IAG's venture capital fund, Firemark Ventures, has kicked off a second $75 million venture capital fund with an investment in insurance technology start-up, Plnar.
Plnar allows users to upload 3D images of home interiors to smart phones to document damage when lodging property claims.
The plan is for IAG and Plnar to investigate how imagery, data and artificial intelligence can help create differentiated customer claims experiences.
IAG commenced a pilot program in February, using the insurance technology, also known as insurtech, in property claims and its supply chain for IAG direct insurance brand NRMA Insurance
Firemark Ventures has already made 33 investments across 18 portfolio companies and embedded 13 new technologies and data capabilities within IAG.
Plnar marks the first investment by Firemark Ventures under its Fund Two, which will be used over a five year timeframe and is expected add to the company’s original $75 million fund.
IAG Firemark Ventures general partner Scott Gunther said the 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,” Gunther said.
Plnar CEO Andy Greff added the partnership provides IAG brands total contactless inspections for interior property claims “resulting in significantly better customer experiences, shorter cycle times and lower costs.”
