Insurtech weekly: Chaucer, Kinsu, Capgemini, Sayata Labs, Concirrus, Wrisk

Published in: Risk, Risk management, Corporate strategy, Reinsurance, UK

Companies: Chaucer, Kinsu, Capgemini, Sayata Labs, Concirrus, Wrisk

Chaucer partners with marine insurtech

Who’s involved: Specialty re/insurance group Chaucerand London-based insurtech Concirrus

What’s happening: Chaucer will deploy Concirrus’s data analytics platform, Quest Marine, to deliver greater value for its clients

Significance of development: Quest Marine analyses billions of historical and real-time marine data to generate new behavioral factors that can be used to look at marine risk in a more targeted way. These factors can then be combined with existing underwriting

Timeline: With immediate effect

 

Kinsu shuts down mobile app and ends coverage

Who’s involved: Kinsu, a UK-based insurtech for gadgets, bikes, and home content coverage. Kinsu is a trading style of Advent Solutions Management. Kinsu's insurer is Lloyd’s Syndicate 4444, which is managed by Canopius Managing Agents

What’s happening: Kinsu announced it was closing its mobile app on 22 March. Its insurance is no longer available to purchase and coverage for the insurtech’s current customers will end at midnight on 30 April

Significance of development: At its launch, Kinsu was promoted as a fast and flexible for consumers to get insured. But a reported lack of funding meant it is no longer accepting new customers.

Kinsu is led by Hiscox veterans Chris Sharpe, former director of underwriting at Hiscox Bermuda, and Russell Merrett, former managing director of Hiscox London Market.

The sudden announcement underlines the financial struggle facing insurtechs to remain successful

Timeline: The app closed on 22 March and insurance coverage for existing customers ends on 30 April

 

Insurance cybersecurity provider receives $6.5m in funding

Who’s involved: Sayata Labs, an Israeli-based cybersecurity technology provider and Elron, an Israeli early-stage venture capital firm

What’s happening: Sayata Labshas received $6.5m in seed funding. Elronled the funding round

Significance of development: The funds will be used to accelerate Sayata’s global operations in the cyber insurance market. Sayata has already partnered with Axa to enhance its cyber risk capabilities

Timeline: With immediate effect

 

Wrisk seeks £3m series A finance with crowdfund campaign

Who’s involved: Wrisk, a UK-based smartphone app offering subscription-style insurance for home contents and cars

What’s happening: Wrisk is seeking to raise £3m of series A financing, with £750,000 ($990,000) of that set to come from a crowdfunding campaign on Seedrs

Significance of development: Wrisk has successfully completed two crowdfunding rounds, raising £600,000 in 2017 and £1m in 2018. More than 1,000 people from 27 countries participated.

The series A finance will fund expansion of the business, which recently announced a collaboration with Allianz Automotive on developing new products for automotive manufacturers

Timeline: As of 26 March, Wrisk had raised 59% of its crowdfunding target. The company is in talks with institutional investors for the bulk of the funding, with the aim of finalising deals by early May.

 

Capgemini joins Hartford insurtech hub

Who’s involved: Consulting firm Capgeminiand Hartford InsurTech Hub, which is part of Startupbootcamp, a global network of industry-focused accelerator programmes. Among the programme partners are The Hartford, Cigna and Travelers

What’s happening: Capgemini has become part of the Hartford InsurTech Hub

Significance of development: The hub provides opportunities for insurtech startups to learn about meeting the needs of potential insurance industry partners

Timeline: With immediate effect. Capgemini has worked with other Startupbootcamp ventures, most notably in The Netherlands with fintechs, during its 18-month relationship

Ronan McCaughey