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A total of 33 managing agencies have entered into agreements directly on the Tremor market.
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Singapore-based EDBI and Madrid-based Mundi Ventures are the latest investors in the unicorn InsurTech.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology.
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A report from the company said the pandemic had exposed dissatisfaction with the convenience of existing coverage.
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The new platform will use the internet of things to embed various functions, from underwriting to claims.
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More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.
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A (Re)Connect panel of 2020 start-up leaders said the Covid lockdowns made for challenges in the build-out.
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The Insurtech employs AI to build a more diverse set of customers and thereby provide more competitive rates.
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Sequel will add the company to its ‘digital ecosystem’ and said its investment would speed up the expansion of Ignite’s platform.
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The feature will allow insurers to explore in real time the most competitive prices for a variety of structures and perils.
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He will also sit on its executive committee and will be responsible for leading Ki’s technology strategy and execution.
