Swyfft raises $7.5m to develop its AI-driven tool to demystify home insurance
Swyfft, an intelligent home insurance enterprise built on big data, today announced it has raised $7.5m from angel investors in Series A funding. The finance will be used to develop Swyfft’s unique algorithm-driven platform; uncovering premium policies that save people both time and money.
Swyfft’s web app is simple to use and easily customizable. Behind the scenes, it is powered by a complex analytics engine that incorporates 3D modeling, machine learning and millions of unique data points. Swyfft uses big data to provide a truer assessment of the risks to a home, giving potential customers a quote in less than five seconds.
Users simply enter their home address, with no need to share additional personal information. Swyfft’s multi-patented AI-driven technology sorts through data points, from millions of fires, hundreds of thousands of tornados and more incidents. Swyfft founders estimate that around 50% of policies save customers money. Policies can be quoted, adjusted, bound, issued and emailed to the customer in less than a minute, directly from a phone, tablet or laptop.
Homeowners typically spend at least $1,000 a year to secure homeowner insurance cover, according to ValuePenguin’s 2016 analysis. Weather is the leading cause of damage to a home, and disasters like hurricanes and fire cause the highest costs. However, outdated pricing methodologies and a lack of insight lead to inaccurate pricing.
As an example, the residents of Florida can expect to pay almost double the national average, due to the high hurricane risk. However, these risk estimations are often incorrect. Swyfft uses complex LiDAR data and 3D modeling to map and predict wind patterns and nearby dangers, through understanding the building’s surroundings. In this way, Swyfft’s patented algorithms surface more accurate, often less expensive quotes, by bringing the power of AI directly to the consumer.
In an established market, Swyfft hopes to differentiate itself not only with big data and intelligent policies, but also through the speed of response. This recent funding will be used to further improve the precision of their forecasting and to fuel their expansion into additional states in 2017.
“Big data and AI tools let us uncover better insights from the past to help predict the future,” said co-founder Sean Maher. “We’re thrilled to secure this finance that will help us to develop new patented-technology, protecting our customers while also reducing their costs.”