers and their clients alike and overall add to the resilience of the market. BirdsEyeView’s RAPTOR™ technology in particular offers a vital tool in addressing the growing challenges posed by climate-induced risks,” added Tim Mills, Managing Partner, ACF Investors.
