Solidifi Secures Insurance Assurance
Solidifi completed an additional equity investment with Altus Group Income Fund; the additional capital will be used to expand the independent appraiser's service offerings, including the development of replacement cost and risk analytics for property insurance companies. "Solidifi is leveraging its existing core transaction management platform to rapidly bring these solutions to market," Solidifi says in a statement. This SaaS (Software as a Service) platform, together with data extraction and management capabilities will offer new data solutions across multiple verticals, including Property and Casualty (P&C) insurance, the company added. The real-time data collected by local market residential and commercial professionals, powered by Solidifi's property underwriting platform, will aim to provide insurers with risk characteristics and detailed replacement cost information, helping them to make more informed decisions at the time of underwriting. For example, Solidifi explains, knob and tube wiring discovered by an appraiser during the mortgage process represents a material risk for insurers. In such an instance, insurers typically have the option of relying on the homeowner to provide this information or spending time and money to order an inspection. Solidifi says it can instantly confirm this information, right at the desktop of the underwriter prior to approval. "This financing has provided the investment required to evolve Solidifi's property data warehouse to provide service for the P&C marketplace..." Solidifi said. The solutions are built using Web 2.0 and Service Oriented Architecture (SOA) technology. Property information provided by partners, appraisers, and other local professionals are tracked at the transaction level by Solidifi's digital rights management framework to manage revenue distributions to each contributor. Details of the investment were not released, but Altus has increased its minority position in Solidifi and joins the Board of Directors. Write to Kelly Curran at firstname.lastname@example.org. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.