InRisk Labs Secures $27 Million for AI-Led Reinsurance Platform Expansion
Insurtech startup InRisk Labs has raised $27 million in a Series A funding round. The capital infusion aims to enhance AI capabilities and expand its reinsurance services, particularly EarthRe's operations in India.
GIFT City-based insurtech startup InRisk Labs has announced the closure of a $27 million Series A funding round, co-led by Bessemer Venture Partners and Northpoint Capital. The investment aims to bolster the company's artificial intelligence capabilities and scale its reinsurance platform, EarthRe.
The newly acquired capital will be directed towards strengthening InRisk Labs' expertise in underwriting, actuarial modeling, catastrophe modeling, and AI. The company also intends to expand into new non-life insurance segments, develop parametric and structured reinsurance products, and meet regulatory capital requirements to grow EarthRe's presence in India's significant reinsurance market.
Concurrent with the funding, EarthRe Insurance IFSC received a reinsurance license from the International Financial Services Centres Authority (IFSCA), making it the first incorporated reinsurer to obtain such a license from the IFSC at GIFT City. Founded in 2024, InRisk Labs provides technology for parametric insurance and reinsurance.
EarthRe focuses on non-life reinsurance, offering coverage across various specialty segments including natural catastrophe, climate risk, property, and motor. The company utilizes advanced analytics and AI-powered underwriting to create tailored reinsurance solutions. This development addresses the growing need for sophisticated climate-risk assessment tools and technology-driven insurance solutions amidst rising natural catastrophe exposures in India.