Delos Insurance secures US$7.3m seed extension round

Delos Insurance Solutions seals a US$7.3m seed extension round to make available homeowners’ insurance in wildfire-prone areas

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.

******

For more insights from InsurTech Digital, you can see our latest edition of the InsurTech Digital here, or you can follow us on LinkedIn and Twitter

You may also be interested in our sister site, FinTech Magazine, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18th-19th October 2023. 

******

BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events. 

Share

Featured Articles

Milliman Arius: Reserve Analysis with an End-to-End Solution

Insurers face risks and errors with current reserve analysis methods – and Arius provides the answer

Allstate: BCG Partner Harnesses Gen AI to Transform CX

Allstate and BCG are harnessing Gen AI via a new model to better understand customer needs and improve overall experiences within the insurance sector

Comarch Diagnostic Point: Next Gen European Health Insurance

Healthtech provider Comarch introduces Comarch Diagnostic Point, set to improve health insurance across European markets

MoneyLIVE Summit 2024: Qover Talks Embedded Insurance

Insurtech

Ansel raises US$20m to combat financial healthcare barriers

Partner Ecosystems

Hastings Direct: Levelling up with Snowflake

Insurtech