IAG Firemark Ventures backs Plnar
IAG , Australia and New Zealand’s largest general insurer, has launched a second $75 million venture capital fund with an investment in Austin-based augmented reality dimensioning platform Plnar .
“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. 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.” – IAG Firemark Ventures ’ General Partner, Scott Gunther.
Founded in 2012, 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.
In February, IAG will commence a pilot program using Plnar involving property claims and its supply chain for IAG direct insurance brand NRMA Insurance.
“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.” – IAG Executive General Manager Direct Claims, Luke Gallagher.
IAG is also exploring how Plnar’s enhanced property data could improve the customer experience for getting a quote for home and contents insurance. “Our partnership with IAG enables its brands to complete contactless inspections for interior property claims, resulting in significantly better customer experiences, shorter cycle times and lower costs.” – Plnar CEO Andy Greff.