San Diego-based FutureProof Technologies, which calls itself a “climate-smart property/casualty insurtech,” announced that it has raised $6.5 million in capital led by AXIS Digital Ventures, bringing its total capital raised to nearly $10 million.
The firm said the his capital will enable it to add underwriting, portfolio risk management, and engineering talent as it launches its digital managing general agency later this year.
FutureProof’s technology uses artificial intelligence techniques to predict wind and flood losses to help the insurance industry better select, price and manage climate risk in near-real-time, as well as provide quick quotes to wholesale brokers.
FutureProof has a team of insurance industry veterans, data scientists, economists, and climate scientists. Fid Norton, co-founder and chief insurance officer, was most recently chief risk officer at XL Catlin.
“As climate risk escalates, and natural disasters continue to cause unprecedented levels of financial losses, it will widen the coverage gap and propagate underinsurance. The insurance industry knows it needs a new generation of underwriting, pricing, and portfolio management tools for managing weather- and climate-related P&C risk,” said Alisa Valderrama, co-founder and CEO at FutureProof. “Our underwriting will help close the coverage gap and increase financial resilience to climate-linked losses from hurricanes and floods. Pricing this risk will create incentives to invest in climate adaptation measures.”
Prior investors Innovation Endeavors and MS&AD Ventures also participated in the latest round.
