Category: INSURANCE

Paris-based insurtech Descartes Underwriting secured $18.5 in Series A funding to evolve its technology-based risk and underwriting tools.

Why should we care?

Descartes Underwriting, which has raised a total of $20.8 million in funding, is a tech provider that works with brokers, insurers, and reinsurers on property and casualty insurance solutions across geographies. Unlike traditional insurance offerings, Descartes uses parametric insurance products, or products that cover the probability of a predefined event happening, paid out according to a predefined plan. To do this, it taps into a range of data sources, including satellite imagery, as well as internet of things and client data. Its tools can also track the evolution of an event in realtime, including, for example, hurricanes. It seeks to reduce the amount of human review that would be needed to assess damage, and in doing so, help clients save on overhead and improve risk profiles. The company also seeks to speed up the claims process. The new funding will help Descartes expand to Asia and the U.S. Descartes plays in a field of speciality underwriters, including Jumpstart and Exante.

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