Insurtech weekly: Ageas; LumenLab; Allianz; Matterport; Zego

Published in: Risk, Risk management, Corporate strategy, UK, Rest of Europe, US - Canada - Bermuda

Companies: Ageas, LumenLab, Allianz, Matterport, Zego

Ageas closes Back Me Up insurance app

Who’s involved: Belgian-headquartered insurer Ageas and its app-based insurance brand, Back Me Up.

What’s happening:Ageas has shut its Back Me Up brand, but said its team will continue to handle ongoing claims for existing customers.

Significance of development: Back Me Up was launched in 2016 as a flexible app-based insurance cover aimed at helping millennials to protect possessions, such as mobile phones, laptops and computers. On the reason for the closure, Ageas said the venture did not stand up as a “commercial proposition in its own right”.

Timeline: Back Me Up closed on 3 June.

 

Blockchain collaboration from Singapore insurers

Who’s involved: NTUC Income, am insurance co-operative in Singapore, LumenLab, MetLife’s Asia innovation centre and Singapore Press Holdings (SPH).

What’s happening:  NTUC Income, LumenLab and Singapore Press Holdings are collaborating with the aim of simplifying life insurance claims for bereaved families by using blockchain technology.

Developed by LumenLab, the technology enables SPH to securely encrypt and share verification data used for obituary placement with NTUC Income to kick-start the claims process.

Significance of development:   Developed by LumenLab, the blockchain technology enables SPH to encrypt and share verification data used for obituary placement with NTUC Income to kick-start the claims process.

Family members can also be informed by SPH when a match is not found so they can make checks and file claims with other life insurers.

Timeline: The blockchain trial will pilot this month targeting 1,000 randomly selected NTUC income life insurance policyholders.

 

Allianz targets motor insurance market with Wrisk partnership  

Who’s involved: Allianz and London-based insurtech Wrisk.

What’s happening: Allianz Partners, with its business line Allianz Automotive, has signed a partnership agreement with Wrisk.

Significance of development: The partnership will aim to jointly offer new automotive insurance products on Wrisk’s end-to-end insurance platform, which will be delivered via car manufacturers at the point of sale.

Timeline: The partnership will initially focus on the UK market.

 

EMC partners with Matterport to on 3-D capture technology

Who’s involved: EMC Insurance Companies, a US-based property and casualty insurer and Matterport, a US provider of 3-D capture technology and data.

What’s happening: EMC has partnered with Matterport to use 3-D reality capture on commercial properties for loss control and claims management.

Significance of development: EMC has said it is the first property insurer to deploy this technology for commercial claims in a bid to drive efficiency and maintain customer satisfaction.

Timeline: With immediate effect.

 

London insurtech raises $42m in funding

Who’s involved: London-based insurtech Zego, which provides on-demand insurance for drivers and riders. The investors include Berlin-headquartered venture capital firm, Target Global, Balderton Capital and Tom Stafford of DST Global, as well as Taavet Hinrikus, co-founder of money transfer provider TransferWise.

What’s happening: Zego has raised $42m in funding from Target Global, Hinrikus and existing investors Balderton Capital and Stafford from DST Global.

Significance of development: Zego has said the extra funds means it can expand the team, enter more European markets and launch more products. Hinrikus, Target Global's Ben Kaminski and Stafford from DST Global have also joined Zego’s board.

Timeline: With immediate effect

Ronan McCaughey