Alex Valdes, an entrepreneur known for guiding Trust Stamp to its IPO, has launched a new startup, Findevor, in the InsurTech sector. Recently unveiled, Findevor is an AI platform aimed at improving risk assessment in the insurance industry. Initially focused on equity underwriting for commercial real estate, the company discovered similar inefficiencies in insurance. Valdes emphasizes that the insurance sector faces urgent challenges, presenting a $150 billion opportunity for solutions. Findevor’s first product, PRO-AI, helps insurers streamline operations, reduce losses, and enhance decision-making. With a strong founding team and pre-seed funding secured, Findevor aims to rapidly expand and shape the future of insurance through innovative technology.
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Tech Topics In This Article: pre-seed startups, InsurTech
After taking Atlanta-based Trust Stamp from startup to IPO, entrepreneur Alex Valdes is launching a new venture in the InsurTech space called Findevor. Officially unveiled this week, Findevor is an AI platform that helps insurance professionals make better and quicker risk decisions.
Inside Findevor
Initially, Valdes aimed to improve equity underwriting for commercial property investments. However, discussions with insurance carriers unveiled similar inefficiencies in insurance underwriting. Valdes noted, “The insurance industry has a critical need for solutions, with potential revenue and cost inefficiencies totaling $150 billion annually.” He also described the urgency faced by insurers as a “hair-on-fire” problem requiring immediate attention.
Findevor, a fusion of “fintech” and “endeavor,” aims to streamline data analytics and underwriting. Its first product, PRO-AI, focuses on minimizing manual underwriting, decreasing loss ratios caused by inaccurate risk evaluations, and speeding up product launches. At its core, the platform allows non-technical executives to interact seamlessly with AI agents tailored for the insurance sector.
Why The Insurance Industry Now
The InsurTech Market is in a transformative phase, driven by changing climate factors and shifting Market conditions in a post-pandemic world. COVID-19 highlighted numerous inefficiencies in insurance, prompting the call for innovation. The rise in claims due to extreme weather events linked to climate change has further intensified the need for urgent reform.
From Startup To IPO…and Back Again
Valdes’ prior experience at Trust Stamp has been invaluable in shaping Findevor. Having started Trust Stamp before its IPO in 2020, Valdes learned crucial lessons about discipline, team-building, and maintaining focus on both long-term visions and short-term necessities.
Scaling Findevor
Together with co-founder and CTO Virgil Tataru, who previously held leadership roles at Amazon, Valdes is building a team of industry veterans to drive Findevor’s innovation. The recently concluded pre-seed funding round will help expand their engineering team and accelerate the company’s research and development plans. As Findevor prepares for its next growth phase, the team is looking to establish roots in Atlanta, known for its insurance and risk management expertise.
With a clear focus on tackling the significant challenges in insurance underwriting, Findevor aims to make a meaningful impact in a rapidly evolving industry.
Tags: InsurTech, AI in Insurance, Startup News, Alex Valdes, Findevor, Entrepreneurship
What is Findevor?
Findevor is a company that has recently come into the spotlight. They use AI agents to help insurance companies with intelligent underwriting. This means making the process of assessing risks and deciding premiums much more efficient.
How do AI agents improve underwriting?
AI agents analyze large amounts of data quickly. They help insurance companies understand risks better and make more accurate pricing decisions. This can lead to better coverage options for customers while also improving the company’s profitability.
Who can benefit from Findevor’s technology?
Insurance carriers, big and small, can benefit from Findevor’s AI technology. It’s designed to streamline the underwriting process, making it easier for companies to serve their clients and reduce potential losses.
Is Findevor’s AI easy to use?
Yes, Findevor’s AI agents are designed to be user-friendly. Insurance companies can integrate them into their existing systems with minimal hassle. This means less disruption to daily operations while enhancing efficiency.
What are the future plans for Findevor?
Findevor aims to keep improving its technology and expand its partnerships with more insurance carriers. They want to further enhance the underwriting process and make it even smarter using advanced AI tools as they develop.
