The investment, led by the European Space Agency, alongside contributions from Big 5 Investors, InsurTech NY, and ACF Investors, aims to propel the growth of BirdsEyeView in the UK and US markets. The funds will also be directed towards further enhancing the development of BirdsEyeView’s revolutionary RAPTOR™ technology.
RAPTOR™ technology is positioned to revolutionise insurers’ access to NatCat (Natural Catastrophe) modelling, exposure management, and underwriting automation. Leveraging AI and petabytes of climate data, BirdsEyeView delivers high-speed NatCat modelling to insurers, addressing the challenges posed by the increasing annual losses attributed to climate change, which regularly surpass $100 billion.
The insurance industry is grappling with the inadequacy of traditional approaches in covering losses resulting from climate-induced extreme weather changes. BirdsEyeView’s RAPTOR™ technology addresses this gap by automating manual underwriting processes and providing accessible and actionable NatCat analytics and models at the quotation stage.
This strategic move is crucial for efficient risk selection, contributing to a more precise and streamlined risk management process.The undisclosed seven-figure investment will fuel BirdsEyeView’s strategic expansion in key markets and further advance the capabilities of RAPTOR™ technology. The insurtech startup has experienced unprecedented growth since the launch of its product in 2022, marked by strategic partnerships with global insurers and brokers, including Liberty Specialty, Arch, Convex, Ark, Everest Re, Fidelis, among others. This investment underscores the industry’s recognition of BirdsEyeView’s innovative approach in addressing the evolving challenges posed by climate change and its commitment to advancing digital solutions in the insurance sector.
James Rendell, CEO and Founder of BirdsEyeView: “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, CTO of BirdsEyeView: “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.”
Tim Mills, Managing Partner, ACF Investors: “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.”
Author: Joanna England
