Venture capital fund Black Nova has backed insurtech Lodgicl with a $1 million pre-seed raise.  

The funding round also includes follow-on participation from Antler via a rolling capital agreement, to grow the team and speed product development.

The Sydney insurtech – founded last year – says it is using technology to bring structure, speed and transparency to home and contents claims, starting with property assessments.

Lodgicl says its product enables real-time decisions during on-site assessments.

Using a mobile app, field teams capture damage data that is processed by Lodgicl’s policy engine. It links damage directly to policy terms, producing faster and more accurate assessments.

Co-founder Ian Tulloch – a former IAG head of supply chain – says assessors can complete about six visits in a day as documentation is taken care of.

“We’re focused on the insurance supply chain, a part of the market that’s often overlooked in the insurtech space,” he told insuranceNEWS.com.au.  

He says a lack of structured, connected data across the chain has meant that “despite everyone’s best efforts, no one had the full picture”.

Lodgicl says the tool “halves assessment time and provides everyone in the chain – assessors, insurers and customers – with clearer answers, faster.

“We’ve had some really good traction early on, with four repairers piloting with us, representing over 40,000 assessments a year.”