New sources
Hi there,
A few weeks ago, we chatted with Ryan Kottenstette of Cape Analytics, a startup using computer vision and machine learning on geospatial imagery to generate structured property data for insurers and reinsurers.
Along the same theme of new datasets entering the underwriting process, this week saw Andreessen Horowitz-backed startup Human API partner with LexisNexis Risk Solutions to offer life insurers electronic health data.
We chatted with Elliott Wallace, VP of Life Insurance for LexisNexis Risk Solutions on the new partnership with Human API, accelerated underwriting programs in life insurance and new opportunities for life insurance startups.
Read the full Q&A.
Startups look to rental economy
In 2015, 52 of the top 100 US cities were majority-renter, according to census data.
This week, New York-based startup Jetty launched for urban consumers with renters & condo/co-op insurance and products meant to replace a traditional security deposit and lease guarantor. The startup plans to pair its coverage with a membership program aimed at keeping customers engaged with discounts from services such as Laurel & Wolf and Thrive Market.
Jetty has partnered with Munich Re and fronting carrier State National. Its insurance plans are now offered in PA, GA and IL (the latter of which also saw startup carrier Lemonade launch its own renters insurance plans in this week).
When asked about acquiring customers, CEO Michael Rudoy said partnerships would be a key channel Jetty plans to target:
"Primarily where we see the company going is building out partnerships. One of the channels does include real estate, but there are other channels. Within partnerships, what's important to us is building tech-enabled partnerships. Our thesis is that these products are typically event-based purchases. We're trying to identify those choke points in somebody's experience Some will be real estate-related, some will have nothing to do with real estate."
On a semi-related note, Trov this week raised $45M for its on-demand consumer electronics protection app currently available in the UK and Australia (which both trail the US by percentage of millennial home owners). New investor Sompo Holdings reportedly has plans to bring Trov to Japan.
At LendIt 2017, CEO Scott Walchek said the company also plans to introduce a line of private-label products around auto and mobility.
Have a great rest of the week,
Matt
@mlcwong
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