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Fast and slow
Hi there,
Last week, we saw two additional news items in the small commercial P&C space including the launch of Starr Insure and a Series A financing to CoverWallet led by Union Square Ventures.
Here's an updated look at the growing number of funded small commercial insurance tech startups in the US as well as a short summary of notable insurer moves in small commercial insurance in the year-to-date.
Top dog
Last week, pet tech startup Nuzzle launched a GPS-enabled smart collar and app that also distributes pet insurance in partnership with Embrace Pet Insurance.
Dogs are the only pet shown on Nuzzle's homepage, which also reign over cats when it comes to pet insurance premiums, according to Naphia.
This week, last year...
According to a new report from the Insurance Association of China, the combined premiums of insurance policies sold online in China jumped 160% in 2015. Last week, the FT profiled Zhong An Insurance, which has sold a notable 5.8bn policies to 460M customers in China.
As part of the report announcement, IAC head Zhu Jinyuan said that despite the growth "not enough efforts have been made to innovate online sales business models."
Exactly one year ago, Baidu announced a joint venture in partnership with Allianz and Hillhouse Capital around "scenario-based insurance," to offer coverage for high-frequency online transactions like travel, ticketing, and food delivery. That joint venture has yet to launch - so it's also true that some such efforts have long been delayed.
Have a great rest of the week and, for those in the US, have a wonderful Thanksgiving. Thanks for reading.
Matt
@mlcwong
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US startups operating in the commercial P&C insurance market have raised over $80M since October 2015. See the post.
KPMG and CB Insights' Q3 2016 fintech report highlights the latest trends in venture-backed fintech companies globally. Get the report.
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This Week in Insurance Tech
A curated mix of recent articles on insurance tech financings, exits, hiring, product launches, partnerships, and perspectives.
Deals
CoverWallet raises $7.8M led by Union Square Ventures. The Series A is the latest financing to a spate of small commercial-focused insurance tech startups in 2016 YTD including Embroker, Next Insurance, Indio, and Bunker.
Insurance Journal
Melody Health Insurance raises $1M in debt. The Denver-based health insurance startup is reportedly considering merging with non-profit Colorado Choice Health Insurance.
BusinessDen
Albert raises $2.5M from Bessemer Venture Partners. The financial health app is partnered with CoverHound to provide insurance quotes.
TechCrunch
True Link Financial raises $3.6M Series A. The retiree-aimed digital financial advice startup focuses on investments including ETFs and annuities.
VentureBeat
Company & Insurer News
Munich Re Digital partners with Wrisk. Wrisk plans to offer motor, travel and home cover via smartphone app. Wrisk is the sixth disclosed partnership from Munich Re Digital Partners.
Insurance Journal
Trov launches in UK in partnership with AXA. The on-demand personal item insurance app launched in partnership with Suncorp in Australia in May.
Insurance Networking News
Nuzzle launches wearable paired with pet insurance. The startup's GPS-enabled smart collar and app also distributes pet insurance in partnership with Embrace Pet Insurance. Nuzzle has raised $3.8M in seed funding.
VentureBeat
Starr launches Starr Insure. Starr Companies joins the roster of insurers selling insurance directly to small business owners online.
Insurance Journal
Oscar has $45M loss in three states in Q3. The health insurer also put forth its post-election thoughts on future health reform last week, writing they're "in this for the long haul."
Bloomberg; Oscar
XL Catlin appoints CEO of Accelerate. Vincent Branch will lead the team focused on innovation and insurance technology.
XL Catlin
Blog posts & articles
China's Zhong An sees scope for offbeat insurance. The FT profiles Zhong An Insurance.
FT
Data and privacy in the life insurance industry. Haven Life's Yaron Ben-Zvi on ways the life insurance industry could do better when it comes to data.
Medium
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