UK insurtech firm RRM has secured an undisclosed funding from Howden Ventures.
RRM mentioned the funding will speed up its transformation to a technology-powered MGA targeted on building insurance coverage.
The insurtech presently operates as a software-as-a-service (SaaS) platform.
RRM goals to supply an enhanced underwriting strategy by leveraging real-time knowledge from building initiatives, which can embody info on constructing supplies, building procedures and mission timelines.
The insurtech mentioned it can leverage the information and threat monitoring obtained from its integrations with the development know-how ecosystem to boost threat choice, forecast threat considerations, allow human-in-the-loop underwriting, optimise the underwriting mannequin and expedite the claims process.
Initially, RRM will deal with MT and MMC.
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The alliance additionally seeks to scale back the carbon footprint of building initiatives, which now account for 38% of all energy-related carbon dioxide emissions the world over.
Howden managing director and international follow chief of building & infrastructure belongings Naresh Dade mentioned: “In collaboration with RRM, our goal is to help our purchasers and open up the availability of underwriting capability by underpinning threat submissions with enriched knowledge to higher consider and handle threat.”
RRM founder and CEO Philip Callow mentioned: “It’s clear from our in depth expertise within the building insurance coverage market that our prospects are utilizing know-how to scale back threat and enhance productiveness throughout the entire structure, engineering and building worth chain.
“RRM is uniquely positioned to leverage this buyer knowledge for higher insurance coverage outcomes. Working with Howden Ventures will allow us to develop our know-how and speed up our transition to a completely tech-enabled building insurance coverage MGA.”
Insurance coverage dealer Howden launched Howden Ventures in October this yr to speed up insurance coverage product improvement.
