U.S electronic insurance exchange and specialty MGA MarketScout is to invest in property risk modelling database HazardHub via its InsurTech investment vehicle, MarketScout InsurTech ventures (MIT).
HazardHub utilises geospatial digital data to analyse dangerous perils in the U.S and provides comprehensive, national coverage for risks that destroy or damage property.
MarketScout said it became interested in the firm during the Entrepreneurial Insurance Alliance’s annual symposium in September 2018, when HazardHub was awarded the title of best new entrepreneurial company.
“We have sourced over 400 InsurTech investment opportunities to date. This is the first one we’re putting our resources behind,” said Richard Kerr, Chief Executive Officer (CEO) of MarketScout.
“We carefully reviewed HazardHub and felt the team, technology and business plan were exceptional,” Kerr continued. Every insurer, reinsurer, MGA, wholesaler, retail agent, and company servicing the insurance industry can benefit from utilizing the HazardHub data to better select and underwrite property risks. The team has extensive experience and a proven track record of success. We are very excited to support them.”
Bob Frady, CEO & Co-Founder of HazardHub, also commented: “In selecting an investment partner, we were looking for a company that not only could provide reach into the insurance industry but also had a passion for what HazardHub is seeking to accomplish. With MarketScout, we achieve both goals.
“We have been extremely impressed with both the quality of people we have met through the MarketScout network and the incredible enthusiasm MarketScout has brought to HazardHub’s efforts. HazardHub is bringing incredible value to the insurance geospatial world and look forward to MarketScout’s efforts to significantly grow our business.”
John Siegman, Founder of HazardHub, added: “We were honored to be selected EIA’s 2018 Insurance Entrepreneur of the Year and even more honored to be the first insurtech company MarketScout has decided to back. MarketScout’s people, expertise, and industry knowledge will greatly accelerate us to the next level. We look forward to a great relationship.”