A daily newsletter summarizing recent activity & interesting start-ups globally
RECENT NOTABLE ACTIVITY – INSURANCE TECH
- Cape Analytics, a Palo Alto-based property data provider for insurers to assess risk, raised $14M in funding led by Formation 8. Link
- Alan, a full-stack health insurance provider, secured $13M from CNP Assurances, Power Financial, Partech Ventures and Angel Investors.Link
- Easypolicy, a Noida-based online selling and comparison platform for insurance, has received investments in the range of $8M-$10M from Unilazer Ventures and the Burman Family Office. Link
- CoverWallet, an NYC-based platform to understand, buy and manage insurance for business, received $7.8M in Series A funding. Link
- Bayzat, a Dubai-based health insurance and HR service platform, raised $3.6M in Series A funding. Link
- Indio, an SF-based commercial insurance platform, raised $2M in Seed funding. Link
- Zhong An Insurance, an online Property & Casualty Insurance provider, has established an IT subsidiary that aims to harness AI, blockchain, cloud management, and data-driven applications. Link
- MetLife has launched “Collab”: a three-month insurance tech accelerator program that supports “product ready” start-ups. Link
- Allianz has launched its new Digital Arena innovation platform that aims to pioneer next-generation innovation and solutions in connected health, mobility, insurtech, analytics and cyber security. Link
- SoFi and Protective Life Insurance has announced a new term-life insurance offering that provides up to $1M in coverage. Link
- AXA Insurance has partnered with Trov to bring ‘on-demand’ insurance to UK. Link
SOME INTERESTING STARTUPS FOUND
minnosphere (2016, Munich) – Combines machine learning algorithms and business rules for insurance underwriting process and enables automatic risk clustering, risk scoring, tracking & bench-marking of current risks.
ThreatInformer (2016, London) – Provides security metrics that enable insurance underwriters to assess the cyber risks as well as manage risk across their whole book.
LEADER BOARD – INSURANCE TECH
Internet-first Insurers
Oscar (2012, NYC, $727.5M) – An internet-first health insurer that rewards users with Amazon gift cards on successful completion of pre-defined milestones. Backed by Google Capital, Founders Fund, Wellington Fund, Thrive Capital, Formation 8, General Catalyst Partners, Khosla Venture, Breyer Capital, Redswan Ventures, BoxGroup.
Clover Health (2014, SF, $295M) – A data driven health insurance provider for senior citizens. Backed by Greenoaks Capital, Sequoia Capital, First Round Capital, Spark Capital, AME Cloud Ventures, Athyrium Capital.
Employer Insurance
Zenefits (2013, SF, $584M) – An employer insurance broker that offers free HR, payroll and benefits management software to organizations of every size. Backed by Backed by Fidelity Investments, TPG, Institutional Venture Partners, Andreessen Horowitz, Founders Fund, Khosla Ventures, SV Angel, Maverick Enterprises and Venrock.
Gusto (2011, SF, $176M) – A SaaS based HR and benefits administration software provider. Backed by Y Combinator, Google Ventures, Salesforce, Sherpalo, General Catalyst Partners, Kleiner Perkins, Google Capital, Emergence Capital Partners, Ribbit Capital.
Collective Health (2013, San Mateo, $119M) – A self-insurance SaaS platform for employers to sponsor their employees’ insurance. Backed by Signature Capital, Citizen.vc, Rock Health, NEA, Redpoint Ventures and Great Oaks Ventures.
P2P
Friendsurance (2010, Berlin, $15M) – A P2P insurance platform which rewards small groups of customers with a cashback bonus each year if their group remains claimless.
Lemonade (2015, Manhattan, $13M) – A P2P insurance carrier. It has got reinsurance backing from industry’s players like Berkshire Hathaway, Munich Re, Hiscox and are currently in stealth mode. Backed by Sequoia.
Distribution Platforms
eHealth (1997, Mountain View, IPO) – An online marketplace for health insurance plans for small businesses, individuals and families. Also provides Medicare quotes and purchasing option. Went public in 2006.
Insplanet (1999, Stockholm, IPO) – Online insurance comparison and shopping platform featuring quotes from providers across Sweden. Went public in 2006.
Goji (2007, Boston, $90M) – An online comparison and purchasing platform for property and casualty insurance. Backed by Village Ventures, Five Elms Capital, Thayer Street Partners, Spark Capital.
PolicyBazaar (2008, Gurgaon, $70M) – An online aggregator which offers insurance comparison and purchasing services. Backed by Intel Capital, Info Edge India, Inventus Capital Partners, Tiger Global, Ribbit Capital and Premji Invest.
CoverHound (2010, SF, $53M) – An insurance marketplace for comparing and purchasing insurance plans. Backed by Blumberg Capital, AngelPad, Ace Limited, RRE Ventures, Core VC, Route 66 Ventures, AmFam Ventures, Tugboat Ventures, Bullpen Capital.
Enablers
Guidewire (2001, San Mateo, IPO) – A web based technology solutions provider to the property & casualty and workers’ compensation insurance industry. Went public in 2012.
iPipeline (1995, Exton, $104M, Acq.) – A sales distribution software suite provider. Acquired by Thoma Bravo in August 2015.
GreenRoad (2006, San Jose, $84M) – A telematics for auto insurance using web apps. Backed by Amadeus Capital Partners, Virgin Green Fund, Benchmark, Balderton Capital, DAG Ventures, Generation Investment Management, Israel Growth Partners and Balderton Capital.
Leaderboard includes all the top funded, IPO and successfully running bootstrapped companies along with their location, founding year and funding amount.
For latest update, visit Insurance Tech feed.