AI-driven insurtech Flyreel attracts $10m Series A led by IA Capital

US-based insurtech Flyreel, a provider of artificial intelligence-powered underwriting solutions for commercial and residential insurers, has secured $10 million Series A funding led by investment firm IA Capital Group.

The round was followed by insurance software provider Guidewire, and existing investors Google’s AI-focused venture fund Gradient Ventures, as well as State Auto Labs and Donan Engineering.

The company has raised a total of $18 million to date and currently serves 15 insurance providers using its proprietary AI assistant and computer vision technology to improve property underwriting, risk management, and claims outcomes.

Flyreel said the funds will be used to service its new and existing customers while expanding its product line and platform features to deliver further integration and automation across the insurance value chain.

Cole Winans, Flyreel’s founder and CEO, said: "The insurance market and consumer expectations are shifting dramatically in the wake of current events and technical innovation. Customers expect consumer-grade product experiences coupled with financial products and services that protect and support them in ways that broad risk pooling, zip-code underwriting, and other assumptive strategies of the past cannot.

“We're grateful for the vote of confidence our investors and customers have placed in our business. Our team is excited to be so well-equipped as we remain steadfast in our focus on supporting our customers as they deploy the best of today's technology to improve underwriting and claims outcomes for themselves and their policyholders."

Matt Perlman, partner at IA Capital Group, said: “We’re excited about the opportunity to partner with Flyreel in building the leading AI property intelligence, data, and insights platform for the insurance industry and beyond. We believe the industry is ripe for a transition to remote, real-time, customer-directed underwriting and claims solutions. We view Flyreel as a new paradigm for understanding risk and engaging with the customer both pre- and post-policy.”

Mike Chen, vice president of corporate development, Guidewire, added: “Through their self-service AI platform, Flyreel enables carriers to facilitate property inspection at scale and identify risks across their book of business that would otherwise require costly professional inspections. We have been very impressed by the results Flyreel has achieved with our mutual customers and are excited to help enhance those results as a partner.”