HSCM increases stake in property data analytics firm
HSCM Bermuda has increased its investment in Tensorflight, an artificial intelligence and imaging-based insurtech.
The investment was part of a Series A funding round by Tensorflight, which it said is aimed at accelerating market penetration and product optimisation across the multi-billion-dollar property insurance data analytics market.
Tensorflight said that the investment was led by QBE Ventures and includes new investors Tareyton Venture Partners and ff Venture Capital Poland. Participating prior investors included ff Venture Capital in addition to HSCM Bermuda.
The local operation is the reinsurance and ILS investment management business arm of Hudson Structured Capital Management Ltd, the asset manager with a focus on the re/insurance and transportation sectors.
Tensorflight said that it combines superior satellite, aerial and street-level imagery with a proprietary AI engine to automate commercial property inspections.
The benefits it delivers across the global insurance industry include reduction of premium leakage, instant, automated insurance policy quotes, reduction of in-person property inspection costs and an order of magnitude increase of claim teams’ efficiency, the company said.
Founded by ex-Google staffers Zbigniew Wojna and Robert Kozikowski, Tensorflight said that its team includes technical expertise from tech leaders such as Google, Facebook, Nvidia and DeepMind.
Mr Wojna said: “We could not be more excited to welcome QBE Ventures and others to our already strong investor base.
“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.”
He added: “The vision for our business is to use accurate data to become the leader in the management of property intelligence.
“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.”
Mark Budd, head of innovation, UK, Zurich Insurance Group, said: “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.”
James Orchard, CEO of QBE Ventures, added: "We see Tensorflight's technology as a key enabler for data-informed, intelligent commercial insurance.
“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.”
Founded in 2016, Tensorflight is headquartered in New York, with offices in London and Warsaw.
The company said that its innovative technology for the property insurance industry enables material efficiencies across multiple insurance functions, including brokers, underwriting, loss control and claims.
Tensorflight said that it is already used by many of the largest global commercial property insurers, and is adding enterprise customers at a rapid rate.