Insurtech weekly: Clearcover; Cape Analytics; Trov; Fleet

Published in: Risk, Risk management, Corporate strategy, US - Canada - Bermuda, Software - IT

Companies: Clearcover, Cape Analytics, Trov, Fleet, Sompo Holdings

Clearcover Insurance raises $50m in funding

Who’s involved: US-based auto insurtech Clearcover and investor Omers Ventures, the venture capital arm of Canadian-based defined benefit pension plan, Omers.

What's happening: Clearcover has raised $50m in a series C funding round led by Omers Ventures.

Significance of development: Clearcover said the new capital will allow it to accelerate growth by expanding in existing markets and launching in new states throughout the US.

 

Western Mutual Insurance Group partners with Cape Analytics

Who’s involved: US insurer Western Mutual Insurance Group and geospatial property intelligence provider, Cape Analytics.

What’s happening: Western Mutual Insurance Group has selected Cape Analytics’ offerings as part of a new partnership.

Significance of development: Western Mutual Insurance Group said the partnership would enable it to improve underwriting decisions, risk selection, and the customer experience.

 

Sompo and Trov partner to expand mobility offerings

Who’s involved: Japanese insurer Sompo Holdings and US-based insurtech Trov.

What’s happening: Trov has secured a partnership with Sompo Holdings to launch Mobility Solutions, which targets insurance products at fleets and delivery businesses.

Significance of development: Scott Walchek, founder and chief executive of Trov said Sompo’s underwriting expertise combined with Trov's insurance technology and mobility application programming interface will “bring dynamic, data-modified insurance and risk management services to transportation providers and their users". 

 

Fleet exceeds £300k crowdfunding target

Who’s involved: Fleet, a car-sharing app based in Newry, Northern Ireland and Axa Ireland, which provides on-demand insurance.

What’s happening: Fleet, which allows car dealers to offer short-term (daily) car hire and long-term (monthly) car subscriptions, has raised more than £325,000 ($430,000) on crowdfunding platform Seedrs, beating its initial target of £300,000. The funding values the company at more than £3m.

Significance of development: The funding will finance the next round of expansion beyond the UK and Ireland. The company already claims 20,000 users and has a partnership with Toyota in Ireland.

 

Ronan McCaughey