Pinpoint Predictive, an innovator in the InsurTech sector, has successfully completed its Series A funding round, amassing more than $23m.
The round was spearheaded by the InsurTech-focused venture capital firm Markd, with additional investment from Jazz Venture Partners, Guidewire Ventures, Verstra Ventures, Navigate Ventures, and Seraph Group.
The company specialises in leveraging machine learning and behavioural insights to enhance precision in underwriting and actuarial decisions within the property and casualty (P&C) insurance industry. Clients of Pinpoint have reported improvements in loss ratios ranging from 3 to 10 points, benefitting from some of the earliest predictive capabilities available.
The infusion of funds will be crucial for accelerating the development of Pinpoint’s platform, expanding its client base, and increasing its market penetration across home, auto, and commercial sectors.
Pinpoint Predictive CEO Scott Ham stated, “”We are thrilled by the overwhelming response and confidence shown by investors who share our vision of revolutionizing the insurance industry through innovative AI solutions.
“This milestone is a testament to the amazing team we have here at Pinpoint as well as a recognition that Pinpoint is providing a game-changing platform to empower our clients to improve profitability and better serve their stakeholders. With this new funding, we are not just forecasting trends; we are setting them.”
In addition, Parker Beauchamp, Managing Partner of Markd, said, “We believe the future of insurance lies in embracing advanced AI solutions, and Pinpoint Predictive is a player in this transformative movement.
“We are proud to partner with Pinpoint to advance our mission helping the P&C insurance industry in their endeavor to balance profitable growth while serving their policyholders more equitably.”
Source Article: https://fintech.global/2024/10/10/pinpoint-predictive-raises-23m-to-transform-underwriting-with-ai-technology/