We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Led by OMERS Ventures and with participation from Digital Garage Ventures, the George Kaiser Family Foundation, the round brings the total raised to $59 million.
The funding, led by Tencent, plus SV Angel and Hawktail, will support Reask’s growth and development of its next generation AI-based models, as re-insurers seek to deal with the increased frequency and scale of losses from climate risk and natural catastrophes, worldwide.
Five Sigma, a cloud-native Claims Management solution provider, announced on Wednesday extension of its Series A round from Aquiline Technology Growth (ATG), bringing the company’s total funding to date to over $20 million. The company’s Series A funding was initially announced in September of 2021.
The Israeli digital insurance provider has developed a technology stack for multi-family properties with the aim of assisting landlords and condo owners associations seeking insurance.
Greycroft and Crosslink co-lead funding round on the next generation permanent life insurance platform.
KYND, a leading provider of pioneering cyber risk management solutions for the insurance industry, has today announced a £3.25 million investment from BGF.
Meet Stoïk, a new French startup that wants to protect small and medium companies against cybersecurity incidents.
Meet Stoïk, a new French startup that wants to protect small and medium companies against cybersecurity incidents. The company offers an insurance product as well as a service that monitors your attack surface.
KYND, a provider of cyber risk management solutions for the insurance industry, has raised £ 3.25 million from UK and Ireland-based growth capital investor BGF.
An investor group that includes Centerbridge Partners and Massachusetts Mutual Life Insurance Co. is planning to start a life and annuity reinsurance company, according to people familiar with the matter.
Automated security validation firm Pentera, formerly called Pcysys, announced on Tuesday that it has raised $150 million in a Series C funding round at a valuation of $1 billion, making it Israel’s newest unicorn.
Florida-based InsurePay has secured a Series B investment led by Aquiline Technology Growth with significant participation from FINTOP Capital and other strategic investors.
There were 30 funding rounds in the insurtech sector between Dec. 1 and Dec. 29, 2021, according to a review by Digital Insurance. What follows is a selection of the funding rounds.
SecureNow, an end-to-end insurtech platform currently serving 25,000 small businesses across 150 locations, has raised a total of US$ 6 million in its last funding round.
Aviva announced a commitment to invest £50 million into venture capital funds focused on emerging technology which supports a more sustainable future.
A commercial insurance brokerage technology company that is up and running in the UK is targeting the U.S. after raising more than $7.9 million in a Series A funding round.
Herald, a digital infrastructure that connects software developers to commercial insurance carriers through a single API, announced today that it has raised $8 million in new funding.
Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round.
London-based leak prevention solution LeakBot has announced plans to go public via a reverse takeover with special purpose acquisition company (SPAC) Spinnaker Acquisitions.
London-based insurance management system provider Genasys has secured a £12.25m investment from Frog Capital, an investor in European scaleup software.
Rockstart, global early stage investor, announces its co-investment in IBISA, a Rockstart AgriFood portfolio company.
HealthCare.com, a leading data-driven insurtech platform, announced today the closing of an oversubcribed $180 million Series C round led by funds managed by Oaktree Capital Management.
A robust supply of capital combined with growing ranks of new investors is driving record investment into the insurtech sector.
Indonesia-based insurtech startup Fuse announced today it has secured $25 million of Series B extension round as it plans to enter more countries including Thailand and Vietnam in Southeast Asia. The startup has closed three funding rounds of Series B within the past six months, bringing the company’s total raised to over $70 million.
Shares in the Bloomington-based health insurer jumped Tuesday on news that the venture capital unit of health insurance giant Cigna is a new investor.
AgentSync this morning announced that it has closed a $75 million Series B, pushing its valuation to $1.2 billion.
ThreeFlow, which provides software for insurance brokers selling employee benefits, announced today that it raised $45 million in Series B funding.
Azos, a digital life insurance provider increasing access to flexible and affordable life insurance products in Brazil, today announced a $10 million Series A round led by Prosus Ventures, with the participation of Kaszek Ventures, Maya Capital and Propel.
The round was led by iAngels and Menara Ventures, which will help the company expand its activities in the U.S. market.
Founded in 2019, Continuity, uses AI to help insurances improve underwriting for SME’s. The insurtech company has just bagged a funding boost of €5 million from Elaia Partners, Bpifrance, and Kamet Ventures.
Homeowners insurtech Slide has announced it has raised $100 million in a Series A funding round, led by Gries Investment Funds and Tampa Bay Ventures.
The funding, which comes just three months after a $6 million Series A round, will drive expansion of Vesttoo’s Insurance-Linked Program (ILP) offering, a security-based investment portfolio, as well as its fully digital marketplace for insurance-based risk transfer and investments
French startup Leocare has raised a big Series B funding round led by Eight Roads. Overall, the company has raised $116 million. It’s an equity and debt round, which means that part of this amount is a cash-for-equity transaction, while the rest is a credit line.
Resilience, an industry leader in cyber insurance and security solutions, announced today that it closed an $80 million Series C funding round, co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital, and Intact Ventures.
One of the most noticeable — and noted — effects of climate change has been its impact on how other events in the environment — be they natural or man-made occurrences — play out: forest fires burn more violently and for longer; floods happen more often and are more severe when they do; and so on, with climate change often cited as the main culprit for all of the catastrophes.
EasyHealth, a startup focused on navigating the Medicare experience, announced a $135 million Series A round on Thursday.
As funding pours into mental health tech, one thing remains relatively unchanged: complex insurance billing. Now, even that medieval process is starting to attract startup interest — from companies that scan claims for errors, to others looking to simplify filing itself.
Steadily serves the 17 million individual rental property owners who collectively own the large majority of single family and small apartment rentals across the US.
When you live in a home, something always breaks. And it can be difficult to know who to call and if you can afford the repairs. That’s where Puls Technologies come in.
Insurance lags behind other financial services in the adoption of digital technologies. Granted, a few unicorns have popped up from the modern digital insurance space such as Tractable and Lemonade; however, this sector hasn’t raced to the stage as quickly as say, payments or lending.
Enhance Health, a new technology-enabled, digital health insurance brokerage and care navigation platform focused on serving the Medicare Advantage market, today announced its launch with $150 million of total capital.
Improving the lives of workers in the gig economy isn’t just a political issue — it’s also becoming a hot topic for startups. The latest example is London-based newcomer Jove, an insurtech which has just closed a £600k pre-seed from Fuel Ventures and the heads of Octopus Group Ventures.
Founded in 2018 by Brandon Tobman, Dylan Gaines and Ryan Solomon, GetCovered was built to bridge the gap between the insurance and real estate sectors.
Fintech business insurance startup Nimbla has today announced a £5.1m funding round led by Silicon Valley venture fund Fin VC with participation from Barclays Bank.
owl.co, an insurance claims monitoring platform, today announced that it secured $30 million in Series-B funding to accelerate the company’s growth.
Collective Benefits (part of our Future50 Europe), an insurance platform for gig and independent workers, has raised $10 million in a fresh capital injection from investment giant Prosus.
Insurance policy provider Acko is the latest Indian startup to become a unicorn, joining nearly three dozen other firms in the world’s second-largest internet market that have attainted the coveted status this year.
Stride Health has closed a $47 million Series C round, bringing its total funding to $96 million.
Sana, a provider of health insurance for small and midsize businesses, announced today the closing of $20M in series A extension funding.
Coterie Insurance, the insurtech company making small business insurance easy, today announced the completion of a $50 million Series B financing round — totaling $75 million raised since its founding in 2018.
Justos, a startup that says it will be the first insurance company in Brazil to use data when determining rates, has raised a $35.8 million Series A round of funding led by Ribbit Capital.
Jupiter, a global climate modeling and technology startup, has nailed down a $54 million financing round – money that will help accelerate sales and marketing efforts. A big boost in research and development is also in the cards.
Claim Genius, a rapidly emerging global InsurTech leader of AI-based claims solutions advancing the automotive industry, announced the closing of its $6 million Series A3 funding round today, following its earlier funding of $7.8M; now totaling $14.8M to-date.
Plum Life Inc announced today it closed a $2.45M seed round led by Sonostar Ventures, LLC back in Q2 of this year.
Bowtie, the first company to receive a virtual insurance licence in Hong Kong, has raised US$22.6 million (SG$30.4 million) in its series B1 funding round, led by Mitsui & Co., with participation from existing investor Sun Life Hong Kong.
Insurtech startup Lydia AI, formerly Knowtions Research, has raised $10 million CAD ($8 million USD) to launch the first series of insurance products using its health score technology in Taiwan, as it targets the Asia-Pacific insurance market.
For independent retailers, inventory financing is often a complicated and lengthy process that ties up their working capital. BondAval, an insurtech startup with offices in London and Austin, Texas, is focused on helping them access better credit terms while providing assurance to suppliers that they will be paid on time.
Weecover, a Spanish startup specialising in embedded insurance, has raised €2.3M in its seed round of funding.
Avo Insurance Company, which identifies as Hong Kong’s first virtual general insurance company, has secured an additional $33.4m in funding.
Health insurance technology startup Devoted Health has raised a whopping $1.15 billion in a Series D funding round. After the round closed, the company’s valuation reached $12.6 billion.
Surer has raised US$1M in its seed round of funding from Norwegian private investment company Kistefos, global specialist insurer Markel Corporation through its insurtech investing arm, Markel Digital Investments, and an angel investor. Antler, a global early-stage venture capital firm, also invested in Surer in an earlier round.
At-Bay today announced the closing of a $20 million extension to the company’s Series D financing, adding new investor ION Crossover Partners.
Global data analytics provider Verisk has made a strategic investment in London-based Insurtech HUG HUB (part of our Future50 Europe) in an agreement designed to enable the latter to expand and improve its platform.
The company makes it easier and created a more transparent process for people to get insured.
Credit insurance company Energetic Insurance announced the completion of a Series A financing of $7 million led by Schneider Electric Ventures with participation from MS&AD Ventures, MCJ Collective, and Atlantic Global Risk.
Getsafe, the digital insurer targeting millennial buyers in Germany and the UK, has expanded its Series B funding round to $93M.
The average penetration rate for insurance in Africa is between 3% to 5%. South Africa makes up a large bulk of it; without it, the continent is on a 1% to 2% rate even with other developed technology and financial markets like Kenya, Nigeria and Egypt.
Cover Whale, an Insurtech MGA focused on disrupting the commercial auto space, announced the completion of a $15.5 million fundraising led by investors Ambac Financial Group and TigerRisk Partners’ Applied Financial Technologies subsidiary.
Today, the car insurance industry is rife with bias; priced on things many would say has little or nothing to do with their driving.
Sure, an insurance infrastructure startup, announced today that it has closed on $100 million in Series C funding at a $550 million valuation.
Stable, an insurtech aiming to help minimize a businesses’ risk due to volatile commodity prices, today announced it has raised $46.5 million in a Series A round of funding led by Greycroft.
Ladder, which providers flexible-term life insurance policies providing coverage ranging from $100,000 to $8 million, has raised $100 million in equity funding, a Series D that values the company at $900 million.
Loop Health aims to be the “Oscar Health of India” and targets the country’s health insurance gap with its approach to primary care and insurance.
Anansi Technology, an embedded insurance platform for goods-in-transit, shippers’ interest and cargo, has raised £1.5 million seed funding led by Octopus Ventures.
Following its recent launch into Denmark, the Nordic neo insurer Hedvig announced today that it closed a €38.6 million Series B funding round led by Anthemis, with participation from existing investors including Cherry Ventures, Obvious Ventures, CommerzVentures, along with Swedish Novax, Nineyards Equity, Jonas Kamprad and Mathias Kamprad.
Coalition, a San Francisco-based cybersecurity insurance company, has raised $205 million in Series E funding, valuing the pre-IPO company at more than $3.5 billion.
BOXX, a cyber insurance provider for small businesses, individuals and families, announced today that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.
Just Insure, a pay-per-mile insurance technology company, has raised $8 million in a funding round.
bolttech, one of the fastest growing international insurtech unicorns, today announced the extension of its recently-announced US$180 million series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The largest ever Series A round for an insurtech now adds two new strategic investors in bolttech, Singapore-based global investor EDBI (“EDBI”) and Alma Mundi Insurtech Fund, Spain (“Mundi Ventures”).
Insurtech Previsico today announced that it has gained £1.75mil Seed Plus funding, led by Foresight Group,
a listed private equity and infrastructure investment manager, to support the next stage of their product development, including IoT sensors, team expansion and sales growth, in the UK and beyond.
Ascend on Wednesday announced a $5.5 million seed round to further its insurance payments platform that combines financing, collections and payables.
Envelop Risk, a leading data-driven underwriting and risk analytics business, today announced a Series B investment of $130 million led by SoftBank Vision Fund 2.
BriteCore, a leading provider of next-generation core platforms for P&C insurers, today announced the appointment of Ray Villeneuve as CEO and the completion of a $20 million Series C financing.
The company now offers instant-issue life-insurance policies both direct-to-consumers and through the 1.2 million licensed insurance sellers in the US via its new Agent Platform.
Vouch, a provider of business insurance to startups and high-growth companies, announced today it has raised $90 million in new funding.
Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.
London-based insurtech with high profile backers including one of the world’s largest reinsurer SCOR has become Britain’s next unicorn with its latest funding round. The company is looking to “disrupt” the insurance market worth $5 trillion globally.
Israeli insurtech startup Vesttoo announced on Sunday that it has completed a $6 million funding round led by Hanaco venture capital fund, just four months after raising $2 million.
Kalepa, an insurance underwriting platform based out of New York, has raised a $14 million Series A funding round led by Inspired Capital, with participation from previous investor IA Ventures.
Sunday, an insurtech startup based in Bangkok, announced it has raised a $45 million Series B.
Shepherd, an insurtech startup focused on the construction market, has closed a $6.15 million seed round led by Spark Capital.
The Series A investment will be used to further develop Balance Re’s proprietary asset-liability management technology and to support its fully licensed German reinsurance company.
Blueprint Title, an insurtech startup working in the title insurance space, announced this morning that it closed a $16 million Series B. The new round was led by Forté Ventures. The startup previously raised an $8.5 million Series A in the final weeks of 2019.
Insurify, America’s highest-rated virtual insurance agent and comparison platform, announced today it has closed $100M in Series B funding led by Motive Partners, a specialist private equity firm focused on financial technology investments.
Having a loved one with specialized care needs is incredibly challenging, but not something that people who have never had to deal with the issue would necessarily quite understand.
Australian insurtech Open has raised a $31 million series B as it looks to launch in New Zealand and the UK in the 12 months.
Slope Software, the Atlanta insurtech startup that is modernizing actuarial modeling for insurers, today announced a $2.0 million investment led by Tech Square Ventures, a leading early-stage investment firm.
Hong Kong-based digital insurance platform OneDegree has raised $28 million in a new round of funding as the startup looks to expand in Asia. Sun Hung Kai & Co. and AEF Greater Bay Area Fund took part in the series B1 round along with six existing investors. To date, the company has raised ~ $70 million.
Following the company’s latest investment, Roamly is on the fast track to becoming a revolutionary RV insurance provider, with international expansion to Canada and additions to its claims business.
Goldman Sachs Group Inc.’s asset manager is backing startup DealerPolicy in a funding round that raised $110 million for the company, which provides auto dealers with insurance quotes for their customers.
General insurance provider Digit Insurance had announced in July that it raised $200 million at a valuation of $3.5 billion.
In addition to the funding from from ManchesterStory, The Hive and Avanta Ventures, InShare names chief underwriting officer and CTO.
Sayata has raised $17 million in new venture capital and has a broad growth strategy in mind. The Massachusetts-based Insurtech startup has a platform designed to help brokers and carriers quickly and easily grow their business insurance portfolios, and the cash infusion will help it expand into new insurance lines.
The platform’s AI underwriting support, blockchain-enabled access to real-time data, and advanced automation aim to significantly increase the speed at which specialty insurance can be sold, underwritten and serviced.
DigiSure, a digital insurance company that caters to modern mobility form factors like peer-to-peer marketplaces, is officially coming out of stealth to announce a $13.1 million pre-Series A funding round.
“We’re really accelerating on a lot of different fronts with our products and into new markets. This came at the right time where we’re looking to expand pretty quickly here,” said Atif Siddiqi, Branch’s founder and CEO.
The deal with a top-3 reinsurer, with fronting support from an A-rated carrier, spans across multiple years and multiple states to support Loop’s expansion plans.
High Definition Vehicle Insurance Group, ranked on Insurtech Insights Future50 Americas is planning new products and a national expansion, following $32.5 million in new venture funding.
With 75% of U.S. businesses underinsured, TrustLayer continues its momentum as the preferred solution for reducing risk and cost amid 200k daily insurance verification requests.
E-commerce platform for buying and selling used cars Carvana and insurer Root are teaming up to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest ~$126 million in Root, subject to customary regulatory approvals.
The funding will be used advance Breeze’s mission to protect families in their most financially vulnerable moments.
Marshmallow Financial Services is soon to announce its latest fundraising round that will bring its valuation to $1.2bn (£869m), joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego.
Afilio, a Berlin based Insurtech, has secured USD13 million in highly competitive Series A funding to support the expansion of their ‘Peace of Mind-as-a-Service’ platform offering users digital estate management services.
Just months after raising $28 million, Jerry announced today that it has raised $75 million in a Series C round that values the company at $450 million.
The Israeli company’s latest round comes just four months after it raised $2 million from the Sure-Tech R&D partnership.
HCI Group, Inc. announced that its InsurTech subsidiary, TypTap Insurance Group, Inc., a Florida-based writer of private market homeowners and flood insurance, has confidentially submitted a draft registration statement for a proposed initial public offering with the Securities and Exchange Commission.
InsureLife, a startup technology company in Raleigh, NC, has developed an AI-powered platform for Insurers that digitally connects their financial services products with consumers and agents, growing sales in a contactless world.
Digital health insurer Ottonova has received fresh capital of around 60 million euros. Existing investors Debeka, HV Holtzbrinck Ventures, Vorwerk Ventures and btov Partners are increasing their commitment, according to an Ottonova press release.
Some people may think insurance is boring, but not Maria Goy. She is passionate about it. As an executive at New York Life, she came to view insurance as a product that differentiates the haves and have nots.
A hippo is on Times Square — Hippo Insurance, that is.
A few weeks after closing a Series A-2 round of nearly $3.8 million from 10 investors, insurance technology company Synchrono Group Inc., which operates under a trademarked brand name of SynchronoSure, is launching its third product, according to founder, CEO, and chairman Steve Hartman.
This week we spoke with Ron Rock, senior director for insurance and insurtech at Jobs Ohio. Following the departure of Tesla and Oracle from the once dominant Silicon Valley, we discuss whether insurtech could be the next big part of the tech world to pursue high-growth regions.
Colorado-based reThought Insurance, a managing general agency focused on the flood insurance market, has secured $15.5 million in investment to accelerate its growth.
Home insurance group Hippo has completed its previously announced merger with Reinvent Technology Partners Z, a publicly traded special purpose acquisition company.
Indian online insurance aggregator PolicyBazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets.
The COVID-19 pandemic has led life insurers to speed up their digital enhancements like mobile insurance shopping and accelerated or automated underwriting. Most insurance carriers are looking for ways to provide more services such as e-signatures, digital applications and online digital quoting.
The $5.8M USD raised will be used to strengthen their platform capabilities, build Guros’ team, expand into health insurance, and enhance its APIs for commercial partners, such as Kavak, Creditas and albo.
Amplify Life Insurance, a digital permanent life insurance platform, announced today it has raised $2.5M in Seed funding led by Anthemis with participation from Transverse Ventures Fund.
Dutch and US-based FRISS is a cybersecurity company that focuses completely on automated fraud and risk detection for P&C insurance companies across the world.
The company seeks to make injury insurance coverage more affordable, working through a network of affinity group partners.
Flock has raised $17M in Series A funding to supercharge its expansion into new geographies and product lines. This funding round marks a major milestone in building a global, fully digital insurance company for connected and autonomous vehicles.
Employers typically offer three options for healthcare insurance. When it’s time to switch to Medicare, particularly Medicare Advantage, there are over 3,500 plans available nationwide, and an average of 30 plans someone can choose from in their particular area. Connie Health is leading seniors through the Medicare maze, helping whittle down those 3,000 plans into a handful of best choices based on care requirements.
Munich Re Ventures’ HSB fund has reinvested in cyber insurance start-up At-Bay at a valuation of $1.35 billion to support the expansion of the insurtech into new markets.
Agentero serves over 800 independent agencies by converting existing data into actionable insights that enable them to maximize their earned revenue.
Insurtech Gateway Australia says global investment activity in the first half has seen records broken as funders see attractive insurance opportunities, and has called for more local activity.
Just two short months after announcing a $200 million Series D round that took its valuation to $2 billion, Ethos, the insurtech leader that’s transforming the life insurance space, has raised an additional $100 million in capital.
A London insurtech has announced that it has raised £6m of funding in a round led by a Silicon Valley investor.
N26 GmbH is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion, according to people familiar with the matter.
The round was led by Pivot Investment Partners, with additional investors Aquiline Technology Growth and HSCM Bermuda, as well as existing investors.
American International Group Inc (AIG.N)plans to use an IPO to sell part of its life and retirement business, while Blackstone Group Inc (BX.N)agreed to buy a sizeable stake, according to a person familiar with the matter.
Today, Insurello, which helps consumers get fair compensation, announces it was able to claim €20 million in insurance compensation for its clients and the young company also just raised €15 million in fresh funding.
Hellas Direct today announced agreement of a EUR15 million loan from the European Investment Bank (EIB).
Cryptocurrency insurance platform Coincover raised $9.2 million in a Series A funding round led by Element Ventures.
This week we spoke with Ron Rock, Senior Director at JobsOhio, about insurance disruption and the future of work – and the State of Ohio.
Digit Insurance, backed by Indian skipper Virat Kohli, has attracted $200 million investment from existing and new investors which has helped rocket its valuation to $3.5 billion (approximately Rs 26,000 crore).
INSHUR, a leading global Insurtech firm carving out a name for itself in commercial insurance, today announced completion of additional Series B funding, led by JVP alongside existing investors Viola Fintech, and MTech Capital. The new funding takes the total raised to $35 million.
London-based insurtech hyperexponential (“hx”) – which has a mathematical modeling software for the commercial insurance sector – has closed an $18m funding round led by growth capital fund Highland Europe.
Bequest is creating a digital revolution in the insurance industry with the sole purpose of simplifying wills and life insurance for the millennial market.
In the wake of COVID-19, insurance customers are looking for more than most insurers typically offer. They are looking for protection from all forms of controllable adversity.
Manulife Financial Corp. Chief Executive Officer Roy Gori is setting a higher bar for the financial firm’s Asia operations after growing the business substantially in the past four years.
Pathpoint, a digital excess and surplus lines insurance brokerage, reported that it has raised $30 million in funding.
Acko is in talks to raise $200 million in a new round of funding that could value the online general insurance startup at $1 billion, according to people aware of the negotiations. A successful deal will propel the startup into a fast-expanding set of newly minted Indian unicorns this year.
EIS, a core and digital platform provider for insurers, today announced a growth investment of more than $100 million from TPG, a global alternative asset firm.
Paris-based insurtech Hoggo has raised €11 million in a Series A funding round led by Partech with the participation of its existing investor GFC.
Having secured its $2.1m seed funding round in January this year, Nayms brings in a new cohort of investors who have subscribed to a future listing of the project’s native token, NAYM.
The company seeks to disrupt the $22B market multi-family property market by delivering a simple, efficient, and transparent experience for buildings and communities.
Caura, the vehicle management platform founded by former Apple exec Dr Sai Lakshmi, has secured $4.2 million in funding to develop its application and integrate with in-car infotainment systems.
The US-based AI-enabled insurtech raised a $60 million Series D funding round, valuing it at $1 billion, per TechCrunch. Tractable’s AI solution uses computer vision technology to evaluate photos of vehicle damage rather than relying on human appraisals, which both increases the accuracy of damage estimates and streamlines the customer claims journey.
A successful AI-powered digital distribution strategy integrates tried-and-true customer relationship-building strategies with new data-driven digital experiences.
RenewBuy, one of India’s leading InsurTech companies, has raised US$ 45 million, in a series C funding round. This funding round has been led by an investment from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth stage financial services and financial technology businesses. RenewBuy’s existing investors, Lok Capital and IIFL Wealth also participated in the fundraise.
Hellas Direct, an innovative, technology-driven insurance company operating in Greece and Cyprus, announced that it has raised a further EUR 32m in funding in its latest financing round, bringing the total raised to date to EUR 56m.
Vital, a next-generation InsurTech platform, has raised $3mn in total with a pre-series A round led by India’s renowned venture capital company BLinC Invest. Venture Catalyst, Survam Partners and several other angel investors also participated in the pre-series A round.
As the insurance industry adjusts to life in the 21st century (heh), an AI startup that has built computer vision tools to enable remote damage appraisals is announcing a significant round of growth funding.
Automating insurance claims is a big business, and the world of AI is coming at it ‘full pelt’. The latest is Akur8, an insurtech automating insurance platform whose ‘Transparent AI’ product is trying to eat into the incumbent large business of Willis Towers watson, among others.
When Richard Joffe moved his family to Australia in 2019, he said applying for home insurance “was like traveling back in time 30 years.”
As the insurance industry continues to seek the best way to digitize and simplify the property claims experience, claim management platform handdii is announcing a $3 million Seed round led by Brick & Mortar Ventures, with participation from Nine Four Ventures and Australia-based Scale Investors and Fifty-Second Celebration.
Bright Health Group today announced the launch of its initial public offering of 60,000,000 shares of its common stock pursuant to a registration statement filed with the Securities and Exchange Commission.
This week Stéphane Guinet, founder and CEO at Kamet Ventures discussed the key attributes of startups that can rise above the rest and attract major funding.
Playa Vista-based iLife Technologies Inc., a software platform that gives insurance agents and brokers the ability to quickly create their own digital insurance agencies, has received $4 million in seed funding.
SOMPO Holdings, one of Japan’s largest insurers, is investing an additional $45 million in One Concern, Inc., an AI startup focused on building the global resilience market. The money is part of an expanded partnership between the two companies.
This year, insurtech funding rounds are breaking the pandemic gloom by helping to insert these businesses ”successfully into the insurance value chain”, according to data and analytics company GlobalData.
Branch Insurance, the all-digital home and auto insurer that moved to Columbus last year, has raised $50 million in venture capital.
Embroker, a digital broker focused on business insurance, aims to become a full-stack insurance carrier – an expansion of its strategy enabled by $100 million in new venture capital financing.
Insurtech start-up Certificial has completed an oversubscribed $5.8mn Series A funding round with investors including IA Capital, Nationwide, Cofounders Capital, Fin VC and Cameron Ventures.
ELEMENT, the Berlin-based white-label provider of digital insurance solutions, has raised €16 million (US$19.5 million), in additional investment from existing and new investors.
Odie Pet Insurance, a New York-based tech-enabled pet health insurance company, raised $3M in funding.
There has been a raft of US insurtechs recently going public, leading to speculation that European insurtechs might follow suit.
Trellis Technologies, Inc., a U.S.-based insurtech platform, announced on Thursday it secured $10 million through its Series A funding round, which was led by QED Investors with participation from NYCA Partners and General Catalyst.
A company which uses data and machine learning to detect fraud and increase access to insurance has received £8m of investment from venture capitalists and private investors.
In a recent development, the insurtech startup, Qumata, announced that it has raised $10M (nearly €8.2M) in its Series A round of funding.
Anorak, a fully automated life insurance advice platform, has raised around €5.8 million on its journey to become the most innovative life insurance technology company in Europe.
Following the launch of Nayya’s Use product, the funding will scale team growth and product innovation, helping American workers optimize their health and insurance benefits to save more money throughout the year
Insurtech and cloud-based platform provider Novidea has secured $30m in series B financing to support its accelerated growth.
As per the data from the Pet Food Manufacturers’ Association, during the pandemic crisis – in the UK alone – around 3.2 million households have bought a pet, taking the country’s total number of pets to more than 34 million. This pandemic pet boom has also impacted the pet insurance sector just like boom in sale for retailers like Pets at Home.
Based out of London, Penfold is a digital pension platform managed fully on your mobile phone. Recently, the company has secured £6 million in funding, £3 million of which was from a crowdfunding campaign. The funding round was led by Bridford Investments Limited.
German startup Wefox has raised a $650 million Series C funding round led by Target Global. Following this funding round, the company has reached a post-money valuation of $3 billion. Wefox is a digital insurer focused on personal insurance products, such as household insurance, motor insurance and personal liability insurance.
Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, today announced it has secured extensions to its recent Series C funding, led by venture capital firms FinTLV and Aquiline Technology Growth (ATG).
Insurtech is picking up steam in a big way, but startup Parametrix thinks there is still plenty of room left to innovate. The company, which today announced the close of a $17.5 million funding round, offers insurance policies for companies that rely on third-party cloud providers, e-commerce services, payment gateways and CRM systems.
Evertas, a cryptoasset insurance company, said it has raised nearly $5.8 million in seed funding, which it will use to accelerate product development, increase its insurance capacity and build out its infrastructure.
Insurance agency technology firm Vertafore has released a product it says puts the power of data and analytics into the hands of independent agencies.
Breach, a Boston-based insurtech start-up that provides insurance technology and products for the cryptocurrency market, has raised $2.5 million in seed funding in an oversubscribed funding round.
Mile Auto, a telematics-driven auto insurance MGA, is armed with $10.3 million in new funding. The Atlanta-based InsurTech plans to partner with Ford Motor Company and expand efforts to target customers who don’t drive that much.
Waffle, a New York based insurtech start-up, has raised $5 million in a seed funding round led by Verve Ventures, with participation from BetterLabs Ventures and Techstars.
Minneapolis-based insurtech Bright Health Group is officially going public after announcing it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission.
Infrastructure-as-a-Service Leader Unlocks a $700 Billion P&C Insurance Market Opportunity for Companies Across Industries.
Super, an insurtech company that provides subscription care for the home, today announced the closing of $50 million in an oversubscribed Series C round of funding.
Jerry, a mobile-first car ownership app and car insurance comparison system, has raised more than $57 million in funding, including a new $28 million Series B round led by Goodwater Capital.
Berkshire Hathaway Inc said on Monday it has taken a $943 million stake in insurance brokerage Aon Plc and sold large portions of its investments in Chevron Corp and Wells Fargo & Co.
The weekly SPAC/IPO Tracker shows that through the middle of the month, year-to-date banking related listings stood at 25, trailed by a baker’s dozen of payment firms coming to market.
Ping An Insurance recently revealed that it has completed the initial close of Ping An Voyager Partners, LP, which is a growth stage venture fund. Approximately $200 million in commitments have now been made toward the planned $475 million target.
VisibleRisk, a joint venture between Moody’s Investors Service and VC firm Team8, today announced that it raised $25 million for its cyber risk evaluation platform. The proceeds — which come as VisibleRisk launches a new risk assessment service, Cyber Rating — will be used to expand the company’s workforce well into this year.
Planck has attracted $20 million in additional venture capital cash. The InsurTech startup – centered around an AI-based data platform for commercial insurance – plans to use the investment to expand into Europe, the U.K. and the Asia/Pacific region, and to build out its U.S. team.
Yuanbao raised nearly 1 billion yuan ($144.9 million) in a Series C funding round that was led by Source Code Capital and included Cathay Capital and Hike Capital, per Deal Street Asia.
Capgemini and Efma’s World Insurance Report 2021 finds that insurers need to rethink their distribution models to offer uninterrupted service, superior customer experience (CX), and maximum value, as the industry’s business dynamics continues to evolve.
Digital innovation is taking Asia’s insurtech sector by storm. When looking at the current climate, it remains clear that insurtech is well set to surpass the region’s fintech wave, and with the timely addition of AI technology and increased digital adoption, the experience customers have with insurance is taking on an incredible new form.
Acko General Insurance Ltd. is weighing a new funding round that could value the Indian online insurer at more than $1 billion, according to people familiar with matter.
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has raised $63.9 million in a Series C funding round, according to Crunchbase News.
Ethos, the InsurTech leader that is transforming the life insurance space, today announced it has raised a $200M Series D investment round, boosting its valuation to $2B in just a few years since launch.
Anish Jadav has been appointed Chief Underwriting Officer for AXA XL P&C in the UK, life insurtech Ethos Technologies Inc. has a more than $2bn (£1.4bn) valuation after a $200m funding round, and home insurtech Kin has raised $63.9m in Series C funding.
This morning AI solutions provider Sprout.ai have secured Series A funding from Amadeus Capital Partners, APS and Zurich are partnering on a Middle East-focussed payments solution, and LexisNexis Risk Solutions have released their 2021 Future of Claims Report.
Jérémy Jawish discusses the company’s expanding product set, its focus on R&D and its vision to become an exemplary AI-focused insurance vertical software vendor.
Paris-based Shift Technology is a startup that provides AI-based fraud detection for the insurance industry. In a recent development, the SaaS provider announced that it has raised $220M (approx €182.58M) in its Series D round of funding.
Africa has one of the lowest insurance penetrations in the world. A 2018 study by McKinsey revealed that penetration stands at about 3%. This is significantly lower than the global average of 7.23%.
Sprout.ai, the insurtech that enables insurance claims to be settled within just 24 hours, today announced that it has raised £8m/$11m in Series A funding.
Waterdrop, the online insurance and medical crowdfunding platform backed by Tencent, has started marketing its initial public offering (IPO) of up to US$360 million on the New York Stock Exchange.
This morning we see more funding rounds, major insurers partner to insure global vaccine rollout, and the LMA has announced their new Legal Director.
The new products are designed to support the growing trend of self-directed, shop-from-home, insurance buying experiences possible because of emerging technology and robo-advice tools.
Artificial intelligence (AI) and deep-learning property analytics company, Arturo has raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures.
This morning Wunderite, a Boston-based software startup, announced that it has raised $3 million in an early-stage round led by Spark Capital.
New data from re/insurance broker Willis Towers Watson (WTW) shows that global investment in the insurtech sector reached a new quarterly high of $2.55 billion during the first quarter of 2021.
Sigo, a managing general agency providing underserved populations with affordable access to auto insurance, is leveraging its newly secured funding to further serve the overlooked segment of immigrant and Latinx customers.
Qover, the insurtech hailing from Brussels has raised $25 million in a Series B round that is expected to fuel global expansion efforts.
Brella Insurance, Inc. announced it has raised a $15M Series A funding round led by Brewer Lane Ventures to bring Brella’s modern supplemental health solution to employers nationwide.
A French startup that set out to bring a new approach to driver education and road safety, and then used that foothold to expand into the related area of car insurance, is today announcing a big round of funding to continue building its service across Europe.
Innoveo, a leading provider of enterprise no-code solutions, has announced the completion of its $15 million Series A funding round after a highly successful year in 2020.
Insurance risk platform Archipelago has raised $34 million in funding led by Scale Venture Partners and earlier investors Canaan Partners, Ignition Partners, and Zigg Capital. Principals from Stone Point Capital, along with Prologis Ventures, also participated in the round.
FintechOS the global technology provider for banks, insurers and other financial services companies, today announced it has raised USD60 million (EUR51 million) in Series B funding.
Hong Kong-based insurance platform Ignatica said it raised US$7 million in a pre-series A funding round led by growth capital private equity fund Ling Feng Capital.
Gradient A.I.’s software-as-a-service platform uses artificial intelligence to help commercial insurers automate and improve underwriting results, reduce claim costs and improve operational efficiencies.
French startup Alan has raised a $220 million funding round at a $1.67 billion valuation (€185 million and €1.4 billion respectively). Coatue is leading the round with Dragoneer, Exor, and existing investors Index Ventures, Ribbit Capital and Temasek also participating.
Level, a startup that aims to give companies a more flexible way to offer benefits to employees, has raised $27 million in a Series A funding round led by Khosla Ventures and Lightspeed Venture Partners.
The company’s Penni Connect embedding solution enables insurers to sell products online through partners such as car dealers, travel providers and banks.
Johanna Von Geyr, partner and EMEA lead banking, financial services and insurance at ISG, explores how to modernise the insurance industry with a shared cloud-based IT model
The Zebra, a home and auto insurance comparison website, has raised $150 million in a Series D fundraising round, which valued the company at over $1 billion.
Insurance technology company Fenris raised $2.7 million in new funding. Fenris, a data and analytics company focused on streamlining and modernizing the process of quoting insurance products, will use this funding to meet the growing demand from clients for its API-delivered insights and data, with a strong focus on expanding its sales and marketing resources.
Indian online insurance platform Policybazaar is planning to file a draft prospectus as soon as next month for its Mumbai initial public offering that could raise about $500 million, according to people familiar with the matter.
Bright Health Group Inc., a digital health records platform, is planning an initial public offering in the U.S. this year, according to people with knowledge of the matter.
The new funds for the insight-driven workflow platform for safety and risk management will be used for product innovation, hiring, and accelerated client acquisition and sales, as well as marketing and partnership development.
Salty, a U.S.-based Embedded Insurance technology company, announced on Tuesday it secured over $15 million through its latest investment round, bringing the company’s capital raised to date to more than $31 million.
Next Insurance raised a whopping $250 million in new venture financing – a major cash infusion after a year of acquisitions and other actions to further growth.
“Right now if a fleet has any type of blemish on their record, their rates go up 150 to 200%,” Cardiff says. “That’s untenable. Fleets can’t continue to survive that way, but we as a public still need and demand our goods to be transferred from one place to another…We want to be at the forefront of solving that.”
The new funds will be used to accelerate growth and add new functionality to the company’s claims management platform, as well as to make key hires across engineering and sales teams.
Pie Insurance has pulled in $118 million in new funding, with the workers compensation provider attracting financing from Allianz and others.
The past six to twelve months in insurance have seen a historic level of activity for mergers and acquisitions, new investments, and public offerings. It seems like every type of entity in the insurance world has been swept up in this trend.
Insuretech startup Counterpart, has raised $10 million in funding led by Valor Equity Partners. Also participating was Susa Ventures and Felicis Ventures. Counterpart works in the ‘management liability’ insurance market. Counterpart will also partner with Markel Specialty, a specialty insurance division of Markel Corporation, to offer its management liability insurance products.
The Germany-based insurtech is expected to close the massive funding round next month to hit a $2 billion valuation, per Sky News.
The Berlin-based startup has recently hired Goldman Sachs as it tries to close out a Series C.
Asteya’s vision is to reimagine disability insurance, starting with flexible support and plans for individuals like gig economy workers
Gravie, the pioneer of defined contribution healthcare, today announced that they have raised $28 million in a Series D round of financing led by AXA Venture Partners (AVP), with participation from existing investors FirstMark Capital, Split Rock Ventures and Revelation Partners.
The investment in PasarPolis is the first IFC has made in the insurtech sector in Indonesia, where insurance penetration rate remains low
Cyber insurance startup Coalition Inc on Wednesday said it raised $175 million in its latest round of funding, which valued the company at $1.75 billion as the need for protection against hacks, ransomware and data theft has surged with remote work during the pandemic.
PolicyBazaar India has raised $75 million (AED275 million) for its UAE and Middle East expansion plans
DeepSee.ai, a knowledge processing InsurTech, said it has raised $22.6 million in new financing, money that will help expand its initial client base beyond capital markets and insurance verticals.
The investment was led by Prelude, the early-stage practice of Mercato Partners, with participation from Heffernan Insurance Brokers and other experienced industry veterans.
Hi Marley, creators of the only intelligent communication platform built for the insurance industry by people who know insurance, announced the company has closed a $25 million Series B financing round. The investment was led by Emergence Capital, with Founder and General Partner Gordon Ritter taking a seat on Hi Marley’s Board. Returning firms Underscore, True Ventures, Bain Capital Ventures and Greenspring also participated in the round, along with additional investors including Brewer Lane Ventures.
Some serious money has been sent the way of various insurance startups over the past week. Investors backed cutting-edge commercial lines and cyber insurance products as well as advances in texting communications, producer management and licensing compliance, and digital risk management for financial institutions.
With world’s largest forum for insurance professionals, Insurtech Insights provides an invaluable platform for networking, new insights and exposure for thought leaders. We are always looking for new partners, content creators, and contributors to create value and deliver exceptional support to Insurtech Insights.
To share your knowledge, simply fill out the form.
