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Hi there,
We still have great discounts on bundled tickets for our Future of Insurance (FoI) and Future of Fintech (FoF) events taking place June 11-13 in NYC.
FoI will be the same format as our FoF conference, focused on engaging 1-on-1 firesides with CEOs and industry leaders interspersed with a mix of new presentations from the CB Insights research team.
We'll be announcing another set of fireside speakers soon, but if you'd like to nominate a speaker, use this form.
Full-stack recap
Here's a recap of some figures we've come across with regard to "full-stack" insurance startups.
Clover Health – The Medicare Advantage startup lost $40.9M in New Jersey, its primary market, in 2018. Premiums grew to $290M and Clover had 32,425 Medicare Advantage members at the end of 2018, up from 27,752 the year before.
Oscar – Oscar, which primarily sells insurance on individual exchanges set up by the ACA, lost $57 million in 2018 vs. $131 million in 2017. The health insurer reportedly had about 257,000 people enrolled in its plans across nine states for 2019. When factoring in premiums sent to AXA, Oscar took in about $725M in premiums across its states in 2018. In 2020, Oscar will start offering Medicare Advantage plans to seniors.
Root – Per co-founder and CTO Dan Manges, usage-based car insurer Root wrote $106M in direct written premiums in 2018, up from $4M in 2017, with $51M coming in Q4'18. No update on full-year losses yet.
Next Insurance – The small commercial insurance startup said its written-premium run rate grew to $44M as it added support for 110 different classes of businesses and launched commercial auto into 34 states with plans to launch into workers' comp. On a related note, the website hosting Berkshire Hathaway's shareholder letters currently includes a link to its new small business offering.
New report
Willis Towers Watson released its new Quartely InsurTech Briefing with a focus on the cyber insurance landscape. Get the report here.
Per our latest figures in the report, (re)insurer investment deals into private tech companies appear to be leveling off a bit. At the same time, we've seen bigger commitments to venture investing in recent months from Aflac, Cigna, and AXA topped up by Allianz X's $1.1B commitment to investing in digital growth companies.
Happy International Women's Day,
Matt
@mlcwong
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CB Insights Hits
Quarterly insurance tech briefing - Q4 2018
This report takes a data-driven look at global insurance tech trends, with a focus on cyber insurance.
Get the report.
Insurance trends to watch in 2019
This slide briefing analyzes some of the industry and tech trends to watch in 2019 from telematics to small commercial and more.
Get the deck.
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Deals, News, & Perspectives
A curated mix of recent articles on insurance tech financings, exits, hiring, product launches, partnerships, and perspectives.
Deals
Wefox Group raises $125M. The Berlin-based startup operates a digital platform connecting brokers, insurers, and customers as well as a direct-to-consumer household insurance provider. Mubadala Ventures led the round.
TechCrunch
Friday raises $84M. The Berlin-based digital car insurance provider, majority owned by Baloise Group, also raised €39 million in a media-for-equity deal with SevenVentures and the media investor German Media Pool. The startup has reportedly acquired over 45,000 new customers for its car coverage.
EU Startups
Shift Technology raises $60M. The Paris-based startup provides software for insurers to detect fraudulent insurance claims and claims to work with 70 insurers. Bessemer Venture Partners led the round.
TechCrunch
Pie Insurance raises $45M. The Washington, DC-based workers' comp insurance MGA startup says it has generated nearly $10M in premiums to date.
VentureBeat
Alan raises $45M. The Paris-based private health insurance startup insures more than 27,000 people, up from 5,000 at the start of 2018. Index Ventures led the round with DST participating.
TechCrunch
TheGuarantors raises $15M. The New York-based lease guarantee startup is launching a commercial product in partnership with Chubb. Global Founders Capital led the round.
The Real Deal
By Miles raises $6.7M. The UK-based pay-per-mile car insurance startup, which works with AXA, targets drivers of less than 7,000 miles a year. Octopus Ventures led the round.
Insurance Business
Breathe Life raises $3.4M. The Quebec-based provides life and health insurers, distributors, and advisors with white-label solutions to onboard new clients. Investors include Diagram Ventures and Real Ventures
BetaKit
Clareto raises Series A. The Virginia-based company provides an exchange of electronic health data to life insurers. Health Catalyst Capital Management led the round.
FinSMEs
Sunday raises $10M Series A. The Thailand-based auto insurance and services startup raised funds from Vertex Ventures.
Tech in Asia
Utilant raises growth funding. The Buffalo, NY-based company provides loss control inspection and survey management software for underwriting and risk management to P&C insurers. Aquiline Technology Growth led the investment.
IIR
M&A
Zurich acquires Sea Pine Technologies. Dallas-based Sea Pine specializes in digital applications for the marketing of vehicle protection products.
Insurance Journal
News
AXA expands into mobile phone protection market. Through a partnership with mobile phone insurance provider Pier Insurance, AXA is making its first entry into the UK and Irish mobile phone insurance market.
Intelligent Insurer
Go-Jek partners with Gigacover in Singapore. Under the scheme, drivers will be entitled to coverage of $60 per day in the event of medical leave or hospitalization related to work. Go-Jek will be extending free coverage to its most active drivers.
e27
AXA XL partners with Assurely. The two will partner on an insurance product for issuers and investors that safeguards online capital formation strategies, such as equity crowdfunding.
Reinsurance News
Verisk partners with TrueMotion. The agreement will offer integrated telematics solutions for insurers that combine TrueMotion's mobile data and Verisk's driving behavior analytics.
Verisk
Munich Re teams up with CyberCube. The reinsurer plans to make use of the startup's cyber risk modelling technology.
ITIJ
Berkshire Hathaway GUARD partners with Planck. The partnership is aimed at using Planck's software to expedite GUARD's digital underwriting initiatives for its SMB segment.
Planck
Aon partners with Skytek. The partnership will provide real-time monitoring of insurers’ marine risks, identifying accumulations for enhanced underwriting and reinsurance programs.
Insurance Journal
AU Small Finance Bank partners with Acko. Fortune India 500 company AU bank will provide customized insurance products through Acko to its customers.
Business Standard
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