Geospatial Digital Data Modeling; Key to Successful Property Underwriting
DALLAS, November 8, 2018 – MarketScout, the national electronic insurance exchange and specialty MGA headquartered in Dallas, Texas, today announced that it plans to invest in HazardHub via its insurtech investment vehicle, MarketScout InsurTech ventures (MIT).
MarketScout discovered HazardHub at the Entrepreneurial Insurance Alliance’s annual symposium in September 2018, where they won the competition for best new entrepreneurial company, demonstrating a unique offering, which utilizes geospatial digital data to better analyze property risks.
Richard Kerr, CEO of MarketScout commented on the investment by noting, “We have sourced over 400 InsurTech investment opportunities to date. This is the first one we’re putting our resources behind. We carefully reviewed HazardHub and felt the team, technology and business plan were exceptional. Every insurer, reinsurer, MGA, wholesaler, retail agent, and company servicing the insurance industry can benefit from utilizing the HazardHub data to better select and underwrite property risks. The team has extensive experience and a proven track record of success. We are very excited to support them.”
Bob Frady, CEO & Co-Founder of HazardHub “In selecting an investment partner, we were looking for a company that not only could provide reach into the insurance industry but also had a passion for what HazardHub is seeking to accomplish. With MarketScout, we achieve both goals. We have been extremely impressed with both the quality of people we have met through the MarketScout network and the incredible enthusiasm MarketScout has brought to HazardHub’s efforts. HazardHub is bringing incredible value to the insurance geospatial world and look forward to MarketScout’s efforts to significantly grow our business.”
John Siegman, Founder of HazardHub stated, “We were honored to be selected EIA’s 2018 Insurance Entrepreneur of the Year and even more honored to be the first insurtech company MarketScout has decided to back. MarketScout’s people, expertise, and industry knowledge will greatly accelerate us to the next level. We look forward to a great relationship.”
HazardHub is the only third-generation provider of property-level hazard risk databases spanning the most dangerous perils in the continental United States. HazardHub translates huge amounts of geospatial digital data into easy to understand answers, providing easy to comprehend risk scorecards that are used to make real-world decisions. The firm’s scientists provided comprehensive, and innovative, national coverage for risks that destroy and damage property.
MarketScout is an insurance distribution and underwriting company headquartered in Dallas, Texas. The firm is a Lloyd’s Coverholder and MGA for U.S. insurers. MarketScout owns and operates the MarketScout Exchange as well as over 40 other online and traditional underwriting and distribution venues. MarketScout founded the Entrepreneurial Insurance Alliance (EIA) in 2007 and presents the Entrepreneurial Insurance Symposium (EIS) every September. MarketScout founded the Council for Insuring Private Clients (CIPC) in 2012 and administers the Certified Personal Risk Manager (CPRM) designation in partnership with The National Alliance for Insurance Education and Research. In 2017, MarketScout funded the MarketScout InsurTech (MIT) venture fund to invest in firms utilizing technology to improve insurance distribution and underwriting. In 2018, MarketScout launched its MGA Incubator that provides operational, financial, and marketing support to upstart underwriting teams. MarketScout has offices in Arizona, Arkansas, Florida, Georgia, Illinois, Iowa, Nebraska, Pennsylvania, South Carolina, Tennessee, Texas, and Washington, DC. For more information, please visit us at MarketScout.com.