Aussie insurtech secures backing from Chinese tech giant, Silicon Valley

Sydney-based Reask has closed its first round of funding with support from Chinese tech giant Tencent and other Silicon Valley investors, boosting insurtech’s drive to become a critical natural disaster operator using artificial intelligence (AI).

Reask said the investment will support the next phase of product development, expansion and business growth worldwide, including in the London market.

Chief Commercial Officer Nick Hassam told insuranceNEWS.com.au today the amount raised in the seed fund is confidential and it represents a “critical” point in the company’s progress.

“This round of investment is an important event in Reask’s journey and attests to the effort and energy we have poured into the organization since its inception.

“Having one of the largest organizations in the world Tencent, as well as the additional support of Silicon Valley organizations SV Angel and Hawktail, shows both the potential of the opportunity we are addressing in climate risks and confidence in our abilities. deliver.”

San Francisco-based SV Angel is an early investor in Google, Twitter, and Airbnb, and Hawktail is a US-based venture capital fund.

Reask has made inroads with AI-driven disaster modeling solutions in the insurance industry, with Swiss Re and Axa among its clients. Last September Swiss Re Corporate Solutions said it would use a tropical cyclone risk modeling product developed by insurtech.

Tencent’s Director of Exploration David Wallerstein said AI is shaping up as an important tool in helping the world more accurately predict future climate models and associated risks.

“Reask has built a suite of products leveraging their climate forecasting tool for the insurance industry that is helping insurers accelerate the development of climate-related services,” he said.

“The insurance industry will increasingly play an important role in helping economies adjust to and mitigating risks from catastrophic climate events.

“We believe that Reask is well positioned to partner and grow with the global insurance industry.”

Mr. Hassam told InsuranceNEWS.com.au over the next year, Reask is focused on growth and building its team in Australia and London.

“More customer notifications [will] monitor in the coming weeks and months,” he said. “Later this year, we will introduce products that help facilitate the transfer of risk in areas and risks that would not have been possible without our technology before.”