Last Week in InsurTech #009
Las week we saw Lemonade hoping that AXA and Allianz (both are invested in Lemonade) will see their “European launch as a boost to their investment, rather than as the challenge to their business,” massive investment in InsurTech, and two global insurance players stepping up their China game in a big way.
InsurTech Venture Radar
Bright Health (US): $200.0m. Provider of individual, family and Medicare healthcare plans. Investor(s): Declaration Partners, Meritech Capital, with backing from Bessemer Venture Partners, Greycroft, NEA, Redpoint Ventures and others. → source
Element (DE): $23m. InsurTech which develops white-label insurance products. Investors: SBI Investment, SBI Insurance Group, Engel & Völkers Capital, and Alma Mundi Ventures. → source
Corvus (US): $10.0m. Commercial MGA insurance startup. Investor(s): .406 Ventures and Hudson Structured. → source
Clyde (US): $3.0m. Startup which provides an API for companies to offer product warranties to customers. Investor(s): Red Sea Ventures (lead), RRE Ventures, Expa, Starting Line, and Rainfall Ventures. → source
InsurTech News
Lemonade is coming to Europe
Lemonade CEO Daniel Schreiber wrote in a blog post on the companies website that Europe “is one of the largest insurance markets globally, and is home to the two largest insurers worldwide — AXA and Allianz. (Both are investors in Lemonade and dear friends. We’re kinda hoping they’ll see our European launch as a boost to their investment, rather than as the challenge to their business we hope it becomes.☺️).” Eager to find out how this move will play out in light of the recent quarrel with WeFox and the fact that both companies have close ties with Softbank…
Beijing approves Allianz and AXA as wholly-owned foreign insurance holdings
Allianz has become one of the first foreign insurance companies to setup shop under a changing regulatory regime. The South China Morning Post reports that the cap on foreign ownership of insurance companies “would rise to 51 per cent in three years from 50 per cent, and would be removed in five years.” They go on to say that this move points “to an acceleration in the opening up of China’s banking and insurance sectors.” Just a few days later, news broke that AXA paid $662m “to buy the remaining 50 per cent stake in its Chinese joint venture.”
TransRe and InsurTech Concirrus join forces
Reinsurer TransRe has joined forces with Concirrus, an InsurTech startup which provides advanced marine and motor analytics. The two companies will develop reinsurance products and services, based on Concirrus’ “Quest Marine, an artificial intelligence powered insurance software platform,” according to. Verdict
InsurTech’s launch new UK body
The group plans to develop into a formal association in 2019, reports Insurance Times. According to the article, the group (which includes Wrisk, Concirrus and Kasko) “plans to establish an interim council, along with three working groups covering communications, operations and best practice.”
InsurTech startup Snapsheet and Zurich kick off cooperation
Snapsheet, a company which provides virtual claims technology has announced “a new strategic agreement with Zurich Insurance Group.” According to Ian Thompson, Zurich’s Group Chief Claims Officer, “the collaboration with Snapsheet will allow Zurich to further streamline the claims journey for our customers and provide additional innovative services.”
In case you missed it
Check out my interview with Dr. Antje Fitzner, Data Scientist at Eucon Digital:
Conferences
06/12 — Insurance Times Awards 2018 (London, more info here)
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Twitter: @cngthedots
Talk soon,
Albert
