US-based Sola has raised $US8 million ($12 million) in a funding round led by Fintop Capital and Jam Fintop, with participation from 10vc and Georgia Tech.

Lloyd’s coverholder Sola says it is “ushering in a new era of affordable and consistent property insurance” with a wind and hail program that uses objective data to trigger payouts rather than traditional claim adjustments. Sola says this makes it more resilient to rising losses.

“Their unique tech, disciplined underwriting performance and agency traction position them to capture a massive market opportunity as traditional carriers raise prices and deductibles,” Fintop Capital partner John Philpott.

CEO Wesley Pergament says Sola has created a better buying, coverage and claims experience with integrated policy forms and bespoke modeling, claims and internal tools.