Hudson Structured Capital Management Ltd., which enters into insurance and reinsurance investment business as HSCM Bermuda, has invested again in property data focused artificial intelligence and imaging insurtech Tensorflight, participating in the startups Series A round alongside other re/insurance sector venture teams.
The Series A funding round was led by QBE Ventures, the insurtech VC arm of the global insurance and reinsurance company, as well as new investors Tareyton Venture Partners and ff Venture Capital Poland, while prior investors included HSCM Bermuda and ff Venture Capital.
Hudson Structured, via its HSCM Bermuda unit, first invested in Tensorflight’s 2019 funding round, when the reinsurance and insurance-linked securities (ILS) investment manager was also joined by Nephila Capital, among others in backing the insurtech.
Tensorflight utilises inputs such as geospatial imagery, satellite, aerial and street level, as well as building records, then leverages its artificial intelligence based machine learning algorithms to generate outputs that can help property underwriters better assess risks and understand property exposures in their portfolios.
As a result, Tensorflight is using its technology to help underwriters, be they insurance, reinsurance, or indeed from the ILS market, make better decisions and gain a clearer understanding of the risks in their portfolios.
The insurtech believes this can help reduce premium leakage for carriers, enable them to provide instant, automated insurance policy quotes, while reducing in-person property inspection costs and enhancing the efficiency of claims teams.
Run by former Google and Microsoft engineers, Tensorflight has secured the backing of key strategic investors in the insurance and reinsurance industry, including the insurance-linked investment specialists Hudson Structured and Nephila Capital and now global carrier QBE.
Tensorflight’s technology can automatically assess property attributes, such as building footprints, construction type, roof pitch and geometry, number of stories, and more, to provide feedback to inform the underwriting process of property risk portfolios.
“We could not be more excited to welcome QBE Ventures and others to our already strong investor base,” explained Zbigniew Wojna, Co-Founder of Tensorflight. “Their combined strategic insight and industry experience will be an invaluable asset going forward. Their confidence in our value proposition and global growth strategy to date is an important moment in Tensorflight’s growth trajectory.”
“The vision for our business is to use accurate data to become the leader in the management of property intelligence.” added Wojna. “The value we deliver to customers across the property and casualty insurance industry is enormous, and will continue to increase as new features are rolled out and our global footprint expands. We plan to significantly grow sales efforts across the USA and globally. From our current base of multiple S&P 500 clients, including a number of top global commercial insurers such as Zurich Insurance, there is a massive opportunity to scale up in the next two years.”
“Construction type and associated property information has a crucial impact on our portfolios, we’re excited about the opportunities we’ve uncovered by working with Tensorflight,” explained Mark Budd, Head of Innovation, UK, Zurich Insurance Group.
“We see Tensorflight’s technology as a key enabler for data-informed, intelligent commercial insurance,” James Orchard, CEO of QBE Ventures, the lead investor on the round, added. “Providing a better way to understand a property, they solve real problems for customers and the insurance industry as a whole. We look forward to working alongside the founders and helping the company expand.”
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Hudson Structured invests again in insurtech Tensorflight was published by: www.Artemis.bm
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