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The Basel-based insurance company Baloise has invested in the U.S startup Insurdata. The aim is to use augmented reality to measure the insurance risks for property more accurately.
Insurdata is gathering data on the construction and local environment of property for its technology, explained Baloise in a statement. The aim is to calculate insurance risks for the buildings concerned.
The risks include damage caused by an earthquake or flood. To calculate these risks more accurately, Insurdata is implementing new technology from the fields of augmented reality and 3D modelling.
Baloise will be able to use these data to warn about defects in the construction of buildings and to measure the insurance risk.
“This means we can define preventive measures for at-risk properties. What’s more, customers benefit from a more bespoke and transparent pricing model,” commented Sibylle Fischer, Strategic Investment Manager at Baloise, in the statement.
Baloise has entered a partnership with the investment and consultancy firm Anthemis. Under the agreement, the Basel-based insurance company will contribute 50 million Swiss francs for investment in startup companies from Europe and the USA.
By 2021, Baloise intends to invest in 10 insurtechs whose technology could benefit the company. Its investment in Insurdata came about in the same way.