A daily newsletter summarizing recent activity & interesting start-ups globally
RECENT NOTABLE ACTIVITY – INSURANCE TECH
- CXA Group, a Singapore headquartered insurance technology startup, raises $25M in Series B investment round, co-led by B Capital Group and Singapore-based EDBI. Link
- EverQuote, a Cambridge, MA-based online insurance marketplace, raises an additional $13M in Series B funding. Link
- GoCo, a Houston based software platform for SMEs that helps to simplify benefits, payroll, and compliance, raises $2.5M funding from Salesforce Ventures, ATX Seed Ventures and the venture arm of Guardian Insurance. Link
- Neosurance, a Milan based insurtech startup that provides insurance companies with technology solutions to offer on the spot micro policies to their clients, raises €230k in total pre-seed funding. Link
- Sapiens, a global provider of software solutions for the insurance industry, has agreed to acquire StoneRiver, a solutions and services provider for the insurance industry in North America, for approximately $102M in cash. Link
- Insurity, a provider of core insurance processing and data integration and analytics solutions, has acquired Valen Analytics, a provider of proprietary data, analytics and predictive modeling for P/C insurers. Link
- Gravie, a Minneapolis based provider of health benefits marketplace, has acquired the Breitenfeldt Group, one of the largest Medicare brokerages in Minnesota. Link
- Hannover Re, Generali Group and SCOR join blockchain insurance industry initiative B3i, thus bringing the total number of insurers and reinsurers in the initiative to 15. Link
- O2, a mobile network operator (MNO), claims to be the first mobile company in the UK to offer car insurance with the launch of its IoT-based monitoring service, O2 Drive. Link
SOME INTERESTING STARTUPS FOUND
Kevinsured (2017, Mountain View) – A chatbot that provides micro-insurance for P2P transactions on any marketplace like Craigslist or Gumtree or Facebook.
Click2Sure (2017, Cape Town) – Provides API’s which enable cross-selling of product insurances (lifestyle, pets, sports equipment, etc.) directly at the point of sale.
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 Insurance
Lemonade (2015, Manhattan, $60M) – A P2P insurance carrier. It has got reinsurance backing from industry’s players like Berkshire Hathaway, Munich Re, Hiscox and Backed by General Catalyst, GV, Thrive Capital and Tusk Ventures, Aleph, Sequoia, XL Innovate.
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.
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.