The inability to accurately assess risk for insurance purposes is costing the industry a lot of money. Earlier this year, State Farm reported that its property and casualty underwriting business took a $13 billion hit in 2022 due to “rapidly increasing claims severity and significant additions to prior accident year incurred claims.”
Axle is trying to change that. The two-year-old company developed a universal API for insurance data and is taking an approach of a “Plaid for insurance,” Cameron Duncan, co-founder and CEO of Axle, told TechCrunch.
Many insurtechs solve for insurance distribution and policy administration. Instead, Axle, started by Duncan, Armaan Sikand and Nihar Parikh, provides access to real-time insurance data, automated insurance verification and monitoring of ongoing covera...
