Gradient Ventures backs Axle’s ‘Plaid for insurance’ approach to data verification

The inability to accurately assess risk for insurance purposes is costing the industry a lot of money. Earlier this year, State Farm reported that its property and casualty underwriting business took a $13 billion hit in 2022 due to “rapidly increasing claims severity and significant additions to prior accident year incurred claims.”
Axle is trying to change that. The two-year-old company developed a universal API for insurance data and is taking an approach of a “Plaid for insurance,” Cameron Duncan, co-founder and CEO of Axle, told TechCrunch.
Many insurtechs solve for insurance distribution

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