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IAG Firemark Ventures invests in Plnar via new $75 million fund

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IAG has launched a second $75 million venture capital fund and made its first investment, undertaking a pilot program using Texas-based insurtech Plnar for its property claims.

Plnar uses computer imagery to create 3D renderings of home interiors so property damage can be documented via a smartphone, enabling virtual self-serve property claims, and IAG Firemark Ventures’ General Partner Scott Gunther says the technology has the potential to dramatically streamline claims assessments.

“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,” he said.

IAG is also exploring how Plnar’s property data could improve getting a quote for home and contents insurance.

“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 EGM Direct Claims Luke Gallagher said.

Plnar CEO Andy Greff says more than 25 insurance carriers and third-party administrators are using Plnar globally, and these carriers have cut cycle times by more than 80%.

"We look forward to the impact Plnar can have on the claims operating models with IAG in Australia and New Zealand,” he said.

IAG says its new $75 million fund will allow the insurer to grow its portfolio of local and international start-ups, and invest more in its existing portfolio companies.

Firemark has made 33 investments so far across 18 portfolio companies and embedded 13 new technologies and data capabilities within IAG following successful internal trials.

Fund Two will invest and partner with more insurtech start-ups, with the new capital to be used over the next five years.