Delos Insurance secures US$7.3m seed extension round
Insurtech Delos Insurance Solutions has landed a US$7.3m seed extension funding round to address what it feels is a pressing issue – the availability of homeowners’ insurance offerings on the market for those in wildfire-prone areas.
Additional financing in Delos is led by IA Capital Group, which is joined by investors Blue Bear Capital, Gallatin Point Capital and Avant Ventures, among others.
The insurtech hopes its new funding will proliferate its footprint across the California homeowners market.
Delos: Steadfast in the face of wildfires
Delos’ commitment to expanding its services comes amid an industry-wide trend, in which many national insurance carriers are pulling back home insurance offerings in California due to the heightened risk of wildfires in the area.
With its new funding, Delos will collaborate closely with carrier partners to widen insurance options for homeowners in wildfire-prone areas struggling to secure coverage.
Delos CEO and Co-founder Kevin Stein says: “The significant growth of our homeowners’ insurance product over the past 12 months, combined with the confidence of our investors, helped us secure funding in a difficult environment.
“It enables us to write even more homeowners insurance policies through our independent agent network and partner carriers, who offer our policy in regions where they don’t write.”
Matt Perlman, a Partner at lead investor IA Capital, adds: “Delos provides homeowners with a creative and viable solution to the persistent problem of insuring homes in areas under the threat of wildfire. We are pleased to provide further support to help fuel their expansion in California and beyond.”
Delos: The insurtech with a unique approach
But how does Delos manage the risk associated with homeowners’ insurance in these areas prone to natcats?
Integrating wildfire science expertise and modelling data, Delos identifies properties in areas deemed “stressed” by the traditional market, but are precise areas where the risk of wildfire is considered lower than in surrounding areas.
The insurtech says no home that it has insured has faced a wildfire loss, and it has never non-renewed a policy due to wildfire exposure.
Its platform leverages geospatial AI algorithms and over 200 data inputs, including drought and precipitation records, wind data, detailed weather patterns and vegetation health assessments – all of which enable Delos to accurately quantify wildfire risk associated with properties of those looking, and struggling, to take out homeowners’ insurance.
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