Insurtech weekly: DataCubes, Inshur, Open CNP, Baloise, Munich Re

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

Companies: DataCubes, RLI, Inshur, Munich Re, MTech Capital, Munich Re Ventures, Open CNP, YesWeHack, Baloise, Stable

RLI selects DataCubes to improve underwriting processes

Who’s involved: US data science and machine learning platform DataCubes, and US specialty property and casualty insurer RLI

What’s happening: RLIhas partnered with DataCubes to improve certain aspects of its underwriting processes. In particular, RLI is using DataCubes to explore ways it can automate intake forms to replace manual processes and provide agents with faster quotes

Significance of development: DataCubes’ platform aims to automatically digitise insurance submission documents, which can be hundreds of pages of structured and unstructured data that previously took days or weeks to process.

RLI will use the partnership to further improve the customer experience, as well as productivity

Timeline: With immediate effect

 

Inshur closes $7m funding led by Munich Re

Who’s involved: Inshur, a digital provider of commercial auto insurance, Munich Re Ventures, the venture capital arm of Munich Re and MTech Capital, a venture capital firm focused on insurtech

What’s happening: Inshur has closed a Series A investment round, securing $7m in equity funding and a further $2m credit facility

Significance of development: The investment, led by Munich Re Ventures with participation from MTech Capital, will support expansion into new territories and accelerate reach into new insurance verticals

Timeline: With immediate effect. Inshur’s mobile app has been live in New York for 11 months and recently launched in the UK

 

Open CNP invests in cyber security provider

Who’s involved: YesWeHack, which connects cyber-security experts with organisations, and Open CNP, the corporate venture programme of French insurer CNP Assurances and Normandie Participations, a French regional investment fund

What’s happening: YesWeHack has raised €4m ($4.5m) from Open CNP

Significance of development: This deal will help YesWeHack further establish its presence in France and expand in Europe and Asia

This also represents Open CNP’s seventh start-up partnership since it started in 2016.

Timeline: With immediate effect. CNP Assurance has been using the YesWeHack platform since July 2018.

 

Baloise invests in commodity pricing insurtech

Who’s involved: Anthemis Baloise Strategic Ventures, an investment partnership between Swiss insurer Baloise Group and investment and advisory firm Anthemis Group; and Stable, a London-based commodity pricing insurtech

What’s happening:  Through Anthemis Baloise Strategic Ventures, Baloise has invested in Stable. The size of the investment was not disclosed

Significance of development:  Stable has created an index insurance product for food and farming businesses around the world that automatically reimburses lost income caused by volatile prices

The investment is part of Baloise’s programme of making CHF 50m ($50m) available for investing in European and US-based start-ups that have the potential to advance Baloise’s digital development

Timeline: With immediate effect.

Ronan McCaughey