Insurtech weekly: CyberCube, Alan, Lime, Sunday, Munich Re, By Miles

Published in: Corporate strategy, Investment, UK, Rest of Europe, ROW, Software - IT

Companies: CyberCube, Alan, Lime, Sunday, Munich Re, By Miles, Vibe Syndicate Management, TES, Fizz, Capita, Vertex Ventures, Octopus Ventures, Insurtech Gateway, InMotion Ventures, JamJar Investments

Munich Re selects CyberCube for cyber risk analytics

Who's involved: Munich Re and CyberCube, a California-based provider of cyber risk analytics for the re/insurance industry

What's happening: Munich Re has selected CyberCube's cyber insurance analytics platform to support the quantification, modelling and control of cyber accumulation risk

Significance of development: Insurers and reinsurers are in the process of quantifying both the extent of the opportunity and the risk posed by cyber risk. CyberCube will provide advanced risk modelling capabilities to Munich Re with several cyber risk aggregation scenarios

Timeline: With immediate effect

Alan raises €40m in series B funding

Who's involved: Alan, a French digital health insurer start-up

What's happening: Alan has raised €40m ($45m) in a series B funding round led by international investors

Significance of development: The fundraising comes at a time when the start-up said it is operating close to break-even. It said the fundraising will accelerate its investments in key areas such as, expanding its team of 175 employees and growing its user base in France

Timeline: With immediate effect. Alan has raised total funds of €75m since its creation in February 2016

Lime aims to personalise UK insurance

Who's involved: London-based digital insurance platform Lime and its partners Vibe Syndicate Management, TES, Fizz and Capita

What's happening: Lime has launched in the UK with the aim of making insurance an affordable solution for the 16m people in the UK are under-insured

Significance of development: Lime claims to offer simple and flexible insurance. Its first product is accidental death cover

Timeline: Lime has said accidental death cover will be followed by a suite of new products over the next year

Thai insurtech raises $10m in funding

Who's involved: Sunday, a Thai insurtech platform and Vertex Ventures, a global network of investors

What's happening: Sunday has successfully raised $10m in a series A funding round led by Vertex Ventures

Significance of development: The investment is part of Sunday's goal to transform the insurance process for consumers in Southeast Asia

Timeline: Sunday plans expand its operations to other markets like Malaysia, Indonesia and Singapore, and aims to raise more funding for this expansion towards end of this year

By Miles raises £5m to expand usage-based motor insurance

Who's involved: UK pay-per-mile insurance vendor By Miles and venture capital fund Octopus Ventures

What's happening: By Miles has closed a £5m ($6.6m) series A investment round, led by Octopus Ventures. The firm's original investors - Insurtech Gateway, InMotion Ventures, and JamJar Investments - have committed to further funding

Significance of development: The fresh funds will help By Miles expand its customer support team, launching more services and developing the in-app claims handling

Timeline: Launched in July 2018, By Miles recently hit the milestone of 1m miles covered by its policies

Ronan McCaughey