Basel, Baloise and its partner Anthemis, an investment and consultancy firm, have invested in another highly promising start-up. Using augmented reality and 3D modelling, insurtech company Insurdata will make it possible to measure the insurance risks for property more accurately, easily and efficiently in future.
Baloise is again showing that it is adventurous when it comes to digital insurance technology by investing in the insurtech company Insurdata through the partnership with Anthemis. Insurdata, a US-based start-up, intelligently compiles the possible risks associated with properties to be insured by gathering data on their design, construction and local environment. For example, it identifies whether a building could be destroyed by a natural disaster such as an earthquake or flood. The data is collated using cutting-edge technologies, including augmented reality and 3D scanning/modelling.
Deploying new technologies for preventive purposes
These technologies help Baloise to warn not only about defects in the construction of buildings but also about possible perils in the surrounding area. The technologies also play an important role in measuring the insurance risk. Risk models currently in use relate only to large risk zones, e.g. postal codes. Now it is possible to determine the risk at property-specific level. “Thanks to Insurdata’s technology, we will soon be better placed to assess the risks to which an individual property is exposed. This means we can define preventive measures for at-risk properties. What’s more, customers benefit from a more bespoke and transparent pricing model: if their property is situated in a low-risk area, for example, they pay less for their insurance cover,” says Sibylle Fischer, Strategic Investment Manager at Baloise, commenting on the future opportunities opened up by the Insurdata technology.