Asterias, a London-based technology startup, has closed a £600,000 pre-seed venture round to unify loss data capture & distribution.
Co-founded in 2021 by industry expert Andrew Walker – formerly of Aon, Starr and AIG – and technology lead Jacques Germishuys, Asterias is on a mission to rapidly advance incident and accident data capture and distribution.
It says it has spent two years conducting focused research and development, collaborating closely with a leading broker and insurer.
Asterias’s solution enables stakeholders to capture and access their exposure and loss data via an API-centric system. The software uses industry-specific codification meaning the data is standardised and interoperable agnostic of vendors. The platform leverages unique hybrid roles and claims-based access controls to ensure data privacy and integrity.
The round was led by Insurtech Gateway alongside Syndicate Room’s Access, a data-driven super angel fund, and prominent industry investors.
It will be used to take Asterias’s product into mainstream adoption, unifying loss data across the insurance ecosystem.
“Fractured and inaccessible data is frustrating for everyone in the claims value chain,” said Robert Lumley, co-founder at Insurtech Gateway.
“Asterias is standardising the whole administration process and creating a single point of truth. We have seen a couple of similar companies emerging in Property Management, so we are excited to help Asterias start in aviation.”
It is a critical time for the insurance industry, as practitioners increasingly recognize the importance of high-quality data in improving underwriting accuracy, reducing expenses, enhancing customer experiences and unleashing the full capability of AI.
“Loss data is overlooked and in the blindspot of market modernization efforts. Asterias is changing that narrative by putting data first, benefitting all stakeholders” explained Walker.
“Our product centres on dual-functionality as both an integrated and standalone platform, streamlining adoption without extensive change management.”
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