330Pie, a fintech solution provider, launches Seed funding round for its natural disaster-related products and services. The company strives to provide a financial solution that is affordable and effective at protecting assets from the threat of weather-related natural disaster events and non-weather-related events..
Are property damages considered a contingent liability?
In recent years, several property insurance companies have left Florida, become insolvent, or filed as bankrupt. As a result, policyholders have been dropped and are facing more expensive annual premiums due to the limited providers in the state. 330Pie aims to prevent a monopoly on the market and create valuable solutions that protect the tangible real estate property and the intangible (contingent cash) value of real estate property assets. By providing this holistic solution not offered by competitors, 330Pie clients will have increased financial opportunities to protect themselves against natural disasters and weather-related events.
Founder Dr. Dale Newton felt motivated to establish 330Pie because Florida’s property insurance companies were dwindling. As a Florida resident, Newton recognized the urgency for novel solutions to enter the market and provide customers with services. Additionally, the intensity of climate change led Newton to focus on Florida and California as possible markets. Florida is uniquely vulnerable to hurricanes whereas Californians struggle with earthquakes. In contrast to property insurance companies that require policyholders to pay more in premiums or face the consequences that extreme weather can inflict on their properties, 330Pie is striving to offer an alternative solution.
For these reasons, Newton aims to provide specialized financial-based solutions to the Florida and California markets that proactively protect them against weather-related and non-weather-related financial losses. However, 330Pie needs funding to create a prototype that can be further developed into a robust product offering.
Newton predicts that 330Pie will finish its prototype, initiate beta testing, and soft launch the platform sometime during 2024. During this time, much of the funding will be used to test the platform’s abilities under stressful circumstances and eliminate bugs through troubleshooting.
The company aims to create something that is unique, novel, and preserves and protects the value of the equity that property owners have in their residential and commercial properties. In a sense, Newton views what he’s doing as creating a new public good.
Is equity in a real estate property a contingent asset?
This type of financial solution is nonexistent for residential and commercial properties. Consequently, the equity of a property can be reduced to nothing at any time during the mortgage period. In the case of a non-weather related event, such as a foreclosure, fire, tax sale, or divorce, a homeowner is at risk of losing the property’s accumulating equity.
330Pie plans to offer its services to help homeowners protect their financial losses from non-weather-related events and natural disasters. By doing so, 330Pie will enable clients and insurance companies to better mitigate financial risks ahead of time. The solution 330Pie has created involves a new type of mortgage which includes embedded financial derivatives, intangible and tangible property rights, and utilizes smart contracts that are triggered by blockchain technology.
330Pie hopes to find strategic partners who want to collaborate and support developing this platform so that everyone benefits. Newton hopes that those who live in high-risk states will be eager to participate in their upcoming pilot program.
Media Contact
Name: Dr. Dale Newton
Email: [email protected]
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