Data protection insurtech Noldor has closed a US$10mn seed funding round led by D.E. Shaw as it attempts to redefine how carriers, reinsurers and reinsurance brokers connect with programme data.
The funding round was led by the DESCOvery group at D.E. Shaw, a global investment and technology development firm based in New York.
Noldor was previously a startup within DESCOvery’s venture studio. Participation also came from other unnamed strategic investors.
Founded in 2021 year, Noldor’s technology integrates with any entity with delegated underwriting authority regardless of their existing tech stack. Its latest funding will allow it to position itself for “long-term growth”, using data to strengthen relationships between policyholders and insurers.
This funding was designed to ensure Noldor will continue to grow and adapt to new use cases alongside the enterprises we work with.
Noldor helps MGAs aggregate, normalize and report program information to their business partners via a robust suite of APIs. We roll our sleeves up, and handle all system integration work, giving us access to higher value problems that deliver meaningful value and reduce execution risk to our MGA partners.
Today, the insurance industry spends far too much time processing data. Time that could be better used analyzing data to generate meaningful insights. Noldor remedies this by providing direct access to the most robust program data available—enabling turnkey access to program data without the added headache.
Technology is shifting what the efficient frontier of programme administration looks like, so we’re actively investing to enable the next generation of carriers, MGAs/MGUs, and reinsurance brokers.
Rather than handling MGA reporting in-house or aggregating data within a closed system, Noldor takes a “data-agnostic” approach that allows for the turnkey integration of MGA data. The result is that insurance partners spend less time processing data, the firm says, and can uncover hidden loss ratio drivers while automating back-office functions such as reporting.
Placement, policies, portfolios, prospecting? All important factors, but how about something a little more powerful?
Noldor’s insurtech enablement tools foster a future of openness and transparency. Giving back the power of the pen to people and creating unparalleled partnerships in the process.
Say goodbye to in-house MGA reporting for good. Noldor delivers turnkey, API information to MGAs. We’ll handle the processing, so you can focus on analyzing.
by Peter Sonner