Insurtech: on the road to further consolidation. Part 4.

Ilya Kosolapov
Nov 8 · 2 min read

Now let us discuss several promising Insurtech projects, which raised funding during last month. In the next article we will continue with the most promising Insurtech investing deals.

Thinksurance. Insurtech Thinksurance, incorporated in Germany, raised 13 mln USD during its Series B funding round. Thinksurance — B2B marketplace in the distribution field, used by brokers, agents, banks and further sales channels (the funding was provided by Eight Roads Ventures). The aim of this project — digitalization of the P&C insurance process of distribution. On the declaration of Thinksurance’s management this funding will be used enlarge sales count, double its headcount in 2020 and expand into global markets. Funding will be conducted into projects data analytics and distribution marketplace to increase its functionality.

Cover Genius. This incorporated in the New York Insurtech project, raised 10 mln USD in Series B funding round, led by King River Capital. Other participants of the investment consortium were: Belfer Family, Jasper Tans, Regal Funds Management and Marinya Capital. Managers plan to use this investment to prop up its talent search practices and intensify expansion into the U.S., the U.K. and into Asia. Cover Genius is the online platform, providing insurance products, covering e-commerce risks. The company’s insurance distribution technology provides regulated insurance policies that integrate into online point of sale and signup paths in more than 60 countries and 50 U.S. states. The company pays approved claims via its instant payments’ platform in more than 90 currencies.

Healthcare.com. This Insurtech provides clients with technology-enabled health insurance products. During its last Series B Round it raised 18 mln USD. This increase if the investment inflows enlarges the total capital raised to over 27 mln USD. Management plans to use newly raised funds for the purposes of expanding company’s role as “the nation’s preeminent source helping consumers compare and enroll in health insurance and Medicare plans”. Second Alpha Partners, PE funds, incorporated the New York, led this investment round. Other participants of the investment consortium were: AXIS Capital and CNO Financial Group. Project will use the funds raised for the purposes of investing into technology, engineering and data-science investments, expanding consumer experience solutions and accelerating the development and marketing of its proprietary insurance products.

Ilya Kosolapov
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