Groundspeed is thrilled to announce that we’ve made the Insurtech 100 list for 2022 by Sønr Global, the world’s #1 platform and services business for insurtech scouting and open innovation management.
Matt Connolly, Sønr founder, stated, “This report is a comprehensive compilation of the hottest and most dynamic names driving change and innovation across insurance. As the market matures and the needs of the industry become more nuanced, it is critical to look beyond the narrow lens of traditional ‘insurtechs’, and incorporate each and every startup or scaleup materially impacting the future of the sector — no matter where in the world they’re based.”
The report stated the following about Groundspeed:
Climbing 32 places to #48 on the list, Groundspeed is a provider of SaaS-based smart submission and analytics services to commercial insurers, brokers and third-party administrators. Via API, its AI-driven Rapid Data Pipeline extracts, converts and analyses insurance documents (including emails, applications, loss runs, and exposure schedules) into enriched and structured data that can be used for underwriting and pre-fill, helping inform clients about important claims, trends, profit pools and carrier profitability.
Its products are backed by a 98% data quality pledge, and clients include blue chip insurance carriers and brokers such as Liberty Mutual, Travelers and Aon. In June 2021 Groundspeed partnered with Unqork, helping insurers to deliver better risk selection, reduce time-to-quote, and increase profitability. By the end of the year, the company said it had tripled its revenues and was ‘on the way to unicorn status by 2023′. In February this year, it said it had more than doubled its number of customers in the second half of 2021. In July, Groundspeed launched a workers’ compensation data product, based on a 360-degree view of any risk profile. It uses and enhances over 300 data points from workers’ compensation loss runs, applications, eMod worksheets, exposures and third-party data, delivering what the company describes as the most complete coverage of submission documents typically seen in the workers’ compensation space. It has raised a total of $32m over three rounds, the latest a Series C in January 2021.