US-based insurtech start-up Groundspeed Analytics has raised $30m in a Series B funding round led by venture capital fund Oak HC/FT.
Founded in 2014, Groundspeed Analytics provides artificial intelligence (AI) and data science solutions to the global commercial property and casualty insurance industry, serving insurance brokers, carriers and managing general agents (MGAs) alike.
The insurtech company plans to utilize the new funding to continue to expand its products and fooprint apart from growing its data science and engineering team from the current number of 40.
Groundspeed Co-CEO Jeff Mason said: “We are thrilled to partner with Oak HC/FT as we embark on our next phase of growth.
“Given Oak HC/FT’s deep expertise in InsurTech and extensive network of industry leaders, we are confident that this new association will help Groundspeed aggressively expand our products and reach to help brokers and carriers unlock the tremendous value trapped in their unstructured information.”
Groundspeed Analytics said that it focuses on solving the toughest data challenge in the insurance industry which is to unlock the value of unstructured information.
Based in Ann Arbor and Atlanta, Groundspeed Analytics claims to accelerate commercial insurance performance by deploying machine learning and AI.
Its technology platform is said to automatically turn loss runs, exposure documents and policy files into actionable information, thereby helping users to identify profitable pools of risk and deliver better financial outcomes.
The company’s Groundspeed Adaptive Data Pipeline allows carrier, broker, and MGA clients to boost margins, identify underwriting profit pools, and improve customer experience.
Groundspeed Co-CEO Andrew Robinson said: “Groundspeed’s Adaptive Data Pipeline has proven to be incredibly powerful. The Series B funding will allow us to continue to enhance this service and further respond to the range of analytic products and services our clients are asking us to provide.”
On the other hand, the insurtech company’s automation and analytics platform helps in cutting down 90% of administration expenses while enhancing underwriting and analytics efficiency to generate 10-times the data with 99% accuracy.