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IAG Firemark Ventures launches second $75 million fund
IAG has launched a second $75 million venture capital fund with an investment in Artificial Intelligence (AI) InsurTech provider, Plnar.
Fund Two, the second fund created under IAG’s Firemark Ventures, aims to partner with, and invest in, start-ups that have the capacity to enhance how IAG delivers insurance. The additional $75 million in capital will be used over the next five years and builds on the strategic and financial success of the company’s initial $75 million fund.
IAG Firemark Ventures General Partner, Scott Gunther, said: “The establishment of Firemark Ventures’ Fund Two, means we can continue to grow our portfolio of local and international start-ups, and invest more in existing portfolio companies to deliver new and ongoing benefits to IAG.”
To date, Firemark Ventures has made 33 investments across 18 portfolio companies and embedded 13 new technologies and data capabilities within IAG, following successful internal trials.
Plnar, the first investment by Firemark Ventures under Fund Two, uses computer imagery to create 3D renderings of home interiors which allows anyone with a smartphone to document interior property damage, enabling virtual and self-serve property claims.
Together, IAG and Plnar will explore how imagery, data and AI can help create differentiated customer claims experiences. IAG is the first company to invest in Plnar outside the USA, bringing the technology to Australia and New Zealand for the first time for IAG’s customers.
Mr Gunther said: “Plnar’s technology has the potential to enhance how we interact with our customers by dramatically streamlining the claims assessment process. In less than two minutes per room, customers and our assessors can capture all the insights they need to determine what’s required to repair the damage.”
In February, IAG will commence a pilot program using Plnar involving property claims and its supply chain for IAG direct insurance brand NRMA Insurance. IAG Executive General Manager Direct Claim, Luke Gallagher, said: “We’re always looking at the latest innovations and technology to help us provide the best experiences for our customers.
“We introduced virtual assessing at the start of the pandemic which allowed us to assess damage to a customer’s property via video call. Our partnership with Plnar will take this highly efficient digital experience for our customers to the next level.”
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