Company Data Checking Will Become an Essential Part of ESG

That’s what we reckon at IE magazine, as more rules regarding supplier and partner companies will mean more compliance activity for insurance brands, from multi-nationals to regional brokers.

Here’s the word from Veridion who have secured funding to expand their offer;

Veridion (formerly known as Soleadify) announces a $6 million round to finance their proprietary APIs that are specifically trained to understand the global business landscape, enabling their clients, which include a number of high-profile insurtechs and insurance carriers, to access reliable data on 80 million businesses worldwide, saving thousands of hours of manual research and to ultimately make more accurate assessments of risk.

The round was funded by LAUNCHub Ventures, OTB Ventures, Underline Ventures and existing investors Day One Capital and GapMinder Venture Partners.

Veridion’s technology has game-changing potential for the insurance industry with tangible, industry-leading benefits for their clients such as vastly improving the ‘Quote-to-Bind’ ratio via automatically validating businesses and pre-fill applications, reducing premium leakage and overall risk by classifying businesses with greater accuracy than alternative solutions on the market and helping their clients uncover previously unknown business attributes by constantly monitoring the business landscape in real-time.

Veridion leverages the power of AI to revolutionize big data and to comprehend billions of webpages every week in order to build and maintain a highly accurate, global scale, near real-time, single-source-of-truth database of company data made available through a Complex Search API and unique Matching & Enriching API.

They are one of the first companies to deploy AI at this scale for data acquisition, setting them apart from the traditional firmographic data players that buy data from government registries as well as simple web-scraping alternative data providers.

After validating their data with large enterprise clients in commercial insurance underwriting, supplier discovery, and private market analysis, Veridion is releasing self-service APIs to enable faster data integration for potential clients and open up to new markets in data-centric SaaS or other early-stage solutions.

HARD DATA, FIRM DATA

Veridion is positioned to be a firmographic intelligence leader, boasting a database of over 60 data points on over 80 million businesses with record accuracy rates and the highest refresh rate on the market. The firmographic data market in which Veridion operates is also known as the business information market and was valued at $211 billion in 2022 and is projected to grow towards $291 billion by 2027, with new technologies like AI representing a game-changer for big data.

Veridion saw solid growth figures in 2022, with over 3x increase in recurring revenue and an impressive zero churn in clients. Their biggest clients include, among others, tier 1 consultancies with specialised procurement and insurance teams, one of the largest global insurtech platforms, procurement platforms, and top tier market intelligence companies.

Florin Tufan, Founder and CEO of Veridion, commented:

“We believe that the next generation of business decision engines will require a completely new format of data. Throughout the insurance market, predictive models will increasingly rely on AI more than human intuition to essentially make more accurate assessments of risk. For this to happen, the models need to be capable of processing exponentially more data as their core resource. The data needs to be fresh, granular, easy to work with, and integrate-able across a wide array of processes. This has been our focus from the beginning and with this round, we’ll be able to double down on our approach.”

ESG MEANS KNOWING YOUR SUPPLIER COMPANY

Rumen Iliev, Partner, LAUNCHub added: “Access to accurate and timely company data opens a new way to success in today’s business landscape. It equips smart enterprises with the knowledge and understanding necessary to outcompete their competitors. By leveraging the power of Veridion’s algorithms and AI, Data Teams across the globe are able to gather firmographic data with speed, accuracy, and coverage that surpasses human capabilities. This newfound competitive advantage will propel their business towards even greater success in the future.”

Karol Szubstarski, Partner, OTB Ventures added: “Veridon is leading the way to a future where companies all over the world can build and rely on data of the highest quality. OTB Ventures is thrilled to support the company in their recent financing.”

Cosmin Ochisor, Partner, Gapminder added: “Veridion’s innovative technology is at the forefront of shaping the future. Our participation in this new investment round shows our belief in the team ability to bring game-changing solutions to the market, and becoming a leader in the Data-as-Infrastructure space. “

About alastair walker 11354 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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