Pinpoint Predictive, a risk assessment platform for property and casualty (P&C) insurers, has announced the closure of its Series A funding round.
The round was spearheaded by the insurtech venture capital firm, Markd.
Go deeper with GlobalData
Other participants included Jazz Venture Partners, Guidewire Ventures, Verstra Ventures, Navigate Ventures, and Seraph Group.
While the amount raised in this round was not disclosed, Pinpoint has confirmed that the total capital now exceeds $23m.
The US-based company’s technology utilises machine learning and behavioural insights to improve the accuracy of underwriting and actuarial decisions.
According to Pinpoint, its clients have observed significant improvements in loss ratios, ranging from three to ten points, by leveraging the platform’s predictive capabilities.
The recent funding is set to accelerate the growth of Pinpoint’s platform, expand its customer base, and increase its presence in the home, auto, and commercial insurance sectors.
Pinpoint Predictive CEO Scott Ham said: “We are thrilled by the overwhelming response and confidence shown by investors who share our vision of revolutionising 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.”
Markd managing partner Parker Beauchamp 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.”
In September 2024, the company strengthened its executive team by appointing Trevor Giroux as the head of client services.
Giroux previously served as senior vice president of client services at Pinpoint.
His experience covers a spectrum of the policy lifecycle, encompassing core systems, alternative data sources, and more, with a focus on enhancing client engagement with data and technology.
