Insurtech weekly: Corvus, Zipari, Ergo, Concirrus, Neodigital, Battleface

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

Companies: Corvus, Zipari, Ergo, Concirrus, Neodigital,

Corvus secures $32m in venture funding

Who’s involved: US-headquartered commerical insurance broker Corvus; and venture capital providers Telstra Ventures and Obvious Ventures.

What's happening: Corvus has secured $32m in series B venture funding. The round was led by Telstra Ventures, with participation from Obvious Ventures, as well as existing Corvus investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management.

Significance of development: Corvus said the funding would be used to grow its existing product lines and accelerate the development of new technologies and tools to improve risk management.

 

Zipari raises $22.5m in series B financing

Who’s involved: US-based Zipari, a developer of products for health insurance carriers to engage with consumers; and venture capital provider Vertical Venture Partners.

What's happening: Zipari has raised $22.5 million in a series B funding round. Vertical Venture Partners led the financing round, which included Health Velocity Capital and US health insurer Horizon Healthcare Services.

Significance of development: The funding will be used to widen distribution channels, expand partner integrations, and scale the development of Zipari’s product lines.

 

Ergo releases Safe Drive telematics proposition

Who’s involved: German insurer Ergo and UK-headquartered telematics service provider The Floow.

What's happening: Ergo has launched its telematics insurance proposition, Safe Drive, powered by The Floow’s FloowDrive offering.

Significance of development: Ergo said it has developed Safe Drive predominantly for young drivers - under the age of 25 – and it collects journey data across areas including speed, smooth driving and mobile distraction.

Ergo added the proposition will help it gain insights into the driving behaviour of their users and appeal to a new customer base.

 

Concirrus enters new multi-year deal with Hiscox

Who’s involved: Concirrus, a UK-based provider of data analytics to shipping and motor insurers; and Bermuda-headquartered insurer Hiscox.

What's happening: Concirrus has secured a multi-year deal with Hiscox London Market.

Significance of development: Hiscox will embed Concirrus’s behaviour-based data analytics platform, Quest Marine Hull, as part of its strategy to deliver analytics-based underwriting.

 

Deutsche Rück invests in Neodigital

Who’s involved: Neodigital Versicherung, a digital property and casualty insurer based in Neunkirchen, Germany; German reinsurer Deutsche Rück; and venture capital fund Alstin Capital.

What's happening: Deutsche Rück and Alstin Capital have completed an undisclosed investment in Neodigital Versicherung.

Significance of development: Achim Bosch, a member of Deutsche Rück’s executive board, said the investment would lead to a deeper understanding of the opportunities provided by insurance-as-a-service offerings. 

 

Battleface secures seed funding

Who's involved: Battleface, a UK startup offering travel insurance to "unconventional travellers"; and Atlanta, Georgia-based venture capital investor Fintech Ventures Fund.

What's happening: Fintech Ventures Fund has invested an undisclosed sum in the Battleface, joining existing investors Greenlight Re and Tangiers Group. Battleface was developed by Tangiers Insurance Services, an insurance intermediary and coverholder at Lloyd's of London.

Significance of development: The investment will be used to expand software development, hire sales and business development personnel, and further the company's global reach.

Ronan McCaughey, Chris Cundy, David Walker