The market intelligence platform has already been shaking up the insurance industry, and now it is looking for investment to take the business to the next level
Authored by Matt Scott and Dan King, Insurance DataLab Co-founders:
When we first launched Insurance DataLab, we did so with the mission of making the insurance industry more transparent.
Despite being such a data-rich industry, we knew from our time in the trade press just how difficult it is to find credible, comparable, and digestible information on the performance of insurance companies.
Whether it be underwriting results, financial performance, complaints handling, claims experience, or the notoriously difficult-to-track ESG measures, gaining access to this data was not possible without trawling through countless different documents.
Moreover, the existing services delivering insights into limited aspects of these measures often missed the mark in terms of accessibility and accuracy.
A New Way of Thinking
From this, our market intelligence platform was born.
In the three years since launching, we have enabled our subscribers to not only make their existing benchmarking processes much more efficient but also to carry out research and analysis that was not possible before.
By tracking data on all types of insurance companies (insurers, Lloyd’s syndicates, MGAs, and broking firms) across a wide range of financial and customer experience metrics, we provide an unrivalled 360-degree view of performance.
This empowers our subscribers to conduct deeper analyses and make more informed decisions based on sector-specific benchmarking.
We are delighted with the progress we’ve made to date, being named one of the most innovative insurTechs in the UK for two years running and a two-time finalist at the Insurance Times Technology and Innovation Awards.
We would like to thank everyone who has supported us so far, particularly our clients and our advisory board, which has provided us with a wealth of experience (more than 100 years combined!) and insight as we have moulded the business into what it is today.
The Next Chapter: Seeking Investment
Now, we are looking to take the business to the next level, and would love for you to join us on our journey.
To do this, we are seeking a £600,000 investment to predominantly fund development for artificial intelligence and recruit a team to support us on the next stage of Insurance DataLab’s development. This will allow us to significantly accelerate growth and build on the traction we have already gained.
By raising investment now, we can build on our first-mover advantage and scale rapidly by continuing to develop our solution.
The regulator has publicly indicated that the data we include on the platform is data they specifically look at as part of the new Consumer Duty regulation, to analyse the market and look for outliers. This adds even further weight to our proposition and gives us great cause for optimism.
If you would like to find out more about our plans, you can view a copy of our pitch deck for investors HERE. And if that piques your interest even further, you can email Matt at matt@insurancedatalab.com to setup an introductory call.